Overseas request for application?

Question

My property is marketed online.  I received a request for application. Aside from a name, phone number, and email address all the inquiry said was, "I am returning from overseas mid march, and I am looking to find a nice place for a while." My place is available 02 April. I normally wouldn't rent the place unseen. Any thoughts or recommendations on how to respond?

Nathan Gesner · Answer

A simple reply will suffice: "I'm sorry but we don't rent to anyone unless they've viewed the property in person. We'll be happy to show it to you if it is still available."

Thomas S. · Answer

There is no doubt a great deal to learn. The key is to establish your own business practices up front. There is some amount of learn as you go but this should only result in having to tweak those practices.

You decide up front how you will deal with situations as they arise so that you do not end up changing horses mid stream. The only decisions you should ever need to make is regarding which practise applies.

Know in advance exactly the business approach you will follow for example when your tennat does not pay on time. Many landlords have no plan in place and dig themselves into a very deep financial hole due to their "expectations". Professional landlords will serve notice the next day. All decisions should be made in advance of needing to be implemented.

Too many landlords believe issues should be dealt with on a case by case bases.  That is a amateur approach to business management. Set strict policies and aadhere to them.

Thomas S. · Answer

Really, your not serious are you.

Mid march does not fit your requirements, too difficult to screen, needs a place for "a while". why would you have even given this a second thought. In addition it may be a scam.

No thanks, pass.

Account Closed · Answer

I've learned the hard way over the years when a person selling something (a loan officer at a bank, a financial consultant at a stock brokerage, a landlord or property manager with a unit to rent) doesn't respond to a phone call or email, that silence speaks volumes.  Sales people are on their best behavior before a deal is signed.  My job as a prospective client is to get a positive feeling I will continue to get good service after a deal is signed ("That was just the Sales Demo.").

My recommendation is take him seriously and respond to him with what sales people call qualifying questions.  Find out more about what he is looking for and what his timeline is.  If his needs are something your rental unit can't meet, let him know so he can look elsewhere (which he will do anyway if you don't respond at all).  Your rental application should capture most of this qualifying information, which means if you require a 1-year lease and he only wants to rent for 6 months, he will screen himself out.  That type of rental information should also be in your online marketing description.

Is your application a PDF file you can attach to an email?  Would it make sense to post your application online as a PDF file he can download and fill out?  Now with DocuSign and other "smart documents," the whole contract can be done online, including electronic signatures.  Many of the crowdfund deals I've done have been this way.  But since you don't rent before meeting the applicant in person, which is a good approach to take, you probably wouldn't use this smart document technology.

In my case, my realtor on the West coast advised me to rent for a couple of years before buying a home in Florida.  She could tell I was eager to find another house to buy and suggested I go slow to learn the neighborhoods first.  She was right.  I've been renting my current place for four years already and will likely stay here a couple more years before buying a home.  My point is a major change of life (moving from one coast to the other, moving from overseas back to the United States) can leave people with their heads spinning wondering what their alternatives are at their new location.  It takes time to adjust to new circumstances.

Rachel E. Krawcyk · Answer

@Thomas S. Thank you.  I have the standards set and didn't plan to deviate. You're correct that I don't have a sense of confidence with this yet. I've had to do so much research on FHA, local laws, etc., with various inquiries.  I'm learning so much and really appreciate you and the other investors taking the time to provide me your thoughts.

Rachel E. Krawcyk · Answer

@Nathan G. Thank you. I replied with exactly that.  :)

Thomas S. · Answer

@Rachel E. Krawcyk

Take the time to research screening, note every possible reason not to consider renting to someone that you come across in your research that you believe would apply to your business approach and set your screening requirement accordingly. If you then rigidly adhere to your own standards you will never again have to question yourself.

Remember the sole purpose of screening is to eliminate applicants. Once you do that you have narrowed down your list to only those that qualify and you then choose the most qualified.

Operating without predetermined strict screen standards is like buying a pair of shoes without consideration of what you intend to ware them for or what size they are. It is easy to eliminate children's sandals when looking to buy adult winter boots.

Screening applicants is that simple.

Rachel E. Krawcyk · Answer

@Thomas S. Thank you Thomas.  That's how I felt about it, but not being as experienced I thought I'd get a more experienced opinion.

Overseas request for application?

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