Frequently Asked Questions
Applying for a Reedy property is simple!
- Go to our Properties tab and find the property you wish to apply for
- Once you have found the property, click the “Apply” button
- Read through the instructions carefully and complete the application
- Don’t forget to upload your photo ID, pay stubs/proof of income and employment, and any other documents you’d like to share with us
- Pay the $50 application fee
Your cosigner will apply the same way you did. Please have your cosigner follow the instructions above but choose “I am applying as a co-signer/guarantor for another applicant”.
Our application fee is $50 per occupant. Anyone over the age of 18 years old that will be living in the property full-time will need to complete an application and pay the application fee.
Yes, deposits will vary from home to home, but typically Reedy & Company requires a minimum of one month’s rent as a refundable security deposit.
- Proof of verifiable income
- Minimum income 3x rent
- Proof of stable rental history
- Credit check
- Criminal background screening
Yes, your score is evaluated but not necessarily a determining factor for approval. Factors that weigh heavily on our decision are below.
- Outstanding judgments with other rental companies
- Outstanding debt to any utility company
- Active or dismissed bankruptcies (Chapter 7 & 13)
Yes, with our Tenant Portal you can manage your account, pay rent and schedule a maintenance request.
- 2 most recent pay stubs
- Proof of any other income (social security, disability, child support)
- Proof of rental history – current lease agreement
- Proof of active utilities (you must be able to get the utilities in your name)
- Most recent W-2 or tax return
- State ID or driver’s license
Yes, we’ll need an application from anyone over the age of 18 years old that will be living in the property full-time. Even if you and your partner share a credit score, we still need to verify each individual’s criminal and eviction history.
If there are multiple applications on a property and you are not selected to rent it, your application fee will be refunded if you were eliminated before background and credit checks were conducted.
However, if you apply for a home and we are not able to offer you a lease because you don’t qualify, unfortunately, we will not be able to refund your application fee.
If you apply for a property, are approved but you change your mind and decide not to sign a lease, we also will not be able to refund your application fee. Your application fee can only be refunded up to 30 days after your fee was paid.
We try to be as fair and as upfront as possible when prospective tenants apply for a Reedy home. Many of the homes we post for rent have dozens of inquiries come in and the frenzy that ensues can cause an already anxious applicant both stress and disappointment. We like to make sure applicants understand how this process will work to avoid any unnecessary confusion.
When an application is submitted on a home in which we have low interest, the property manager may keep the application collection period open for another 24-48 hours. If no other applications are received in this time period, we will run the initial submitted application. If another application is submitted within those 24-48 hours, all applications will be considered. All applicants should receive an update on their application in no more than 72 hours of the cut off time. If they have not been selected, we will refund their application fee.
When an application is submitted on a home in which we have high interest, we will give all other interested parties until X time on X date to submit their application. Once we reach X time on X date, no additional applications will be accepted and we will only consider the applications received by the announced cut off time. All applicants should receive an update on their application in no more than 72 hours of the cut off time. If they have not been selected, we will refund their application fee.
Once an application is run, there is a freeze period on the property. No other applications will be run or considered during this period. We will use this freeze period to review your background check, call references, and ask for additional documents or information. If your application is approved, we will offer you a lease and you will have 24-48 hours to review it, ask any questions, and sign it. If we do not receive your signed lease within this 24-48 hour period, we reserve the right to void the lease and move on to the next applicant.
We’re animal lovers at Reedy & Company and understand our four-legged friends are family. That’s why for 99% of Reedy properties you’ll only need to pay a refundable pet deposit instead of a one time or monthly pet fee. Our pet deposits for dogs range from $300-600 per dog based on the dog’s age, breed, and weight. Our pet deposits for cats range from $150-200 per cat based on the cat’s age. Deposits for caged animals or fish will vary. When your lease ends, any damage will be deducted from your deposit and the remainder of the deposit will be refunded to you!
We get that life happens and sometimes credit scores take a beating. While we like to see a 650+ credit score, we may be able to work with you if your score is lower but most likely we will need a higher security deposit (as much as 2 x rent) and/or a cosigner with a 650+ credit score. If your credit is low due to unpaid medical bills, student loans, or because of a divorce, we’re more likely able to work with you. If your credit is low due to collections from former landlords or if you have been evicted in the past 7 years, unfortunately, we may not be able to work with you.
While we understand it can be difficult to make time to visit before your move date, we really recommend you try to! While some of our properties can be rented sight unseen, some cannot. Usually newer homes or new construction properties can be rented sight unseen; older homes with quirks most likely cannot be. If a property has high interest and multiple applications, generally more weight is placed on an applicant that has seen the property in person than an applicant that has not. If at all possible, try and make a trip to TN before your move or have a friend, family member or colleague take a look on your behalf. If you sign a lease on a property sight unseen, you are obligated to fulfill the terms of the lease, even if you arrive and the home is not what you expected.
Remove your hands from your head, take a deep breath, and follow these tips:
- Fill out an application ahead of time so we have your information on file. If you want to take this a step further, pay the application fee and tell us to run your background check so we know if you’re pre-qualified. Note: if you are not selected for a home or do not end up renting from us, we will not be able to refund this fee. Also, filling out an application ahead of time or even having us run your background check does not put you “first in line” for a property.
- Be flexible with your showing times. If we list a home on Monday and you can’t come and see it until Friday, you may lose out on it. If the property manager asks if you can see it at 12 pm on Tuesday, try to move your schedule around to be there.
- Be flexible with your move in date and lease end date. For properties that have a lot of interest, do your best to make yourself the best applicant. Even if you aren’t moving here until July 25th, be willing to start your lease on July 1st to put yourself ahead of the pack.
- Understand that you are 1 of hundreds of renters looking for housing and that we’re in a competitive market. You may lose out on a house or two but try not to get discouraged–we’ll do our best to help find you the home that was meant for you.
We charge an initial fee to take on a new property. This is a one-time fee and we do not charge re-listing fees when the property turns over. Once we have a rent paying tenant in place, we charge 10% of the collected rent. This monthly percentage is contingent on rent collection so if the property is vacant or the tenant hasn’t paid, we are not collecting a management fee until you receive your rent. Reduced rates can be negotiated for property owners with multiple unit portfolios.
Detailed background screenings are a very important part of the tenant selection process. At Reedy & Co., we conduct in-depth criminal and credit background checks, ID verifications, and eviction scans on all applicants 18 years old or older that will be occupying the property. In addition to these checks, we also verify income and employment and contact the applicant’s current landlord for a rental reference if applicable.
At minimum, one month’s rent is collected as a security deposit and additional deposits are collected for pets. All security deposits are held in a trust account per Tennessee law.
When things break, having a property management company ready to respond is ideal. While you are always notified of any maintenance requests at your property you are not required to call repair people or set up appointments for these repairs—we’ll do this for you! To keep costs low, we have an “in-house” licensed and insured maintenance staff.
Timely rent payments make us happy and we go above and beyond to make sure our tenants know when rent is due. We send a friendly rent reminder on the last day of every month to remind tenants rent will be due by the 1st and late if received after the 5th. On the morning of the 6th, if rent has not been received, we contact the tenant to alert them that rent is now late. We try to work with tenants as much as possible and understand that sometimes mistakes happen or emergencies come up. However, if we have not received communication from the tenant about paying due rent, we can file for eviction on the 15th of the month.
The easiest way to pay your security deposit and rent is through your Tenant Portal. You can setup one-time and recurring payments for free by using your bank account information. You can also use your credit or debit card though you will be charged a convenience fee.
To pay by mail, please mail payment to:
Reedy & Company
4701 Summer Ave
Memphis, TN 38122
Please make sure your check is made payable to Reedy & Company and that you include your name + property address on the check.
We do not accept cash payments.
Rent is due by the 1st of the month and considered late if received after the close of business on the 5th. If rent is received after the 5th, you will incur a late fee equal to 5% of the monthly rent.
For non-emergency maintenance requests, please submit a request through your Tenant Portal. Please give us as much information as possible and if photos are applicable, please upload those as well.
- Water leaks and burst pipes
Please turn off water at main water shut off and then call Reedy & Company
- Fire and/or smoke inside the property
Please leave home, call 911 then Reedy & Company
- Gas odor/carbon monoxide detector alarming
Please leave home, call gas company then Reedy & Company
- No heat if outside temperature is < 50 degrees
- No air conditioning if outside temperature is > 85 degrees
- No hot water
- Refrigerator not cooling
We have 30 days from your lease end date to return your security deposit. In some cases, if there is a lot of damage, we may take up to 60 days to refund your deposit but we will send you an interim accounting statement within the first 30 days, showing you where we are and notifying you that we are extending the refund period by another 30 days.
Got any questions?
If you have any questions, please feel free to ask.