Applicant Screening
The most crucial process in property management.
At a Glance
Consistent Criteria
Owners choose their applicant criteria at onboarding based on their comfort level and asset objectives. Options include Standard, Strict, or Stringent.
Online Application
Frictionless application process with quick online application submission. Sagareus offers application in English and Spanish. Paper application as requested.
Income Verification
Sagareus requires 2 months income verification in the form of paystubs, previous year tax return, signed offer letter, letter confirming SSI, retirement, child support, Section 8, rental assistance, and/or other recurring income.
Rental History Verification
Sagareus requires a ledger or payment record from previous landlord to show regular, on-time rent payments.
Credit Screening
Powered by TransUnion, Sagareus runs a comprehensive credit report available instantly. Report includes current credit score and complete payment history on every credit line.
Eviction History Report
Enhanced report also runs a comprehensive Eviction Search. Any completed eviction in the past 7 years will populate on the screening report.
Criminal History
Comprehensive criminal history report is generated to complete the screening checks and verification.
24 hour Turnaround
Potential tenants can be lost with a slow process. At Sagareus, completed applications are processed and responded to within 24 hours.
Fair Housing
Sagareus gladly receives inquiries from all and apply fair and equitable criteria when evaluating applicants. We enforce our rules equally and without discrimination.
Section 8 + Non-Profits
Section 8 is an income source. Once an applicant has met all criteria, Sagareus implements an internal process to expediate Section 8 approval and apply for state funds to recover any vacancy loss.
Co-Signers
Sagareus allows co-signer to assist an applicant meet criteria. Co-signer's are screened with the exact same process and are equally responsible for rent payment and damages post move out.
Adverse Action Form
Declined applicants receive an Adverse Action form detailing the reason they were declined. Sagareus will provide a copy of their credit report upon request.
Applicant Screening
Detailed Process
Application Submitted
When an application is submitted online:
- System auto-sends email to applicant, Leasing Assistant & Leasing Manager confirming application submitted.
- Leasing Assistant e-mails applicant confirming property they've applied for and requests for proof of income + rental history verification.
- Follows up with phone call and text to confirm receipt of e-mail.
- Leasing Agent has already advised applicant of this requirement and often documentation is sent before or shortly after application submission.
- Income and rental history documentation uploaded to applicant file when received.
- Leasing Assistant follows up via e-mail and text daily for 3 days.
- If documents are not received, application is cancelled.
Documents Received
Once all documents have been received:
- Leasing Assistant confirms all adults to be listed on lease and application has been submitted for each.
- Credit, Criminal, and Eviction background reports are generated and uploaded to applicant file.
- Leasing Assistant confirms number and weight of pets reported.
- Leasing Assistant confirms credit score and income meet minimum requirements.
- If credit score is lower than 600, application is immediately rejected and an adverse form is sent to applicant(s).
Criteria Met
Once applicant criteria is met:
- Leasing Assistant assigns internal task to Leasing Manager for double check, negotiations and final approval.
- Leasing Manager reviews application details and proposed terms.
- Most often negotiated is move in date.
- Leasing Manager negotiates lease terms based on market conditions and leasing activity leading up to application submission.
- After some back and forth, applicants and Leasing Manager agree on terms.
Negotiations Complete
Once applicant(s) and Leasing Manager agree:
- Leasing Assistant drafts and sends lease for e-signature.
- All leasing activities continue until a lease is fully signed and executed.
- Leasing Assistant follows up via e-mail and text every day for 3 days for lease signing.
- Lease is cancelled on 4th day if no contact
Lease Signed
Once lease is signed:
- Owner is notified via e-mail detailing move in date and next steps; Signed Lease attached.
- Scheduled showings are cancelled
- Other applicants are informed; Provided other housing options, as available
- Listing is deactivated
- Market rent updated under property profile
- Move In email sent to incoming tenant(s) detailing funds due within 48 hours and at move in.
- Welcome Home letter attached detailing utility set up, Resident Portal link
- Tenant ledger generated and double checked.
- Move In procedures are initiated.