Letting Potential Renters View Apartment Without You
Hello all,
Would you recommend letting potential renters view a condo for rent without you by giving them a code for a lock box? If so how much qualifying would you do ahead of time before you give out the code to them? Would you give it out to anyone who calls and then deal with the call backs or would you pre-screen first and give it out to fewer people?
I personally would never do this. Very risky. Even if they are nice people you should have someone there to hear their feedback (they will most likely be similar to all potential tenants and you will then know if you need to make changes, etc.) and answer their questions. Not to mention the number of people they could give the code out to.
I would make changes based on feedback on a house for sale, but my rental houses are as-is. Potential tenants are crazy. Do not listen to their feedback.
I have all my houses on combination lockbox. All marketing has an 800 number where they have to listen to me blah blah blah about the house and my rental procedure before they are given a phone number to call me. Once they call i quickly review (1) their rental history (2) income (3) credit (4) do they have pets (5) when are they looking to move (6) do they have the money for security deposit. If they seem like a potential tenant, then I tell them the combo ad tell them to pick up a rental application and information sheet from the kitchen counter.
There is no way I am going to meet them at the house. I do not have the time. My application spells out the next steps in detail. So once they have the holding deposit money and completed applicaton they call me for a meeting. We set up a time and place to meet. I tell them that one hour before the meeting time to call me to confirm our meeting. If they do not call, I will not show up. I also do not have the time to wait around for no shows.
BTW - I always change locks the day that my tenant moves into a unit. I meet the tenant at the unit to give them the keys and they see me change the locks.
I never do this.....I want to meet the potential tenants and describe the amenities, but I understand the previous posts view too.
If the rental market gets tighter, I would change my policy to meet them at the property. But I have 18 rentals and am rehabbing 5 houses and just do not want to spend the time right now. But still, I would only meet them after prescreening on the phone and having them call one hour before to reconfirm the meeting. I
Quote:
On 2007-01-22 15:54, bgrossnickle wrote:
Once they call i quickly review (1) their rental history (2) income (3) credit (4) do they have pets (5) when are they looking to move (6) do they have the money for security deposit.
How do you review thier credit over the phone?
I ask them what is their credit. Rarely do they know their score, but they usually know if it is really good or really bad. Many times they also know if they have no credit. I like people with no credit. It means that they pay their bills.
If the person has good credit, and good rental history, then I will usually say that I am having a move in special and will give them 1/2 off the second months rent.
If they have bad credit, but really good and verifiable rental history then I proceed.
Good rental history means that they (1) are on the lease (2) have several years at an apartment complex or with a professional property manager (3) are paying almost the same amount as your rent (4) the same family unit is moving from the old rental to the new rental. Really bad rental history is bad comments from the landlord, but it is also living with family or friends. I hate tenants who are living with family - who you know they are not paying. And then they have your rent, phone, cable, water, and power to pay. It is too much.
If they have bad credit and bad or unverifiable rental history - they get rejected.
If it is close and you are undecided, then double the security deposit. Then if they are losers, at least you are getting paid while you evict them.
Good info Brenda, thanks!
I agree. Good info. from Brenda.
You do need to know what you are doing before following her excellent process for a knowledgeable landlord.
I always pre-screen before showing. I also make up a flyer and my application and try to send by email before I even proceed.
Brenda, I remember that you have a re-key program that you love. Do you also have an 800 number program that works well for what you do?
Well you are correct. Your cost will sky rocket once your husband stops working. Things he could repair with $30 worth of supplies will cost hundreds, and the work will be worse in some cases.
Well it dont sound like you can afford to do the phone book thing. So my advice would be to hang out in Home Depot ask a few questions, (ie interview) many of the people who work there do a small job or two on the side and somehow, their quality is better than guys walking the street.
I have had great luck with craigslist. Service Magic is more expensive. But make sure and ask for at least three or four references.