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Updated 3 days ago on . Most recent reply

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Maya Jones
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52
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Listing my first unit

Maya Jones
Posted

Hi Chicago landlords, 

I am about to list my first unit for rent. I am studying the apartment.com listings and nobody lists on their description the qualifications for acceptance of a tenant. 
I read Brandon Turner's book and he uses prequalification. But should we not publish these on the listing? How does one stay compliant and document that you are using the same criteria for everyone? 
Or is this an internal documentation? Or something you say over the phone/email when tenants contact you? 
TIA 

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Aaron Zimmerman
#3 Classifieds Contributor
  • Accountant
  • Chicago, IL
664
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1,402
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Aaron Zimmerman
#3 Classifieds Contributor
  • Accountant
  • Chicago, IL
Replied

I always list the qualifications in my posting.

i also have a prescreening questionaire that they have to submit before they book a tour. Weeds a lot of people out. 

Here are mine: 

Qualification Standards: - Applicant must have current photo identification and a valid social security number. - Applicant must be willing and able to pay rent. Applicant's monthly household income must exceed three times the rent. All income must be from a verifiable source. Unverifiable income will not be considered. - Applicant must exhibit a responsible financial life. Credit score must be a minimum of 650. - Applicant must receive positive references from all previous landlords for the previous 5 years. - Applicant may not have any evictions or unpaid judgments from previous landlords. - A background check is conducted on all applicants over 18. Background check must exhibit a pattern of responsibility. - Applicant must be a non-smoker. - Applicant must have no pets except for dogs of non-dangerous breeds. Pet move-in fee is $250 and pet rent is $25 monthly per pet. - Occupancy is limited to 2 individuals per room, or 5 per unit, whichever is less. - Primary applicant must be 18 years or older. - Applicant must fill out application completely.

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