I read Wallace's Blog post called "Trust but Verify..." about doing your due diligence on tenants. They may be feeding you a load while they are smiling your face. Do the home work on them and get the facts.
Here is my technique...
I price the room/house just below rental market rates to get a good buzz and get lots of calls.
I schedule a 1 Day Open house and set aside 15 min. appointments for tenants to show up. (None of this... " Can I come by now to see the room/ house?"... on their time. Take the upper hand and scheule time on your terms.the appointments makes the home seem special, like the velvet ropes at a nite club, it feels more exclusive and special. If they are late, they don't get to come in. See ya!
I require a rental application, I previously sent them online, to be completely filled out before the appointment. No form, no further conversation. Bye-Bye now!
If they jump through those 2 hoops I give them a quick tour of the home and realy talk to them. I ask personal questions, family history questions... it gives me insight into who they are as people. I will only rent to people I feel comfortable with. Trust your gut!
By then the 15 min are up, I tell them I will be checking their references and get back to them in 2 days. Typically I have 2-3 people that have made it through every hoop out of 10 and I make my choice.
The goal is to gage, integrity, time management and overall normalcy. It has been a very useful tool especially in a college town with a huge demand for great rentals. I know this works for family rentals as well. My intention is to share this and have others build on the concept. It has woked for me for over 10 years.
 | "A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082 |
Tenant screening is typically handled by tenant screening companies. But there are also property management software which offer built-in tenant screening, saving money and time as well.
ReplyDeleteYour techniques counts! Those are great factors to consider if you really want an ideal result of your efforts. Tenant screening provides you the security of knowing the history of each tenant you place as well as if they have past challenges paying bills
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ReplyDeleteVery nice techniques! I will do that but I would also like to add that it really pays to do a tenant credit check, just to make sure that they can really afford to pay the rent.
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