Last Updated on 2024-09-17 by Tom
When landlords and property agents select tenants, they’re making a significant investment in their property. That’s why selecting the right candidate is a careful process, designed to ensure both the landlord and tenant have a positive experience. At Acts Roar, we use a unique 6-Factor, 18-Score System to evaluate all rental applications. Here’s a breakdown of how it works:
The 6-Factor System:
- Rental History (0-3 Points):
We look at how long you’ve been renting in your current home. A longer rental history shows stability and indicates your ability to commit to long-term tenancy. We award points based on your rental consistency and any issues reported by previous landlords. - Employment Stability (0-3 Points):
How long have you been employed in your current job? Employment stability reflects your reliability and financial responsibility. The longer you’ve been with your employer, the higher your score, as it indicates you’re likely able to meet rent obligations without interruption. - Rent-to-Income Ratio (0-3 Points):
To ensure you can comfortably afford the rent, we consider your income in relation to the rent. Ideally, this ratio should be no more than one-third of your gross income, as recommended by various government guidelines. A manageable rent-to-income ratio minimizes the risk of financial strain. - Credit Rating/Report (0-3 Points):
Your credit report reflects your overall financial responsibility. A clean credit history with no major issues, such as defaults or late payments, shows that you’re reliable and trustworthy when it comes to financial obligations. - Previous Landlord/Background Check (0-3 Points):
Positive feedback from previous landlords is crucial. This factor examines your behavior as a tenant, including whether you maintained good relationships with your landlord, followed rules, and paid rent on time. Dale Carnegie’s principles of “How to Win Friends and Influence People” certainly apply here! - “Close-Eyes” by Daniel (0-3 Points):
This final factor is a little more subjective and reflects the gut feeling or intuition during the application process. Inspired by the book “Thinking, Fast and Slow” by Daniel Kahneman, this score is based on subconscious cues observed during interactions. It’s the intangible pinch of wisdom that completes the evaluation.
Total Score: 18 Points
After scoring across these six factors, we add up the points. A total score of 14 or above suggests a great fit, while a score of 11 or lower indicates room for improvement. This system allows both you and us to assess suitability objectively and transparently.
What Happens If There’s a Tie?
In rare cases, multiple applicants may score 15 or higher, making it tough to choose. When this happens, The owners will be making the final pick and luck will play its part – after all, a home can only accommodate one family. The key takeaway here is not to hold on too tightly to the result, but to embrace the journey and continue improving along the way.
Timeline and Final Steps
The entire application process typically takes no more than 48 hours, often within a single day if all documents are provided promptly and references, including previous/current landlords and employment, are notified about our checks.
Here’s what happens once your application is tentatively approved:
- You will receive a request to sign the lease via DocuSign.
- The first month’s rent and security deposit must be paid in full within 24 hours of your signing the lease.
- The landlord will then conduct a final review before signing off on the lease.
- Acts Roar will complete the lease as witnesses and secure the home for your upcoming move-in.
We hope this information serves as a valuable resource for you. If you’re committed to becoming the best version of yourself and becoming one of our community of like-minded individuals, then subscribe to our free weekly newsletter by submitting the simple form below.
We are looking forward to having you grow and thrive together!