Advertising Your property and credit/criminal checks

I just wanted to pass along that I posted an ad on craigslist for my three bedroom SFR that will be ready in about thirty days. I received 12 responses in 48 hours. It appears to be a great way to advertise your property for free! Does anyone else have any luck with other cost effective ways to advertise?

Also, can you folks share how and where you can get a criminal background check and credit check inexpensively? My attorney can apparently get it done, but I am curious what you folks are paying for these services.

Thanks,
Bryan

Edited: 06/26/2010 at 05:01AM

Crystal C

Real Estate Investor · MA

20 posts
1 Award

Icon_minipost Apr 09 '08, 04:55 AM

When i bought my first multi family i went to STAPLES (office supply store) and bought a LAND LORD CD packet thing-a-ma-jig. It was very helpful and gave me the resources to do background checks. I think the packet was $20 (+/-) and the background checks where between $15-$20 a piece. But the CD also gave me any kind of form I could possibly need as well. It was very much worth my $20.00

Edited: 06/26/2010 at 05:01AM

Jeff Takle

Real Estate Consultant · Somerville, Massachusetts

339 posts
103 Influence
2 Awards

Icon_minipost Apr 11 '08, 07:01 PM

Not to be a wet blanket -- I know everybody loves Craigslist -- but the metric really shouldn't be how many responses you gte from an ad; it's how many qualified tenants you get from an advertising channel. In my opinion, the " flake" factor is through the roof on craigslist.

Most tenants on craigslist fire off 20+ emails in rapid succession to landlords and often don't remember which property was yours when you respond. So, if you're going to use it, make sure you do your due diligence on tenant screening.

Also, the $20 may seem well worth it, but the tradeoff for cheap forms is that they're likely to err on the side of " applies to everyone" and have large gaps in coverage. A better (and even cheaper) alternative is to approach a seasoned landlord in your area and ask for a copy of their lease -- it's free and it will be 10+ pages long with lots of protection.

Edited: 06/26/2010 at 05:02AM

P NW

· OR

1467 posts
12410 Influence
7 Awards

Icon_minipost Apr 11 '08, 10:34 PM

I use Kroll Factual Data. I get a package that includes both credit report and criminal.

I've gotten several good tenants off of Craigslist. There are lots of time wasters, but they are a better class of timewaster than I get out of the local paper.

What I get off of Craigslist is people who want to know about the area, but who are just dreaming and aren't really moving. They want the Landlord to answer lots of questions about the house and area for them.

That beats the local paper where I get timewasters that take up my time to show the house and do interviews, and then as they are walking out the door, announce that they get Section 8. Or they lie about their credit and criminal, and I have to go through all the research and pay for the credit report before I discover it.

Edited: 06/26/2010 at 05:02AM

Crystal C

Real Estate Investor · MA

20 posts
1 Award

Icon_minipost Apr 12 '08, 04:57 PM

Originally posted by "takleberry"

Not to be a wet blanket -- I know everybody loves Craigslist -- but the metric really shouldn't be how many responses you gte from an ad; it's how many qualified tenants you get from an advertising channel. In my opinion, the " flake" factor is through the roof on craigslist.

Most tenants on craigslist fire off 20+ emails in rapid succession to landlords and often don't remember which property was yours when you respond. So, if you're going to use it, make sure you do your due diligence on tenant screening.

Also, the $20 may seem well worth it, but the tradeoff for cheap forms is that they're likely to err on the side of " applies to everyone" and have large gaps in coverage. A better (and even cheaper) alternative is to approach a seasoned landlord in your area and ask for a copy of their lease -- it's free and it will be 10+ pages long with lots of protection.

These forms are actually more intense then you think and it also comes with forms you wouldn't even THINK of...

Edited: 06/26/2010 at 05:02AM

J Mac

Real Estate Investor · South Carolina

34 posts
1 Influence
1 Award

Icon_minipost Apr 12 '08, 08:01 PM

It won't save you the time of showing the place, but I charge a non-refundable application fee that covers most of my cost of running the credit check. While showing the unit/interviewing, I explain what my general income and credit requirements are and that the next step, if they are seriously interested, is to fill out an application and submit the fee. I don't think any serious tenants are going to walk because of a fee like this. Anyone who does walk has probably realized that you are thorough and are going to find the skeletons in their closet.

I use National Association of Independent Landlords to run my credit checks. It's fairly easy and costs $15 (plus the annual membership fee). Does anybody know a better / cheaper of running credit?

JMac

Edited: 06/26/2010 at 05:02AM