pre approval prior to showing?

4 Replies

I have about 75 doors about 85% SF. looking at making a purchase of 95 more doors with 90% being multi units. I was curious on how everyone does the viewing process of a vacant property? do you make potential tenant fill out an application prior or show house first. I have always shown house first but I would say majority of the time if I would have seen their app I would have known if it was a waste of time or not.... i.e. someone making $1k a month, I am not letting rent a $600 house. what is your process?

@Tami R. I do a little prescreening by email or phone first.  I don't really ask them the questions so much as just let them know what the qualifications are and that we are sticklers for meeting the minimums - 650 credit score, 3x monthly rent in income, no previous evictions, no felonies, etc.

When I speak with someone on the phone I rattle off my requirements (e.g., income 3X rent, no felonies in the last five years, verifiable employment and previous residence, etc., etc.) and then ask "will any of that be a problem?"

We kinda do that too... but I know a couple real estate management company's that are having the people fill out a pre-application.  The last couple years I have thought what jerks.... now I am thinking what is my time worth.  Usually within 1 minute (not to prejudge but yes) I can say if it's going to work or not... sometimes they surprise me.  I check Facebook out right away and then go from there... and sometimes I just don't even show based on "how they live their life on FB"

I've got 20 simple questions I send over prior to a showing. Then I try to show a few groups at once like an open house. If they make it that far, then I'll do an online app. 

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