Architect · CAMDEN, NJ · Member since 2008 · 59 posts · 8 votes
Hey Everyone,
So far every prospect tenant that has submitted an application has been evicted... of course I am not going to rent to them but am I missing something? stumped...
What are some options as to advertising to find better prospects. I have it on Craigs list and postlets. I will be putting it in the paper and churches and local papers on monday.
I am going to sign up for the section 8 programs to have that as an option.
Looking for some thoughts thanks.
Hey Ray -
I take it you're renting to low income renters? How's the property? Is it in a crappy part of town? Is it in crappy shape? Have you already been accepted into the section 8 program?
I faced the same situation with some property. The area turned south (wasn't great to start), and I knew if I held on, I'd never find a tenant. It was time for me to unload.
If everything you're doing is right, and you still can't find a good tenant to fill the property, perhaps it is time to find yourself a new property. . . . just something to think about.
TRUST ME - renting to bad renters with a history of evictions is just a formula for disaster! Compromising your standards to get someone in a property will turn bad in the end.
Hey Ray -
I take it you're renting to low income renters? How's the property? Is it in a crappy part of town? Is it in crappy shape? Have you already been accepted into the section 8 program?
I faced the same situation with some property. The area turned south (wasn't great to start), and I knew if I held on, I'd never find a tenant. It was time for me to unload.
If everything you're doing is right, and you still can't find a good tenant to fill the property, perhaps it is time to find yourself a new property. . . . just something to think about.
TRUST ME - renting to bad renters with a history of evictions is just a formula for disaster! Compromising your standards to get someone in a property will turn bad in the end.
I'll vote for the founder on that! Like he needs it.
But Ray, are you showing the apartment to all these formerly evicted people and then only finding out after they've filled out an application that they've been evicted? What phone screening do you do before hand? You should be able to screen these out in the inital call. When they call, get their name, and if you have the local court system available on the internet, you should be able to screen them out before showing the unit or them filling out an application.
As far as advertising goes, look at your local paper. Licensed Property Managers are usually required to put their business name in the ad. Non-PM's, like you, are not. Guess which ads attract the bottom of the barrel? When I started including "Scott Properties" in my ads, the number of losers responding went way down.
In fact, I have a tenant theory. If you have a vacancy, say there are 100 possible tenants. The cream of these tenants (say the top 10) stay for a more than 2 years, pay on time, are clean and really no problem. The bottom ten are in and out in a couple months, never pay past the initial depo and 1st month rent and trash the place. Everyone else falls somewhere in the middle. So, in a years time, you'll see someone in the top 10 only 5 times (10 people looking every two years). While the bottom 10 will come around 40 times (10 people moving every 3 months).
Pretty good argument for a good phone screening to weed them out.
I'm sure this thread will be long and glorious. :lol:
and what advice would you give to unload a property in which you've had problems and can't find tenants? just wondering if there are options I haven't thought of... thanks
Just price it low and take advantage of someone like you who didnt know or is newer to the game. Get rid of it even if you loose a few thousand because not having it rented and the damage and court costs of a bad tenant will cost you way more. This is why I leave the hood to mikeOH and work with nicer stuff. But then again, I dont make as much money.
Unfortunately, there is a lot of sludge out there. Good tenants tend to stay put, so you get to see a lot of applicants who are being evicted. They are the ones who are homeless.
I honestly think the tenant pool is getting worse. It's no longer shameful to not pay your bills. Instead, too many people consider themselves to be clever if they can get away without paying.
Job loss is a big problem in some areas. Tenants need jobs to pay rent, and if the jobs are gone, so are the paying tenants.
What is the vacancy rate in your area? Mine is 14% and the people that do view the apartment are not qualified. When vacancy is high location is king, what would have passed when the market was tight will not do so well today. :idea:
Thank you for getting back to me so quickly!!!!
Ill give you an update. I still have not rented the unit. Yes, this is a low income area - rents are 650 to 750. I am nervous with the winter coming, I have ordered refinishing of the floors and a new stove for the 3br/1 bath sing family. The unit is in south west philly on a great quiet block around the corner from a hospital.
Again I ask them over the phone if any evictions and why they are renting" normal screening questions. On the app, the prospect checks NO at the eviction questions and so I run the report and Bam - eviction status.
In the mean time I have signed up for the section 8 program to have as plan B if I can not find a renter by 12/1.
this is my main rental and choose not to sell at this time unless offered a great price, of course! But right now, I need the cash flow and tax deductions. The mortgage is 425 and rents for 650 and up.
My main job - Architecture is not very profitable right now :roll:
any other advice or thinking outside the box would be greatly appreciated.
I think the quality of tenants is due to the economy. Only people that have to move are moving.
All renters I know are trying to negotiate with the landlord....even for the high end penthouse rentals.
One of the best comments I have ever read, adding "Scott Properties" That is freaking brilliant. Getting tenants to screen themselves.
There is a website, believe it is www.mrlandlord.com He is a great speaker and coming to Colorado to be a part of the CAREI convention. He is one of the best RE speakers I've seen and got great ideas.
He likes renting to teachers and nurses. I even think he puts that in the ad. Be careful with discrimination issues with protected classes.
Nurses are great. They make a lot of money and most work all the time.