Rental Application Process
Want To Rent One Of Our Homes?
Hello! Thanks for applying to rent with Richey Property Management! RPM is happy to have your interest and will do our best to complete your application as quickly as possible.
Before you start the application forms please read ALL the following information so that you fully understand our Application Policy and Agreements as well as our Tenant Screening & Evaluation Criteria and the Upon Approval process. These guide our processing and selection of tenants. These processes may change as legal requirements and business needs dictate.
Section A. APPLICATION POLICY & AGREEMENTS
- Richey Property Management (RPM) believes in and complies with the letter and spirit of all relevant Fair Housing Laws and the Realtor Code of Ethics and the NARPM Code of Ethics. We will not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.
- The Application Fee is currently $60.00 per Applicant. It is completely Non-Refundable. When you complete your application you will need pay online immediately. Do not submit your application if you are not ready to spend the fee. The application fee is the only expense at this time, but if approved you will need to pay the Property Holding Fee and any other fees later.
- All occupants age 18 or older MUST complete an application. This includes any dependents and/or relatives who will occupy the home more than 2 weeks per year.
- All applicants must upload all the supporting documents or email them to Applications@RicheyPM.com within 24 hours to ensure rapid processing.
- Applications must be completed online for fastest processing. If you wish to submit a paper application you must submit the following to our office:
- A completed paper application form with all the necessary fields included in our form on the following pagers.
- A signed copy of this information form.
- A signed copy of the Legal Acknowledgment and Release on the following pages.
- Payment of the $60 application fee per adult PLUS an additional $20 per applicant to cover the cost of manual input (if not applying online).
- Processing generally takes about 2-3 business days – this may be delayed or accelerated depending upon the speed of the verification process for tenancy and employment information. Non-responsive contacts may be a cause for RPM to decline an application or for another application to be completed before yours.
- The application should be fully honest and complete. Willful misrepresentation may be grounds for termination of the application or the subsequent lease. Resulting damages and charges may be assessed to the tenants due to the termination of the lease. This includes many factors such as misstating income amounts, occupants or even signing a lease longer than you expect to stay.
- No Home Business is allowed. No business may operate from the rental property. This is especially important for businesses that cause visitors to the property – people and vehicle traffic and/or excessive shipping. In some cases it may be acceptable to have a registered address at the property. If this is your situation please inquire before applying.
- Two Incomes Only – Some property owners will only consider the highest 2 income sources for the applicants. If you feel that you need more than those 2 sources to qualify you may be at risk.
- Each property owner considers co-signers differently. Please check with our office before applying if you believe you need a co-signer. Co-signers should live within the same County/City as the rental property to have the most value in the application. Out-of-state co-signers are not recommended.
- Our lease is not editable or negotiable in its core terms. Only details such as the start/end dates, names, rent and the like are fillable fields. If you want to preview the lease or our Tenant Handbook please contact our office to receive a copy before applying.
- The property is As-Is unless you request changes in this application. You or your representative have seen the property and are accepting the current condition. Any requests for changes or improvements must be detailed in this application to be considered by the property owner when reviewing your application. RPM and the Landlord make no express or implied warranties as to the Property’s condition.
- Rent is due on the 1st of each month (regardless of your move-in date) and is late if not paid by that day. A late fee will be charged if the rent is not paid by the 3rd.
- All lease payments (except those made during the application process) must be paid electronically through the Tenant’s online portal unless otherwise directed. RPM may accept other payment forms but will charge an additional fee for manually processed payments.
- All payments made within 7 business days of the move-in date must be paid in certified funds. This includes rent, deposits, etc. Keys and access to the property will not be delivered until all payments are received, deposited and cleared by RPM.
- RPM will conduct periodic walk-through inspections of the property during your tenancy. We may take photos and/or videos of the property inside and out. These photos/videos are kept on file and may be shared with the property owner or their designees. Tenants will receive appropriate notice of inspections. If this is a problem please do not apply to rent from RPM.
- RPM represents and works for the property owner. We may receive multiple applications for any property. RPM will accept applications until the property owner signs a lease. We will not deny any applicant’s right to apply.
If you are concerned about other applications being in process please contact our office before submitting your application.
When a property owner and tenant agree on the lease terms and a holding fee has been paid (but a lease is not yet signed) we will mark the property as “Application Registered” or “App Reg” in the MLS and will discontinue marketing the property. Once a lease is signed we will mark the property as “Rented”. For further details see the ‘Upon Approval’ section below.
- Tenants are required to have all utilities in their name before move-in. Any utilities billed to RPM or the property owner will be assessed additional processing fees.
- Tenants are required to carry Tenant Insurance for their Personal Property and Tenant Liability ($100,000 minimum) and Loss of Use. This protects the Tenant from damages to their property and protects the owner from damages caused by the tenant’s actions or inactions. It is inexpensive and very valuable to the Tenant. We will offer links and can refer you to qualified insurance agents if you wish.
- There is NO SMOKING allowed in any part of the home, garage, or any other structure on the property. This includes you and all of your guests. You will be held responsible for damages and remediation costs plus administrative charges.
- School, commuter, community and other similar details relating to the rental home may be incomplete or incorrect in the listing and is subject to change without our knowledge or control. If these factors are important you need to verify the details with the appropriate authority.
- Tenants are entering a business relationship with the property owner. RPM is an agent of the property owner. Professional, courteous and businesslike behavior is expected from all parties. RPM reserves the right to refuse rental to anyone who demonstrates behavior that is rude, disrespectful, verbally abusive, threatening, or in other ways leads RPM to believe that the business relationship would not be positive and beneficial to RPM and the property owner.
Section B. TENANT SCREENING & EVALUATION CRITERIA
- RPM does not pre-screen applications. You should review the all of these criteria before you decide to apply.
You may contact our office to request an opinion of your situation but no conditions or requests can be approved or accepted until a full application has been processed by RPM and approved by the property owner. We recommend contacting our office for any offer of lower rent, pets, co-signers, delayed start dates or other unusual terms. We cannot guarantee acceptance of those terms but we may be able to advise you if the terms would make your application less desirable than a competitor (if we have another application in hand).
- RPM and our agents will review your application based on multiple criteria and rate it using a fair and objective scoring matrix. The results will be presented to the owner with a recommendation as quickly as our business schedule allows. The factors which influence the RPM recommendation include the following: Credit Score, Employment History & Income Verification, Rental History & Payment Verification, Criminal History, Sex Offender and OFAC/Terrorist Database Checks, Other factors which will also be considered by the property owner include: Lease Start Date, Rental Amount Offered, Pet(s), Security Deposit and/or Pre-Paid Rent, Length of Lease and any Special Requests.
- Credit Score - RPM will pull your credit report through our software provider. We must pull the report ourselves; we cannot accept it from you or anyone else. Credit scores over 660 are generally favorable; scores under 620 are generally unfavorable.
- Employment History & Income Verification – We require income and employment verification for the past 2 years. You must provide employer contact info and upload the most recent 60 days of paystubs/LES (and a new job offer letter if applicable). Self employed applicants and those with rental property income must upload the most recent 2 years signed tax returns (with related forms & schedules) as submitted to the IRS plus 3 months bank statements for your primary checking/savings account(s).
Verified monthly income of 3 times the monthly rent is generally favorable; below 2.5 times the monthly rent is generally unfavorable.
- Rental History & Payment Verification – We require a 2 year rental history and positive tenancy verification or home ownership verification. Home ownership is verified by the credit reporting bureau and public records. Tenancy is checked through past and current landlords. You must provide all contact information. Unfavorable items include evictions (esp. within 2 years), late/bounced rent payments, damages to property or violations of lease terms.
- Criminal History – We check criminal records databases for Felony convictions and registered sex offenders. Convictions involving items such as drug sale/manufacture/distribution, violent crimes/bodily injury, property damage/arson or kidnapping/child molestation/rape are grounds for denial of an application. The age and nature of the conviction will be evaluated.
- Sex Offender and OFAC/Terrorist Database Checks – Applicants who appear on these lists will be automatically denied.
- Lease Start Date – Leases for vacant homes should generally start within 2 weeks. Leases for occupied homes should start within 2 weeks of the available date. Offers to rent that produce longer vacancies are general less favorable. Each property owner will consider this factor when evaluating the overall attractiveness of an application.
- Rental Amount Offered – Offers to rent that are more than approximately 3% below the listed rental rate are generally unfavorable. Each property owner will consider this factor when evaluating the overall attractiveness of an application.
- Pets & Other Animals – While we at RPM love animals, many property owners will not allow pets at all while some simply prefer not to have them. Some owner’s insurance policies may also dis-allow certain breeds or even mixed breeds. Fewer pets/smaller pets/those with a good history are generally favorable. Each property owner will consider this factor when evaluating the overall attractiveness of an application. You must upload a current photo of each animal.
Service Animals and ESAs require a “Request for Reasonable Accomodation”. Please let us know if you need this.
Pets may require additional processing time, fees or rent. Each of these will be determined only when an application has been fully reviewed.
You must disclose any bite history or history of attack or dangerous behavior for all animals. Please provide as much detail as possible. This type of history may be cause for denial.
- ADA & Fair Housing Modifications – Homeowners must allow certain reasonable modifications to be made (often at the Tenant’s expense) so long as they don’t require permanent alteration or present undue hardship/expense to the property owner. Requests for such modifications should be submitted in writing to RPM for review and approval. We will follow the legal guidelines for reviewing the requests and setting the requirements for modifications.
- Security Deposit and/or Pre-Paid Rent – Applicants with little credit history or poor credit history may offer or be required to provide additional security deposits or pre-paid rent. This can be favorable to the application. Because laws vary not all property owners are allowed to accept additional deposits from all applicants.
- Length of Lease – Most properties require a 12-month minimum lease. Leases under 12 months are less favorable; leases of 12-24 months are generally favorable; especially if they don’t end in the winter months. Leases over 24 months usually include built-in rent increases.
- Special Requests – Requests for improvements that cost the owner money (e.g. paint & carpet upgrades) may be unfavorable. Improvements that are paid by the tenant are usually favorable (e.g. professional installation of a fence for the pet), but they must be approved by the Owner.
- The screening process and owner decision will return one of 3 results:
- Approved – The application is approved essentially as-is. Additional deposit and fees may be required if there are pets or other special items on the application.
- Approved with Conditions – Some screening factor(s) have raised the risk concern or some offer details have been modified in the approval. Read your details thoroughly and look for additional security deposit requirements or changes to start date, base rent amount, etc.
- Decline – The application has been declined. Sorry we have not been able to offer you the rental property. This may be due to an issue with your application or simply the presence of a stronger offer.
- The application decision will be delivered by email as quickly as possible. ‘Approved’ applicants and those ‘Approved with Conditions’ will receive specific instructions relating to the lease signing process (see below). Declined applicants will receive notice along with instructions on how to access a free copy of their credit report (if we accessed one) according the FCRA rules.
Section C. UPON APPROVAL – LEASE SIGNING PROCESS
- If your application is ‘Approved’ or ‘Approved with Conditions’ ‘you will be notified by email (and phone if time allows and urgency dictates). A written acceptance will be required from you before RPM will prepare the lease.
- If you indicate that you accept the approval terms RPM request a $395.00 Property Holding Fee charge. You will have to pay the charge online as soon as possible to hold the property. This is a non-refundable fee – it will either be fully applied to your rent when you sign the lease or fully forfeited if you do not complete the lease agreement. You agree that if you don’t sign a lease promptly the fee will forfeited be as damages towards the work incurred by the Landlord and Property Manager and towards the lost opportunity from any time off market.
- After the Property Holding Fee and any other processing fees are paid RPM will discontinue actively marketing the property. We will prepare the lease and send it out by Docusign for electronic signatures. This usually happens within 48 hours. If you have a Realtor helping you they will be copied on the lease for review.
- Once the lease has been sent you will have 48 hours to review and sign it. When you sign the lease the Property Holding Fee will be applied in full to your first full month’s rent. The balance of the first month’s rent must be paid to complete the lease signing and ratification process.
If the lease is not signed the Property Holding Fee will be forfeited to RPM as damages towards the time and effort involved in coordinating and preparing the lease.
- Once a lease is fully signed by all parties RPM will mark the property as “Rented” in the MLS. We will complete your online account profile in the RPM Tenant Portal and provide instructions to pay the charges for your security deposit, pet deposits and any other costs.
- After approval, the lease completion process usually takes 2-3 business days to prepare the documents and get all signatures. Applicants who wish to move in rapidly may be required to pay an additional fee to cover the extra effort and cost of accelerating the process ahead of other business.
- All payments made within 7 business days of the move-in date must be paid in certified funds. This includes rent, deposits, etc. This ensures that all funds can be deposited and cleared before move-in.
- A key pickup appointment will be set for the first day of the lease (or later) during office hours, in our office. Keys and access to the property will not be delivered until all payments are received, deposited and cleared by RPM, even if a lease has been signed. The terms of the lease will still be enforced.
Section D. COMMON REASONS FOR DECLINED APPLICATIONS
- Failure to upload all required documents or provide necessary contact info. This causes an inability to verify the information.
- Recent eviction history, 2+ late payments in the last 12 months or negative tenancy reports from recent landlords.
- Low credit scores or multiple collections accounts unpaid.
- Unacceptable criminal history (see above).
- We reserve the right to decline any application that is not fully submitted and documented within 24 hours. During this time other applications may be received in full and completed before the incomplete application is even fully processed.
- Bankruptcy that is not discharged or was discharged within the past 2 years.
Items you should have ready to facilitate your application:
- Property address, rent amount, start date desired, length of lease desired & co-applicant names
- Government issued photo ID; Driver’s license or military ID are best. Passport and Visa for those with no US issued ID.
- Paystubs, LES and/or signed tax returns
- Employer contact phone numbers for verification plus employment dates and pay rates
- Prior landlord phone numbers (2 years worth)
- Photos of any pets on the application
- Dependent info – Full names & ages.
- Emergency Contacts – Names, phones, emails.