Renting real estate is about selecting
good tenants.

When renting real estate , pre-qualifying the potential applicant over the telephone saves me Time and Money.

Dealing with people and their needs gets messy if you do not use a system. Renting real estate is the toughest part of the property management job. Some say the management job is the toughest part. Let see here.

Here is how my pre-qualifying filter system is working:

We do not take the application to pocket the non refundable $20 fees. We do not get rich doing that.

I give to Potential Applicants (PA) enough info in the newspaper, so they may drive by and talk with our tenants.

The apartment buildings should "sell themselves". The PA should come ready, wanting to rent the apartments from us, because we take good care of the tenants and the apartments.

This is what I want with my ads.

"Vegas clean 1 bedroom apt. $500 + deposit, utilities included, A/C, coin laundry, 1234 Main, (222) 333-4444"

Screening the applicants before renting.

They have the address for the location, that the utilities are free and my cell phone number.

This is the first conversation with the Potential Applicant (PA).

PA: Hello, is the apartment available?

Me: Yes, When you want to move in? My name is George.

PA: Thanks, my name is Mary. It is for my son John, He is planning to move soon.

Me: Sorry, is it a strong reason way your son can't call himself?

(My experience tells me I may stop here and deal with the real party later, the relatives or friends have a different agenda sometime. In reality, I continue giving information about renting.)

The son is calling me later.

PA: Where is this apartment located?

Me: At the corner of Main and Grand, next to the gas station, across the Seven Eleven. Look for apartment no.30. You can drive by and get from "Take One" box, an application with info printed the other side.

PA: Do you accept pets?

Me: What do you have in mind as pet? (Reptiles, rodents, dangerous dogs, etc are not on my list, I ask because the applicant will talk and I can mind his/her personality).

PA: It was my aunt's cat an she is 10 years old. Blah, blah.

Me: Yes, we accept a qualified cat with a "Pet agreement". The non refundable fee is $175. Do you have some pay stubs from your job? That will help us to check your employment.

or

PA: No, I receive social security checks, I am on disability.

(To assume when renting real estate that all tenants on assistance or seniors will be bad is wrong. Some may get a cosigner.)

Me: Sorry we only take applications if the total monthly documented net income is 3 times the rent. The nonrefundable application fee is only $20 and we do a credit report request and pay a different company for that service.(Some PA just give up after this phrase.) or

PA: Yes I work two jobs: manager at Mac Donald and telephone marketing at night. My girlfriend is working as telephone marketer. Together we make $1400 a month.

(This is a border line situation, they may pay for a few months and something is happening and girl/boy friend is gone. He/she no longer qualifies by income requirements.

In this cases if the vacancy is hurting me and I cannot wait for a better applicant, I might take them, but the lease will have a clause: "If he or she intends to leave any time, they both must leave at the same time".)

or

PA: Yes, I work part time at "Printing Nice" and I am full time student. It is my fist time out of home, my mom may cosign the lease.

Me: OK, bring your mom when you want to see the apartment.

PA: We want to see it, Saturday morning at 12 noon, it is our time to look for apartments.(PA may put some pressure on you)

Me; OK, see you then, at apartment no.30 second floor, a sign "For Rent" is in the window/door.

For us it is important to evaluate all renting applications by the same criteria

The goal is renting real estate to good tenants.

My "good tenant" definition is: A good tenant is paying always on time, takes care of apartment, is friendly and comprehends "quiet enjoyment" words. See renting to a good prospective tenant

If they do not have $20 for application, I do not consider that application and I do not call that PA in the future. Most of the time, they do not call back to bring $20, the application fee.

Some PA are looking for easy going managers and want to push the envelope from the beginning, next month give the rent late and see how you take excuses. Asking for new something every month is other tactic, etc. If the management is too easy going, that party will take advantage and you will not know how or when they got two months behind with the rent and no possible recovery.

If I get the feeling the PA may be an abuser, I have ready the story about how the eviction process goes when the rent does not come regularly. These may cut the PA appetite for renting real estate from us.

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Renting the apatment to a good tenant.
Evaluate renting applications by the same criteria
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