I am currently reading The Book on Managing Rental Properties by @Brandon Turner . The concept of processes has alway made sense to me since reading EMyth but I had never written everything down.
I was curious what processes you have in place that have worked well for you in Real Estate. I'm excited to hear what works for you or what you are looking to make more efficient.
My Application/Renting policy is below:
1.Schedule 2-3 times per week where you’ll be available for showings
a.At least one over lunch and one afterwork or weekend
2.At showing if potential tenant is interested give them the instructions on how to submit application online
3.Once application is received online make sure it is complete
4.If complete, send them the background check email
a.Review Eviction, Credit, Criminal history to ensure tenant passes requirements
5.Check Background/criminal / eviction history
6.If Eviction, Credit, Criminal history pass check
a.Call employer to verify income
b.Call past landlord
i.“would you rent to tenant again”
ii.“did they make payments on time”
iii.“did they leave property in good condition when moving out”
7.If everything is verified call and offer tenant property
a.Schedule meeting to sign lease
8.If they don’t get “passed”
a.Send letter explaining why they were declined
Justin I would make sure you have your selection process written for every applicant to review and sign as well. That way you are not getting into fair housing issues.
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