Resident Selection Criteria
To see our available properties, visit our Search Rentals page.
Application Processing and Time Frame
- If you fully complete the application, and provide us with accurate contact information for your current and/or previous landlords, we can usually process your application in 1-2 business days. We pledge to process your application, whenever possible, during the same day that you apply. In some cases approval of homeowner associations, condo associations, homeowners, or unforeseen circumstances may require some applications to take longer. You will be contacted immediately upon determination of approval or denial. All adult applicants over the age of 18 must submit a fully completed, dated and signed rental application and application fee.
- No rental property will be held vacant for more than two (2) weeks, unless approved by Real Property Management Instant Equity.
- If you decide to apply to rent one of our properties, there is a non-refundable application fee of $55 per adult that must be submitted with your application. Incomplete applications or applications submitted with obvious conflicts with HOA/Condo rules will not be processed.
- Some Homeowner and Condominium Associations may require a separate application and fees and if such is the case, you must also apply separately to such homeowners or condominium associations and remit whatever other application fee may be required.
- Lessee(s) are required to provide proof of liability insurance in the amount of $100,000, prior to occupancy. Real Property Management Instant Equity can provide the required coverage for an additional charge of $12.50 per month or you can purchase coverage from your preferred provider. If you chose to purchase your own coverage, you must list RPM Instant Equity as additionally insured and provide proof of coverage to us.
- All applicants must complete our Pet Acknowledgement Application, whether you have a pet or not. You can find this Application here.
- No pets (with the exception of service animals) are permitted without the specific written permission of Real Property Management Instant Equity in the lease document, (a pet addendum to lease), an additional non-refundable pet fee of $300.00 per pet plus a monthly pet rent of $20.00 per month per pet.
- The following breed or mixes will not be accepted unless prior written approval by Real Property Management Instant Equity; DOBERMANS, PIT-BULLS, CHOWS, ROTTWEILERS, and GERMAN SHEPPARD’S.
The Application Process
- Upon receipt of your rental application and application fee, you can expect and hereby authorize that we will (1) check your credit report; and (2) check the public records for any past evictions; and (3) verify your employment; and (4) verify your previous landlord references; and (5) do a criminal background check. In addition, Co-signers/Guarantors may be considered on an individual basis.
- Once you have been notified of your approval, you must place (at a minimum) a holding deposit (by cashier’s check or money order), equal to at least one month’s rent, within 24 hours of your approval notification. Once approved and payment of the holding deposit is paid your holding deposit is non-refundable. In the event that you fail to enter into the lease agreement or refuse to take possession of the property on or before your applied for beginning rental date, you shall forfeit these funds as liquidated damages. Due to the high demand for rental homes, we will not hold the property you applied for off the rental market for more than 48 hours unless you provide the required holding deposit. If you do not comply with this requirement, we may rent the home you applied for to someone else.
- All applicants must see the interior of the property before an application can be submitted. The property must be accepted in, “AS IS” condition before an application can be accepted, except where there is written agreement for maintenance or repair items. If your maintenance and repair request are acceptable to Real Property Management Instant Equity, then that agreement will be written in the lease or lease addendum. Verbal representations are non-binding. In the event that the manager shall receive two or more unrelated applications for the same property, the applicant understands the manager may select the applicant desiring the property in “AS IS” condition, over another applicant requesting maintenance or repairs.
- All initial funds, the holding deposit – first month’s rent and security deposit must be paid by cashier’s check or money order payable to “RPM Instant Equity.” Subsequent months thereafter may be paid online via your online portal.
Resident Selection Criteria
To qualify for the advertised security deposit amount you must meet the following criteria. If your credit, residence history or income does not qualify, you may still be approved but at a higher security deposit amount + increased risk mitigation admin fee:
- Applicants must have a combined gross income of at least three (3) times the monthly rent. Incomes must be verified in writing, applicant may provide recent pay stubs. A minimum of two years residential history is required. Rental history must be rated satisfactory or better, with no record of evictions. We reserve the right to require a co-signer/guarantor and/or a higher security deposit. Co-signers are accepted at the managers discretion only, must meet all requirements.
- Credit history and/or Civil Court Records must not contain landlord judgments, eviction filings, landlord collections, or liens. We will not provide you with the credit report or tell you of its contents; however, we will provide you with the name of the credit reporting agency so you may receive a copy from the credit bureau. All information collected for the approval or denial of this application is considered confidential in nature and for company use only.
Contingent Approval Fees – Credit Score Based
All lease transactions involve risk. To mitigate this risk for both landlord and tenant, Real Property Management Instant Equity routinely video tapes the condition of properties before and after each tenancy, ending most security deposit claim disputes before they begin. Offering an approval based upon total credit score below a 620 comes with even more inherent risk to the landlord and property manager. Much like with Apartment Communities, an approval can be offered even to tenants with less than perfect credit as long as they can pay the additional fee associated with their credit scores to offset the risk involved.
Risk Mitigation Admin Fees for Applicants
Average Credit Score (all Adults)….Fee Due
- 620 – 850……………………………………$195
- 600 – 619……………………………………$295
- 550 – 599……………………………………$395
- 500 – 549……………………………………$495
- 300 – 499……………………………………Declined
Denied Lease Approvals: any credit score under 500, (330-499) are declined due to bad credit.
Dealing with Multiple Applicants: A risk mitigation fee will be assessed based on the AVERAGE FICO score of all adults
No FICO Score: Applicants who do not have a FICO score may be assigned a score of 500 for the purposes of determining their risk mitigation fee
- Self-employed applicants may be required to produce upon request two (2) years of signed tax returns or IRS 1099 forms. Non-employed applicants must provide proof of income.
- Valid current photo ID documentation (driver’s license, military ID, or State ID) is required.
- Previous rental history reports from previous landlords must reflect timely payment, sufficient notice of intent to vacate, no complaints regarding noise, disturbances or illegal activities, no NSF checks, and no damage to rental property or failure to leave the property clean and without damage when you left the property.
- Current occupancy standards are a maximum of 2 persons per bedroom. However, some city and county municipalities and/or homeowners associations prohibit more than two (2) unrelated adults to reside in a single family dwelling unit.
- No pets (with the exception of legally defined emotional support or service animals) of any kind are permitted without the specific written permission of Real Property Management Instant Equity and an additional Non-refundable pet application fee of $300.00 per pet and a $20 pet rent per month per pet. Some properties may require higher fees or higher rent amounts. If a higher fee or rent amount is required, you will be notified at the time of the application.
- Some Homeowner and Condominium Associations may require a separate application. If such is the case, you must also apply separately to such association and approval by the homeowners or condo association is a necessary prerequisite to our approval of your application.
- Rents quoted are the rental amounts due if paid online or at a participating 7-11 and on time, (on or before the 1st of each month by 5:00 PM) otherwise, the rent is at least $50.00 more that month and possibly higher if rents are severely delinquent.
- Keys will be released on the first (1st) day of occupancy as stated in the lease agreement. Request for keys earlier must be accompanied with additional pro-rated rent and must have Real Property Management Instant Equity’s prior approval.
- Security deposits are security for faithful performance by tenants of all terms, covenants and conditions of the lease agreement and tenants may not dictate that the security deposit be used for any rent due. Unless claimed due to a breach of lease or damages, the security deposit is refundable when the tenants move out of the property at the expiration of the lease term.
- Maintenance and Repair – When you rent a home from our company, we strive to ensure that all items are in good working order. Please report any maintenance or repair request during your first 5 days of possession.
- Media Release – We routinely video tape the condition of our managed properties before and after each tenancy, as well as market our property and business with video tours, testimonials and etc… Applicant understands and agrees our company can use these videos for any legal purpose, and accepts any risk or consequence from these videos being used in the course of business.
- Multiple Applications – Because we process applications so quickly, it is rare that we will ever have multiple applicants for the same property. In such an instance, you can expect that we will make every effort to inform you in advance of this situation! If such is the case, we will process all applications for consideration as to what we (in our sole discretion) deem the best applicant, which may not necessarily be the first application received. In such cases, more than one applicant may be approvable, however only one will eventually be approved. Because we represent the best interest of the rental property, we will accept the best application, which may not necessarily the first application received. In order to evaluate the various applications it is necessary for Real Property Management Instant Equity to expend time and cost in credit reports, criminal reports, and other administrative cost; hence, our policy that the application fee is non-refundable. If your application is approvable, but not the approved one for the property for which you are applying, you may consider applying for other available properties that we may have, without payment of an additional application fee.
- Leasing Consultants – Real Property Management Instant Equity provides leasing consultants to grant you access to preview our properties, to distribute rental information, applications, rental process and application disclosures and contracts to lease our properties. The leasing consultant is not authorized to negotiate on behalf of Real Property Management Instant Equity. Verbal representations are non-binding. Once your application is submitted to Real Property Management Instant Equity, the approval/denial and negotiation process (if any) will be handled by the property manager in charge of the property for which you are applying.
If you apply subject to our accepting a lower rent or other move in concessions, your application fee will be non-refundable if your offer isn’t accepted. Refund of your application fee(s) is subject to all information on your application being accurate and verifiable.
If you withdraw before approval, you and any co-applicant may not withdraw your application or the application deposit. If you or any co-applicant withdraws an application or notifies us that you’ve changed your mind about renting the dwelling unit, we’ll be entitled to retain all application deposits as liquidated damages, and the parties will then have no further obligation to each other.
Keys or Access Devices. We’ll furnish keys and/or access devices only after: (1) all parties have signed the contemplated Lease Contract and other rental documents referred to in the Lease Contract; and (2) all applicable rents and security deposits, and any other admin or move-in fees have been paid in full.
Thank you for applying to Real Property Management Instant Equity!