Rental Tenancy Application Form: Fill & Download for Free

Leases Protect Landlords, Not TenantsMost people rent before they buy, and thus most people first experience leases as a renters. As a renter, it may initially seem that a lease protects the renting party, but this could not be further from the truth. The rental agreement is actually in place to protect you, the landlord. All landlords need to understand this in order to sidestep any potential legal issues down the road. Tenants in all states are given certain rights immediately upon occupation of a property, even if they have not paid any rent or signed a lease. The lease is actually intended to limit tenants’ rights, making it vital that a lease be drawn up and signed before any tenant is given access to a property.Related: Consider Property Management Options for Your Rental PropertyTenancy Has Several MeaningsEvery state has something called the Landlord-Tenant code that prospective landlords should study, in addition to other state laws. These laws can greatly affect your property, and is especially true when defining tenancy. As a landlord, you should be aware that anyone allowed to stay on your property for a specific amount of time will automatically become a tenant and be offered the same rights as a tenant. The amount of time varies by state, but it is entirely possible that you could kindly offer your couch for a week only to find out that you have to give your initial guest a 45-day eviction notice. Something as simple as allowing a person to sleep in an apartment and use your common facilities, i.e. the kitchen, can be enough for a person to claim tenancy.You Should Never Cheat On Your TaxesMany landlords believe they can budget their rental figures, especially if renters pay in cash. Not only is the IRS savvy to these devices, but also it is just never worth the risk. Claiming losses on a rental property for more than a few years is enough to set a red flag on your account and potentially trigger an IRS audit. Ultimately, stating your rental income will be financially beneficial if you plan on investing in more rental properties in the future. Otherwise, you may find yourself approaching lenders for an investment loan with a tax return showing only losses for five straight years.Procedures Are There For a ReasonSkipping an expensive credit and background check may seem like an excellent way to save money at the time, but it will only cause heartache down the line. Tenancy applications and background checks exist for a reason. While people may usually seem trustworthy enough, they can also be extremely irresponsible. Instead of skipping standard protocol, you should consider transferring the cost of the application to the tenants. In many real estate markets, tenants will not bat an eye at a reasonable application fee. When looking at credit checks, make sure you look very carefully for any prior issues with landlords and/or evictions. Patterns form for a reason.It Is Almost Impossible to Evict SomeoneAnyone who has faced the terrifying threat of eviction may feel as though it is an incredible power wielded by all landlords. While eviction may seem frightening at first, landlords actually have very limited control over the situation. Evictions need to be officially filed, even if the tenant has stopped paying rent. Once the eviction has been filed, the tenant will still have 30 to 45 days vacate, depending on the local laws. This is 30 to 45 days that a non-paying tenant will have free run of your property and potentially damage it. Furthermore, even after the 30 to 45 days the landlord cannot take any physical action to evict the tenant. Landlords cannot shut off utilities or change the locks. Instead, you need to consult the local police department and petition to have the tenant removed. An actual eviction proceeding can go on for months, especially if the tenant chooses to contest it.Related: Four Things to Consider Before Purchasing an AirSource: Five Things You May Not Know About Becoming A Landlord

Should real estate investors manage their investment property themselves or use the services of a professional property management? To answer this, let’s take a look at the pros and cons of a property management company:Pros of Property Management Companies1. Experience in the Real Estate MarketCompared to the average property investor, property management companies have supreme experience in the real estate market. Moreover, they are up-to-date on state and federal rules and regulations regarding landlord-tenant rights and responsibilities. Investors and landlords that are new to the real estate market would most likely benefit and learn from the experience provided by property management companies the most.When it comes to your investment property, making mistakes can be costly. A property management company will keep you in check regarding all the legalities and framework of the real estate market, meaning you’ll be less bound to make silly mistakes or unknowingly violate any laws and regulations.2. Take Care of Tenancy and EvictionOne of the best advantage of hiring a property management company is that they rid real estate investors of one of the toughest tasks, like finding appropriate tenants. This requires a thorough tenant screening process, which can be a pain for the average property investor.Property management companies deal with this issue without any difficulties. A property management company will create application forms, interview applicants, and choose the best tenant. This includes studying a tenant’s financials, recommendations, and legal situation.In addition, a professional property management will deal with any issues tenants may have after they move into the rental property. They receive their calls, listen to their suggestions and complaints, ensure that tenants stick to the rules of the lease agreement, and handle emergency repairs and maintenance issues to make sure tenants are happy and satisfied.Not only that, but professional property management also handles the undesirable tasks of evicting tenants from the rental property, in addition to the tenant turnover process. They receive the keys, inspect and clean the property, and handle the process of marketing it and finding new tenants again. Basically, they take away some responsibilities that real estate investors dread.3. Improved Services and Response TimeSome real estate investors don’t have a flexible schedule for attending to tenants and the investment property’s needs. Thus, another pro of hiring a property management company is that they handle all maintenance and repair tasks related to the investment property. This includes regular check-ups, maintenance, cleaning, and repairing of any damages.Moreover, professional property management companies typically have a solid network of plumbers, carpenters, electricians, and all other handymen. This means they provide prompt services in case of any required repairs, which keeps the investment property in a good shape. After all, any damage will add up to your rental expenses, and eventually will affect your rental income and overall rate of return on investment. On the other hand, a professional property management will most likely notice and fix damages in short order.4. Financial HelpThis advantage includes a number of aspects. First, thanks to their experience in the real estate market, property management companies have a good idea on how to set the right rent for the investment property that will generate a positive cash flow and maintain a good occupancy rate. Moreover, it will take care of collecting rent and ensure tenants are paying on time.Not only have that, but property management companies also help in setting a budget in order to ensure you stay on track of your expenses. They also keep records of all the financial aspects related to the rental property and ensure you’ll have access to these records when needed.Cons of Professional Property Management1. They’re Not CheapThe main reason many enter the real estate investing business is to make money through rental income. When hiring a property management company, you have to pay a significant percentage of rental income (typically 4% - 12%) for their services. This will definitely affect your profit margin as you’ll lose some of your revenues. Real estate investors who depend on their rental income to pay off their mortgages have to take this into consideration before hiring a property management company.Aside from the monthly fees that property management companies require, a property investor will also pay for additional different expenses when needed such as costs advertising and finding and screening tenants. This ultimately affects your cash on cash return; the higher your rental expenses are, the lower your cash on cash return becomes!Note: Mashvisor’s investment property calculator helps you calculate cash on cash return (in addition to other metrics like the cap rate and cash flow) to ensure you’re getting the best return on investment when determining whether or not a property management company is really needed.2. Less Control = Less KnowledgeAs mentioned earlier, one of the reasons why a property investor would consider hiring a property management company is not having to deal with issues like tenant screening, handling repairs and maintenance, collecting rent, tenant turnover and eviction process, etc. However, going through these processes yourself and interacting with tenants allows you to gain the needed knowledge on real estate investing.Therefore, giving a professional property management company the full control over a rental property will create a challenge of building relationships with tenants and leave the property investor feeling lost in the real estate market – simply because you can’t understand something that you have no experience with.Professional Property Management: Yes or No?The answer really depends on you and your investment. Although they’re not cheap, the list of services provided by a property management company make the amount paid irrelevant for some real estate investors. So, as a property investor, you should analyze your rental income and decide whether or not hiring a professional property management is worth the money.Head over to Mashvisor for the latest news and guides related to real estate investing to help make the best real estate investment decision!

Property management companies charge between 7 and 10 percent of the rents that they collect. The service that they provide is advertising, pre-qualify prospective renters on the phone, showing the property to qualified renters. Selecting the right tenant, filling out rental application forms, doing credit and reference checks, filling out lease agreements, collecting security deposits and maintaining a TRUST account. Doing a walk through report with the tenant on possession date. Getting the tenant to sign an acknowledgement form for keys received and property found to be in good condition . Collecting 12 post dated cheques which are deposited regularly on the first day of each month and transferring those rents to landlords account for mortgage payments . Taking calls from those tenants for repairs and maintenance during their tenancy as and when they come up. Arrange for trades people to go and take care of the tenants repairs and maintenance issues. Make payments to the trades people. Collect invoices from trades people and maintaining an expenditure journal for the landlord. Doing a check out report and billing the tenant for damage done by the tenant. Reimbursing the security deposit to the tenant after deducting money for damages.Finally rerenting the place.As a landlord you'll pay 7 to 10 percent for all those services plus the money for repairs and maintenance that could vary tremendously based on age and location of the property. The property manager may even bill you a little bit over and above what he pays for the renovations or may collect a small commission from the trades people.Hope I've answerd your question.