All Forum Posts by: Yang Zheng

Hello @Yang Zheng, there seems to be confusion on how you phrase the situation. Are you managing the property for yourself or a client? Because there are different processes for both. 

Managing For a client, the potential tenant should be aware of what will be expected of them (Work History, Income X3.5 rent, Credit (580 and more, etc, and Level -2 background) within the disclosure of the actual application and how they will be evaluated and screened. Also, potential tenants will submit hard copies of government ID and paid stubs.

The client will only get the basic information, for example:

Work/Income - Check's out/Make's enough within the metrics presented. 

Credit - within the metrics presented

Level-2 - Check no activities etc

Now each state has different bylaws (check yours) In Florida, clients will get the basics I mentioned (Through Email or verbally) They will not get actual documents. 

The only way a client will receive actual documents is if tenants give authorization.  

Managing for yourself - You get everything! 

Hopefully, this help's! 

ID/W9 should definitely be apart of the leasing package when it is fully executed, by not having that you're risking a lot (as you're currently experiencing) in tenancy backlash and inability to collect your balance.

@Yang Zheng this is one of those issues that is rarely covered in the management contract.

Landlords complain about how long our contract is all the time, but we cover issues like utilities and resulting damages. 

Check if the electric & gas companies that service your rental have "landlord protection" programs that will auto-flip utilities into your name in lieu of shutoff.

The only downside to these programs is during summer months when tenants fall behind on utility bills, you get stuck paying. So, make sure your PMCs lease covers this to allow penalty to tenant and is a lease violation allowing eviction. Make sure state & local laws also allow.

We set these up for our client as we won't put in our name to avoid nonpayment issues.

FYI: you could try opting into and out of these programs with the seasons, but if you expect your PMC to handle, expect them to charge for this. Also, the utility companies may not allow. EXAMPLE: in the Detroit area, the two utility companies require you to wait a year to rejoin the program if you opt out. Apparently, they don't want to deal with the extra required work either!