Tenant Qualification Standards
Thank you for considering Management 1 Tri-Cities Property Management (M1TC) as your future property manager. We take pride in the quality of rental homes that we manage and want to insure to our owner clients that we take managing your home seriously. Not only do we look for good homes to manage, we look for good tenants to live in them. For your convenience, we have posted below the standards by which we will be screening, qualifying, and hopefully approving your next tenant. Our policy on tenants is as follows:
A separate rental application must be completed accurately, truthfully and as completely as possible by each person 18 years old or older who will reside on the property.
The application screening process will take approximately 1 to 3 business days. After acceptance and once the lease forms are completed, the rent & security (or any other) deposit is paid, keys will be delivered for immediate occupancy (or upon the time that the home is ready for occupancy).
Screening the tenant application includes verifying their income or ability to pay, contacting former and current landlords, running a credit check, criminal history, and public records check. If we deny tenancy based on information discovered during the screening process, you have the right to receive copies of such information upon written request. We are not required to investigate or dispute matters on either parties behalf and/or to release or disclose information except as required by law. Homes may not be held off-market during an ongoing dispute resolution.
M1TC’s Tenant Qualification Standards
- Preview the property first: Applicants must schedule an appointment with our Showing Agent to see the inside of the property. M1TC does not rent properties “sight-unseen” unless special circumstances apply.
- Complete And Sign Rental Application: A separate Rental Application is required for each adult, eighteen years of age or older, intending to occupy the Premises. Each Rental Application must be filled out completely and signed by the applicant.
- Complete And Sign Personal Information Release Form: All tenant applicants must legibly and truthfully complete and sign a Personal Information Release contained in the Rental Application authorizing the landlord or landlord’s agent the right to obtain personal information about the applicant’s credit, criminal, rental and employment history.
- Pay a Non-Refundable Rental Application Fee to the Property Management Company. This application fee is the property of the management company and is non-refundable. No Rental Application will be processed without an application fee. Rent, deposits or other fees are not accepted without an approved Rental Application. Applicants may submit their payment in person (no cash) when submitting an application or complete an online application through the website. Rental application fees are non-refundable once received, except in cases where a prior applicant was approved, or if the property becomes unavailable to rent.
- Applicants Must Be of Legal Age: All tenant applicants must be a minimum of eighteen years of age to enter into a valid lease agreement in the state of Washington.
- Occupancy Maximums: As per HUD guidelines, the normal maximum occupancy is two persons per bedroom plus one additional occupant. Persons under two (2) years of age are not included in the count.
- Valid Personal Photo Identification: A valid (non-expired), clear and readable photo identification (driver’s license, military ID, State or Government ID, Passport) must be presented at lease signing and all signers must be present.
- Renter’s Insurance Required: Active Renter’s Insurance is required for all adult occupants (18 years or older) residing upon the property. All may be listed on one policy, or optionally, tenants may obtain their own individual policy. The policy must remain in effect for the entire tenancy and is a requirement for lease renewal. Proof of insurance is required at time of possession, failure to provide proof of insurance may result in delay of possession or cancellation of lease. Minimum liability coverage must be $100,000, and Management 1 Tri-Cities Realty & Property Management must be listed as an “additional interested party” on the policy. If the applicant’s preferred insurer will not name M1TC as an additional interested party on the policy, we will provide references to insurers who will. For additional information about Renter’s Insurance requirements, click here.
- Verifiable Residency History: Residency must be verified for a minimum of the last twenty-four months (2 years) with no interruptions. Rental history references must reflect timely payment, appropriate notice of intent to vacate, no complaints regarding disturbances or illegal activities, no history of violence or threats and/or intimidation of others, no NSF checks, no damage to previous rental units, and no failure to leave the premises clean and without damage at the time of lease termination. Rental History must be verifiable from unbiased sources. If any applicant is related by blood or marriage to one of the previous landlords listed, or their rental history does not include at least two previous landlords, we may require an increased security deposit on their lease. It is the applicant’s responsibility to provide us with information necessary to allow us to contact their past landlords. We reserve the right to deny any application if, after making a good faith effort, we are unable to verify any applicant’s residence history. If the applicant owned rather than rented their previous home, they may need to furnish mortgage references and proof of title, ownership, or transfer.
- A credit report from a national credit reporting agency will be obtained on all applicants. Any applicant with a history of eviction or landlord judgment for past-due rent will be denied. All applicants must be creditworthy and have no greater than reasonable, any charge-off accounts, accounts placed for collection, late payment accounts, or bankruptcy within the past twenty-four months. Three (3) or more unpaid collections (not medical related) in the past 24 months may result in denial of an application. In some cases, however, bad credit does not automatically disqualify an applicant from consideration. Those applicants who demonstrate financial stability, and/or have an acceptable landlord history, and/or post an increased security deposit may be given further consideration. M1TC may require a co-signer, or an security deposit, to be increased by not more than two times the rental amount for an unfurnished home, and not more than three times the rental amount for a furnished home.
- Verifiable Source of Legitimate and Sufficient Income: All tenant applicants must have a verifiable source of legitimate income for the total household equal to at least two and one half times their monthly rental rate.
- Verifiable Ability to Pay: The ability to pay rent will be verified on all applicants. Reliable documentation for income sources must be provided. Self-employed applicants may be required to produce the previous year’s Tax Return (1040), recent bank statements, or other evidence of financial ability to pay. Applicant may, at applicant’s discretion, provide payroll check stubs or other income statements covering a minimum of the last six months as additional documentation to assist in verifying current employment and income.
- No Violent or Repeat Non-Violent Criminal Conviction History: All tenant applicants must have no violent or felony criminal convictions and no violent or repeat misdemeanor criminal convictions within the past seven-years. Any felony or misdemeanor conviction involving, drug related offenses, property damage, weapons, assault, or any other conviction involving moral turpitude may be grounds for disqualification. Pending charges or outstanding warrants for any of the above will result in a suspension of the application process until the charges are resolved. Upon resolution, if an appropriate unit is still available, the processing of the application will be completed. No unit will be held awaiting resolution of pending charges.
- All Animals Must Be Disclosed on the Rental Application and must complete separate Pet Application for each pet. Animals are permitted only at designated properties at the sole discretion and approval of the Property Manager, or subsequently, the Owner. Only small to medium sized, non-violent, common domesticated household pets will be allowed on any property that permits animals. Unless specific zoning regulations permit, farm animals, snakes, other reptiles, exotic animals, and any large or aggressive animal will not be approved. Rottweilers, American Staffordshire Terriers, Pit Bull Terriers, American Bulldogs, Akitas, Shar Peis, Presa Canarios, Dobermans, Dalmatians, German Shepherds, Chows, Huskies, Alaskan Malamutes, Great Danes, St. Bernards, Mastiffs, Wolf hybrids, and mixed breeds including any of the above mentioned or any other breeds expressly prohibited by owner’s home insurance policy will not be approved. Rare exceptions may be granted for licensed breeders, trained military/K9 working dogs, or qualified service animals covered by a renters insurance policy. It is the policy of M1TC to waive animal fees and restrictions in the case of a “qualified service animal” to accommodate a person with a disability, however photos and an application of the service animal must always be submitted for the purpose of record keeping only. A clear and current photo (print) of each animal expected to reside on the premises must be submitted with the Pet Application. To access the Pet Application, please click here.
- Application Processing Timeframes: Typical application processing can be one to three business days. Occasionally, it may take longer to process an application based on inability to contact an applicant’s references. If references are unavailable for contact, the application may be further delayed. While M1TC will make reasonable efforts to verify the information provided, and will attempt to contact the applicant if there is a delay in verification, incomplete or unverifiable information may result in declining a Rental Application. Upon completion of processing the Owner and applicant will be notified immediately that the Rental Application has been approved or declined.
- Upon approval, Security Deposit must be paid in-full with certified funds within 5 business days. When approved, the applicant must sign a Lease Agreement no less than 2 business days prior to occupancy and present all monies due rent, security deposit, animal fees, key deposits, and any other sums due. All first payments must be made in certified funds (official bank cashier’s check or money order payable to ‘Management 1’) prior to taking possession of Premises. Rents and security deposits must be paid separately from one another, therefore two separate checks or money orders are required. In the event that any applicant fails to post the security deposit within five business days after approval, it will be assumed that the applicant has withdrawn his or her interest and the Premises will be offered to others.
- Applications will be processed in the order received: Rental Applications from other applicants are accepted until a Rental Application is approved. M1TC cannot guarantee that any unit viewed will still be available by the time the Rental Application is processed. Because of the fiduciary relationship M1TC has with Property Owners, if more than one Rental Application is submitted before approval can be completed, then the best qualified applicant will be approved for placement. Remaining qualified applicants may consider other properties available from M1TC’s rental list.
- Holding Deposit: Applicants may post a Holding Deposit to establish their priority over an applicant who has not posted a holding deposit. Holding deposits establish priority in processing but do not influence the approval process. A unit cannot be held for more than fourteen (14) days, unless it is currently occupied or the owner has approved. After notification of acceptance, applicant(s) has five (5) business days to sign the rental agreement and pay the first month’s rent plus security deposit and any applicable fees. If attempting to place a hold on a property, applicant must provide a holding deposit of $500.00 and to sign the agreement to hold a property. This holding fee is refundable if the property cannot be delivered to applicant for rent. If applicant decides not to rent the property for any reason, the holding fee is NOT refundable. Upon signing a rental agreement, the holding deposit becomes part of the security deposit.
- Security Deposit: Applicant will be required to pay a security deposit at the time of lease closing equivalent to the amount of one month’s rent plus $300, minimum. Security Deposits will be held in a non-interest bearing trust account managed by Management 1 Tri-Cities Realty & Property Management and will be returned to the tenant at the termination of the lease in accordance with the lease and Washington law. In certain situations, at M1TC discretion, a higher security deposit, and/or additional pre-paid rent, and/or guarantors (co-signers) may be accepted in lieu of acceptable credit and/or landlord history. A guarantor/co-signer must complete a Co-Signer Application packet, pay the application fee, and be qualified in order to be a guarantor.
- Key Deposit: A refundable key deposit may be required for any Tenant leasing any Property from M1TC. Key deposits will be posted for any key or device issued to the Tenant, such as keys, garage remotes, and opening devices issued to the tenant that are to be returned to our office at the end of tenancy. Key deposits are returned along with security deposits, provided the keys and remotes are returned in a timely manner upon vacating the property.
MANAGEMENT 1 TRI-CITIES REALTY & PROPERTY MANAGEMENT (HEREINAFTER REFERRED TO AS M1TC) DOES BUSINESS IN ACCORDANCE WITH THE FAIR HOUSING ACT AND DOES NOT DISCRIMINATE ON THE BASIS OF RACE, CREED, COLOR, SEX, RELIGION, NATIONAL ORIGIN, AGE, DISABILITY, MARITAL STATUS, FAMILIAL STATUS, SEXUAL ORIENTATION, OR ANY OTHER STATE OR FEDERAL PROTECTED CLASS. M1TC IS THE MANAGING AGENT FOR MANY SEPARATE OWNERS; THEREFORE, POLICIES AT EACH PROPERTY MAY VARY DEPENDING ON THE PARTICULAR OWNER’S PREFERENCE.