Don't Count Your Chickens Before They're Hatched

Don't Count Your Chickens Before They're Hatched

So. Cal. · Member since 2017 · 41 posts · 18 votes
Wanted to share a little something that happened today. I have an out of state rental. I am one of the ones fighting "tooth and nail" to manage from a distance. No property manager. (Although I might surrender) So far, it has been a smooth ride......Except today. I'll get to that. Earlier this month, the tenants moved out. I got my crew in to rehab the unit, and all was going smooth, save for a couple little snags with the flooring which got worked out. So..ready to show. Been advertising the unit all month, and it's in a desirable location, so usually rents quick. Had some showings lined up, before coming to town. I only had the weekend to show and the first of the month is around the corner, so I was pretty eager to rent. The first showing was a woman, who said it would be for her and her fiancé. ( only met the soon-to-be wife, didn't meet the husband). Wife loved it. She said they will "definitely take it". We did the background check- sent a link to both the husband and wife, did credit-- all of it, (which cost THEM $70). They checked out with flying colors--Perfect fit. SO... I decided I would be a little relaxed on showing to the rest of the interested parties, but I went through and got some more applications anyway. Nobody else qualified, and these people wanted the unit, so I wasn't too concerned. We scheduled lease signing/deposit for this morning for 10am. I wrapped up some last minute painting yesterday, Spent two hours writing up their lease and at 9:30 am, while I was waiting for them AT THE PROPERTY, I received a TEXT from the soon-to-be husband, saying "sorry for the short notice, we are no longer interested, thanks". Well that's all folks! Flight leaves back to Cali tonight, and I have no other applicants or showings lined up, and an empty unit. Never count your Chickens before they're hatched, and never consider your place "rented" until that deposit has cleared the bank, and the lease signed in red ink.
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Real Estate Consultant · Joppa, MD · Member since 2015 · 218 posts · 178 votes
9y

It's amazing how many people are completely fine with wasting their money and other people's time.  It's unfortunately the nature of the beast.  As a realtor and property manager, I get it from both sides and it never feels good.

At least your couple were actually approved. I get people all the time who pay application fees KNOWING their situation won't allow them to get approved. It's mind boggling!  

Get yourself a realtor or a property manager to handle the leasing for you.  It will be worth the one month's rent :-)

Best of luck to you!

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  • Real Estate Broker · Chicago, IL · Member since 2015 · 1k+ posts · 2k+ votes
    9y

    @CJ B. Good Post! Very true. Until I have a signed lease with $ in hand, I keep on going like day 1. 

    My "training" came early on with a section 8 applicant. They seemed to like it and got me their moving papers a couple days later. I took those to the CHA and a couple weeks later the inspection was scheduled. A few silly issues came up, so a 2nd inspection was scheduled about a week later. 12hrs prior to that 2nd inspection, and a day after talking with the applicants, I get an automated call from the CHA that the inspection was cancelled as requested. I call and find out the applicant cancelled the process. I was mad as a hornet that they couldn't even send a message to me as a common courtesy.

    Since then, I list/show until cash is in hand. Many people can't say no, or that the unit isn't right for them, hence why I have a lot of people who never submit applications or don't reply when their application is approved.

  • Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
    9y

    Thanks for sharing. Yes, I reckon it's time to wave the white flag...

  • Rental Property Investor · Lake Arrowhead, CA · Member since 2016 · 43 posts · 23 votes
    9y

    Thanks for this great post, I'll be renting my first property next month and a post like this is  invaluable information. 

  • Rental Property Investor · The Vampire State · Member since 2013 · 2k+ posts · 2k+ votes
    9y

    We could all tell a story like that, believe me.  This is why it is important to collect a non-refundable binder (with signed agreement) to hold the unit.  Ours holds the unit for between 5-7 days, and the binder is not refundable if the tenant does not sign the lease by the deadline.

    Fool me once...

  • Real Estate Consultant · Joppa, MD · Member since 2015 · 218 posts · 178 votes
    9y

    It's amazing how many people are completely fine with wasting their money and other people's time.  It's unfortunately the nature of the beast.  As a realtor and property manager, I get it from both sides and it never feels good.

    At least your couple were actually approved. I get people all the time who pay application fees KNOWING their situation won't allow them to get approved. It's mind boggling!  

    Get yourself a realtor or a property manager to handle the leasing for you.  It will be worth the one month's rent :-)

    Best of luck to you!

  • West, MI · Member since 2012 · 674 posts · 182 votes
    9y

    I've been in this same situation a handful of times and it's no fun. Twice where I had already printed the lease and they canceled within an hour of the meeting. Without a PM I don't see how long distance works.

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