Typically, the rental process takes 24- 48 hours. Completing your application and receiving a credit report is usually done in less than a few hours. The next steps verifying rental history and employment are what usually delays the process.
The first step of verification is running a credit report. For an application to be approved, the applicant must have a good credit report. We verify payments to creditors have been made as agreed and that there are no outstanding collection items or judgments in your name.
The second step of verification involves contacting previous landlords (if applicable). We verify rental payments were made in a timely fashion, and terms of lease agreements were fulfilled.
The final step, verification of your income, involves contacting current employers or verifying your income. If your income source is from employment, you will need to provide the last two pay stubs. If you are employed for less than six months with your current employer, we require the name and contact information of your previous employer. If your income is from a source other than an employer, you will need to provide documentation.
Upon rental application approval, we will contact the applicant. If the application is denied, a letter will be forwarded to the applicant informing them of the reasons for the decision, as well as contact information for credit agency. The applicant has the right to contact the credit agency for a free copy of their credit report.
The approved applicant is ready to move in. To receive keys, the applicant must pay in full the first month’s rent, the security deposit, and any pet deposits. Berkshire Hathaway HomeServices Newlin-Miller, REALTORS® will hold a property for up to seven days with the payment of a holding fee equal to one month’s rent. The fee will be applied to the security deposit once the lease is signed, rent is paid, and the utilities are transferred to your name. If you change your mind or are unable to move for any reason other than we have denied your application, you will forfeit the holding fee.