Applicants must be of legal age, eighteen (18) years and over. Everyone who will be residing in the home and is over the legal age of eighteen (18) years must submit an application and pay the application fee regardless if their income/credit is not being used to determine eligibility.
For minor children, we only require names and dates of birth.
All applicants must provide a valid Driver’s License, State Identification card, Military ID or US Government issued picture ID and a copy of their Social Security card upon submission of application.
In order to help us complete your application in a timely manner, we ask that you complete every section of the application. There should be no lines left blank. If a line does not apply, please fill in with "N/A". If you need to call us back with more information, please do so within your 72 hour grace period. Be sure to sign the application and date it where indicated.
Your application must be filled out completely and accurately. An incomplete application may be rejected. Any misstatements or omissions made on your application may be grounds for denial or termination of the lease. If the information given on the application cannot be verified, this is a reason for denial. All information must be legible and verifiable.
The net monthly income of all lease holder(s) will be considered jointly and should equal 2.5 times the rental rate of the home. If a lease holder(s) owns the home described as the current residence, income should equal 5 times the rental rate of the home. All income must be verifiable. Lease Holder(s) must have stable and verifiable employment or, if retired, will be considered self-employed and must meet the guidelines for self-employment.
We will contact your employer to confirm your length of employment, your job position/title and the income amount you report on your application. Some employers will only verify employment details after payment of a fee and with your written authorization so you may provide pay stubs that cover a period for the prior 60 days. If a lease holder(s) is relocating from outside of Georgia and will remain with the same company, a transfer letter and 6 month's bank statements are required to prove income. If a lease holder(s) has been employed less than 60 days, 6 month's bank statements are required to prove income.
If you are self-employed, retired or a trust fund benefactor, must also submit a signed copy of the most recent year's federal tax return for the preceding year. Individuals who hold jobs that are commission only, base salary plus commission, tips, or bonus will be considered self-employed. If an applicant is self-employed, then proof of income can be shown by providing the following:
Some common “other income” sources are:
If income requirements can’t be met then a qualified cosigner may be used to offset any income deficiency. Cosigner qualifications can be found below.
The last 24 months of residency history will be reviewed and must exhibit no derogatory references (such as evictions, filings of initial evictions, or residential collections), and you must have given a 30-day notice to vacate to the previous landlord. Less than 2 years rental history will require a qualified Co-signer. Living with relatives is not considered verifiable rental history and will require a qualified Co-signer.
Any debt owed to a previous landlord and/or utility company must be paid in full before the application can be approved. Forcible Entry and Detainers (Evictions) due to property damage or unpaid rent will not be accepted under any circumstance. If you have previously owned a home and are now renting then your payment history should be reflected on your credit report and that will be verified. If a lease holder(s) owns the home described as the current residence, income should equal 5 times the rental rate of the home.
Your past payment history, debt to income ratio and credit score from your credit report will be used in making a rental decision. We are looking for things like judgments & collections (especially from previous landlords), unpaid utility bills and generally how you have paid your bills in the past. Poor credit will not generally disqualify you from renting but a higher security deposit and/or co-signer may be required as well as an increased contingent approval fee depending on the overall application evaluation.
If your application requires a co-signer, this person is going to provide strength in an area where your application has a weakness. For instance: 1) No verifiable income for full-time students; 2) Unsatisfactory credit rating; 3) Unverifiable rental history; 4) Unsatisfactory Income requirements.
The Co-Signer/Guarantor must pass the same application and screening process, pay an appropriate application fee, meet all the same requirements as the applicant, have a minimum of 700 credit score and verifiable income of at least 5 times the rent. A co-signer will be signing the lease agreement along with you and they will become legally responsible for the rent along with you. No more than one co-signer per applicant will be considered.
Any eviction filing within the prior three (3) years will be grounds for denial of your application. Evictions resulting from a foreclosure of a home you owned or rented are not counted.
Any current or open bankruptcy filing will be grounds for denial of the application.
Three (3) years must have elapsed from the discharge or dismissal date of any prior bankruptcy filing.
If you are approved and need some time before taking possession, properties can be held up to 14 days with a signed Holding Fee Agreement. Simply pay an amount equal to the first month's rent and sign the Holding Fee Agreement.
When it comes time to move in you will sign your lease, pay the balance of any funds owed and the holding fee you paid will be applied to the balance owed. If you fail to execute a lease or pay the balance of funds owed you will forfeit your holding fee on the property and any other fees paid. If you wish to hold a property while your application is being processed, pay an amount equal to the first month's rent and sign the Holding Fee Agreement. In the event that your application is denied, your holding money will be refunded and available for pickup at our office after 2 business days.
Many applicants are upset that they apply for a particular property and then lose that property to a competing applicant. Since Compass Property Management Group legally represents the owner of the property, in the event, we have multiple applications for the same property, we will process all approved applications based on the criteria we deem most beneficial, to the owner. Only one application will be eventually approved and that may not necessarily be the first one received.
In determining the best application that is "most beneficial" to the owner, we might as an example, compare two approved applications where one desires to occupy immediately vs. another who cannot take possession for 2 weeks. In this example, the most beneficial application is the one that can take occupancy immediately. In the instance that you have an approved application, but lose a property to a more beneficial applicant, we will gladly transfer your application to another home of your choosing. Your approved application is good for 45 days. The best way to avoid losing your chance at an available property is to reserve/hold a property using the procedure outlined above.
Required security deposits are based on the overall results of your application information. Standard security deposits are typically equal to one full month’s rent and all but $200 is refundable. Some applications can be approved with higher deposit amounts and/or contingent approval fees (see below) as determined by our processors scoring system. This scoring system gives recommendations on how “low to high risk” you appear to be as a tenant, based on the information you provide.
The reality is this: we're about to hand over the keys to someone's home that is worth a lot of money. We need to be confident about your ability to fulfill all of the lease obligations. If your credit history and overall application give us doubt as to your ability to pay, then we must require extra funds to ensure you have the ability to pay rent every month. To protect the owner's property, we cannot waiver on this requirement.
All leases have a $200 administration fee due at lease signing. Depending on credit an additional contingent approval fee may be due. It has been shown through both statistical and historical analysis that an applicant's overall credit rating directly affects the risk and likelihood of default, damages and unpaid rent for the landlord. Applicants with a lower overall credit rating pose a significantly higher risk and liability. In an effort to mitigate that risk and allow applicants with a less than perfect credit rating to still gain approval for their chosen property we have implemented a scoring model that allows applicants to pay a fee to offset the increased risk and exposure the landlord faces in approving them with a lower than normal credit rating.
|Average Credit Score||Contingent Approval Fee|
|650 - 850||$0|
|620 - 649||$250|
|600 - 619||$350|
|550 - 599||$500|
|500 - 549||$600|
** For multiple applicants the scores are averaged.
If you don't necessarily meet our income requirements but you are sure you can cover your rent each month, we can give you the opportunity to pay the difference between what you qualify for and the actual rent upfront. For example: your income is $2,900 each month but the house you wish to rent is $1,000 each month. Our requirement states you must make $3,000 to qualify for the property. We can (in most cases) allow you to pay our risk mitigation admin fee before the lease is signed, the $100 difference for each month in one lump sum. So in this case, your risk mitigation admin fee will be a total of $1,200 ($100 monthly difference x 12 months = $1,200.)
All rent payments are due on the first (1st) of each month and must be made via electronic funds transfer (EFT) from a bank checking/savings account. Our staff can get you set up on automatic drafts so you never have to worry about late rent payments. Move-ins on a date other than the 1st of the month will be prorated. Here’s how it works: we will prorate your first month's rent to reflect the actual days of possession. For example, if you move in on June 20th, your prorated rent amount due would be $330.00 ($900 / 30 days in June = $30.00/day x 11 days of possession for June). From then on your regular rent amount would apply.
All of our tenants are automatically enrolled in our Tenant Benefit Package at a price of $27.00 per month. The following items are included as part of the package:
All leases require tenants to obtain renters insurance and list Compass Property Management Group as additional insured. It is very inexpensive and can usually be purchased cheaply through your auto insurance provider or any number of companies. We can tell you that we see events every week where a renters insurance saved them from a major financial loss.
Think about a toilet that overflows and you end up being responsible for all the damages. A storm comes through and rain destroys all your furniture and clothes. Power goes out and ruins all your food. A sewage backup forces you into a hotel while repairs are being made. We could go on and on, but believe me, there are a million reasons why renters insurance is a good thing and it’s money well spent.
In rare instances, some Homeowner/Community Associations may require a separate application. In the event that is necessary, you must apply separately with the Association and that approval is a necessary prerequisite to our approval.
As a general rule, a maximum of two (2) persons per bedroom, not including infants age 4 years or younger, are allowed to occupy a rental unit. Many county and municipal ordinances, and some community associations, limit the number of unrelated adults who may occupy a single dwelling to two (2) adults, although this number varies by County and City.
We routinely videotape and photograph the condition of our managed properties before, during and after each tenancy, as well as market our property and business with video tours, testimonials, 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.
Application will not be approved if the applicant has the following on their criminal record:
All Pets/Animals are subject to Property Management Approval, which may be at the discretion of the owner. A pet photo must be submitted with the rental application. Pet restrictions apply to breed type and size as well as a non-refundable pet fee of $350 for 1 pet, $500 for 2 pets. Please consider the following breeds “Unacceptable”:
|Akita||Bullmastiff or Mastiff||Chow||Alaskan Malamute|
|Husky||Presa Canario||Doberman||German Shepherd|
|Wolf Dog/Wolf Hybrid||Bull Terrier||Siberian Husky||Staffordshire Terrier|
|Bull Terrier||Pit Bull Terrier||Rottweiler|
Also pets: Any combination of these or any dog that has any of the above breed's lineage.
Service or companion animals that assist residents with special needs will always be accepted, provided documentation is submitted. A pet fee will not be charged for service or companion animal.