RESIDENT SELECTION CRITERIA
Thank you for visiting Management Specialists. If you would like to lease one of our managed properties please note the following information and criteria that must be met so we may assist you:
To guarantee compliance with the Federal Fair Housing Acts, a separate application is required for each applicant over the age of eighteen (excluding dependent children) who will reside at the property.
Management Specialists does not discriminate on the basis of age, race, color, creed, religion, sex, national origin, handicap or familial status. Management Specialists, Inc. adheres to all federal, state and local fair housing and equal opportunity laws.
Management Specialists has a fiduciary responsibility to the landlord because we collect rent and manage the property. We represent the Owner of the property.
Applicants will NOT be accepted on a “first come, first served” basis. Applicants must place into the Management Specialists escrow account an amount equal to one month’s rent which indicates to the Landlord the Applicant’s intent to move forward and sign a lease once the application has been approved. Any funds collected, minus the application fees, are completely refundable if applicant is not qualified. If applicant is qualified, any funds collected become non-refundable and shall be applied to the rent or security deposit obligations. Applicants who fail to submit the required funds may jeopardize their approval status and the property will be placed back into the rental inventory and other applications may be accepted.
The following are Management Specialists criteria for qualifying an applicant as a resident and must be included with the application:
- Application must be fully completed, dated and signed.
- Application must be reviewed at the time of submission to ensure we have all information needed to determine eligibility.
- Applicant must provide proof of identity with photo (such as a state driver’s license). Any application without photo ID will not be approved.
- Applicant must provide a social security number or be able to verify that no number has been compromised or assigned.
- landlord history with a minimum of two years to verify proven payment history and that the applicant has never been evicted.
- Family size must be in compliance with the available HUD guidelines, state and local codes. As an example; St. Lucie County does not allow more than 2 unrelated people in any 1 unit dwelling.
APPLICANTS MAY BE DENIED OCCUPANCY FOR ANY OF THE FOLLOWING REASONS:
- Falsifying an application.
- Incomplete application.
- Poor rental history profile such as:
- Non-payment of rent.
- Poor credit history within 5 years (such as delinquent real estate accounts from evictions, broken or utility bills).
- Joint bankruptcy or personal bankruptcy within the past 2 years or a bankruptcy that has not been discharged.
- A filed eviction (unless stipulations were adhered to-proof must be provided) ” A history of violence to persons or property within the last 5 years.
- A felony within 7 years, a sexual predator or sexual offender.
- A history of poor or unsanitary housekeeping.
- A history of drug-related activity by any of the applicant’s household members.
- History of unruly or destructive behavior by resident or a member of the resident’s household.
- Poor personal references.
- Income of less than the required 3:1 ratio (Tenant must have gross income of 3 times the monthly rent.)
- Credit score of less than 560.
- If an arrest record exists within seven years, it is up to the applicant to provide written verification from the proper authorities as to the final disposition of innocence or that the case was dropped.
APPLICANTS MAY HAVE AN ADVERSE REACTION FOR ANY OF THE FOLLOWING:
- No employment or employment less than a month.
- Residential verification of less than 2 years
- Poor or No credit history
All sources of income must be verified, we will accept pay stubs, tax returns, brokerage statements, letters from CPA or financial broker, bank statements and the like.
Credit, Criminal and Eviction records are verified by an independent company.
Any exceptions to these stated criteria must be submitted in writing to the rental agent for presentation to the landlord for consideration. If approval is given for such exceptions, additional security, co-signers, and/or additional advance rent payments may be required.
Criteria for the amount of Security Deposit amounts or Last Month’s Rent to be charged is based on the applicant’s Credit score (ie Credit worthiness). People who pay their obligations on time have demonstrated that they are less credit risks. Credit scores are determined by outsourcing and Management Specialists is not responsible for making any determinations regarding the applicant’s credit background.
The following table is how the applicant’s requirements are determined:
CREDIT SCORE FIRST MONTH LAST MONTH SECURITY
560-600 X X X
600-UP X X
Credit scores of less than 560 may be accepted if other circumstances are exemplary! In some cases, additional security deposit or co-signer will be required.
***When you submit your application to Management Specialists you will agree to the following disclosure as well:
In good faith, I hereby deposit with Management Specialists the sum of one month’s rent in connection with this rental application and if my application is approved and I fail to enter into a Rental Agreement or fail to take possession under the terms of my Rental Agreement, I understand and agree that the entire amount shall be forfeited by me as liquidated damages for the costs incurred to hold the property off the market and/or additional marketing and advertising that may be required to re-rent the property. If my application is not approved, I will receive a refund of my move-in funds in full within 30 days. If my application is approved, a rental agreement is signed, and I take possession of the property, the move-in funds shall be applied towards my rent and/or security/damages deposit requirements.