Rental Property Investor · Phila, PA · Member since 2018 · 553 posts · 118 votes
Please Answer and comment back in an itemized fashion
I don't do the ONE AT A TIME concept that HALF of the biggerpockets community seems to suggest.
I do a scheduled showing, 2 hour period and whoever wants to apply, can come apply. I usually get 40-80 people interested in viewing the home. That is potentially 80 tenant applications.
- How many applications have you reviewed for one unit? How much was your APP FEE?
Did you ever have a situation where you denied them all?
Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
5y
If you have a lot of applications for an apartment, chances are you are going to either A) waste your time with unqualified window shoppers or B) your rent price is way too low for the market.
Ideally you should be receiving less than 5-10 applications before finding the right tenant. Any more than that and I would be questioning your pre-screening methodology.
Keep in mind, you can't talk to everyone at the group styled showings. So while it's great that you have 40-80 people interested in viewing it's more important to speak to those who are actually qualified. The only way you know who those people are is if you are pre screening them.
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
5y
@Cameron Riley I try to keep the applications down. For one home I usually get about 60 interested and only maybe 10 to show, the rest being pre-screened out by me or themselves. Max applications I have seen on that house at about the same time is 6 and 5 didn't qualify. For student rentals 2 groups apps max. For apartments I normally see 1-2 , max 3. I would turn them all down if not qualified.
Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
5y
If you have a lot of applications for an apartment, chances are you are going to either A) waste your time with unqualified window shoppers or B) your rent price is way too low for the market.
Ideally you should be receiving less than 5-10 applications before finding the right tenant. Any more than that and I would be questioning your pre-screening methodology.
Keep in mind, you can't talk to everyone at the group styled showings. So while it's great that you have 40-80 people interested in viewing it's more important to speak to those who are actually qualified. The only way you know who those people are is if you are pre screening them.
@Cameron Riley I try to keep the applications down. For one home I usually get about 60 interested and only maybe 10 to show, the rest being pre-screened out by me or themselves. Max applications I have seen on that house at about the same time is 6 and 5 didn't qualify. For student rentals 2 groups apps max. For apartments I normally see 1-2 , max 3. I would turn them all down if not qualified.
People think I am insane well I say I get over 100 messages per listing! Which can equate to upwards of 20-30 APPLICATIONS! lol
What do you charge for a fee? And do you select first qualified
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
5y
@Cameron Riley I review paper applications first, I don't run credit unless the paper app is adequate. It is $30-$40 per adult to run the credit. I have hard criteria for which I deny the paper app like income and previous occupancy. I select best qualified based on a point system. How many of your applications qualify? Don't get me wrong I will give anyone a paper app but I will tell them upfront if they don't qualify.
The best tool I have is pre-screening because you will get people calling who don't fit the unit, Upfront I ask # people , # vehicles , # animals. They say I am calling about address xyz. I say yes that is describe property, rent. do you have any questions? then I ask my upfront questions and tell them that its not for them if they for instance have a bunch of vehicles or animals or too many people for the unit size. Or you can have a voicemail reminding them of the key points and giving them Open house info.
Investor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votes
5y
Majority of my pre-screen is right in my advertisement...... what it take to qualify etc....3x rent, deposit, clean credit and eviction history, no smoking, no section 8, no felon convictions etc etc etc..... When people call or email, I text or email the same requirements in writing rather than pick up the phone and basically state EXACTLY what's in the add and my text....... I give them a date and time for an "open house".... I usually do one weekend and one evening....they are welcome to come by..... I often get 50-60 contact.... 20 show up......8-10 actually apply. I do my entire application on Cozy.... tenant fills out everything and pay them directly... I dont see a dime..... no refunds, so don't bother if you don't make the criteria I already gave you like 3 times
If you are getting flooded with applications your rent is too low and/or your criteria is way too wide open.......
Rental Property Investor · Saint Louis, MO · Member since 2018 · 228 posts · 279 votes
5y
@Cameron Riley, I use Showmojo for self showing and my entire showing to application process is automated. I dont' go to the property, i don't take calls or emails or contacts from interested people and I process the applications as they come in. A lot of people are afraid to go the self showing route but I believe it is the ONLY want to do it because it is such a time saver. Before I did that, I was taking so much time! My properties are in B and C areas and I use a Simplisafe security system that I turn off and on remotely while the property is listed.
Reach out to me if I can help you automate your process. It's been a game changer for me.
I get 100 ish interesteds, 70 showings and 10ish applications in a week usually. I have clear screening criteria that is in the listing and on my application paperwork and I process accordingly. When tenant screening is set up properly, it's pretty cut and dry. Either they get approved or they don't.
I only take Section 8 so the rent amount isn't really relevant. I approve probably 20% of my applicants because I have very tough criteria and it's worked well.