MTR Process from Inquiry to Lease Signing Process
Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.
Thank you.
Background and credit check first. FF has Keycheck. Have them pay for it and you can knock it off first month's rent if you wish. Lease comes second and deposit comes last. I don't consider it rented until the deposit is in my account.
#1 Medium-Term Rentals Contributor
- Investor
- Cottonwood, CA
I just a 3-step process: first is the background check. I use Keycheck for this. You send the background check request through Keycheck and it sends the guest a link to pay for it. Within minutes you get the completed background check back. Second is the lease agreement. I use the state-specific lease feature on Avail.co. I draft it with my terms and send it to the guest to e-sign. Then I collect the deposits. I have never been able to let them see the property in advance because it's always been occupied by someone and I've had to do 1 or 2 day turns. I do have a video I can send them of me doing a walkthrough of the property in between guests. That will usually suffice.
#2 Medium-Term Rentals Contributor
- Property Manager
- Reston, VA
After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests.
Quote from @Michael Aguirre:
Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.
Thank you.
Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.
Quote from @Conner Olsen:
Quote from @Michael Aguirre:
Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.
Thank you.
Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.
With Airbnb and VRBO, what do you use for the background and credit check?
Quote from @Jamie Banks:How much do you usually collect for the security deposit?
After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests.
Quote from @Marianne File:
Quote from @Conner Olsen:
Quote from @Michael Aguirre:
Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.
Thank you.
Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.
With Airbnb and VRBO, what do you use for the background and credit check?
I don't do a background or credit check. Airbnb handles the payment so I don't worry about it and I've found that the typical tenant that is willing to pay 2x the LTR rate is going to keep the property in good condition. Other investors on the forums require these for MTR but I haven't had any problems.
#2 Medium-Term Rentals Contributor
- Property Manager
- Reston, VA
Quote from @Marianne File:
Quote from @Jamie Banks:How much do you usually collect for the security deposit?
After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests.
I charge between 25 and 50% of the rental rate as the security deposit. Less for smaller units and more for larger units with pets.
Quote from @Jamie Banks:
Quote from @Marianne File:
Quote from @Jamie Banks:How much do you usually collect for the security deposit?
After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests.
I charge between 25 and 50% of the rental rate as the security deposit. Less for smaller units and more for larger units with pets.
Thank you!
Quote from @Conner Olsen:
Quote from @Marianne File:
Quote from @Conner Olsen:
Quote from @Michael Aguirre:
Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.
Thank you.
Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.
With Airbnb and VRBO, what do you use for the background and credit check?
I don't do a background or credit check. Airbnb handles the payment so I don't worry about it and I've found that the typical tenant that is willing to pay 2x the LTR rate is going to keep the property in good condition. Other investors on the forums require these for MTR but I haven't had any problems.
Thank you - this helps a lot.
Quote from @Bonnie Low:
I just a 3-step process: first is the background check. I use Keycheck for this. You send the background check request through Keycheck and it sends the guest a link to pay for it. Within minutes you get the completed background check back. Second is the lease agreement. I use the state-specific lease feature on Avail.co. I draft it with my terms and send it to the guest to e-sign. Then I collect the deposits. I have never been able to let them see the property in advance because it's always been occupied by someone and I've had to do 1 or 2 day turns. I do have a video I can send them of me doing a walkthrough of the property in between guests. That will usually suffice.
Hi Bonnie! Thank you for the reply! Do you mind sharing your lease agreement with me? How do you collect the deposit/payments?
I appreciate your help!
#1 Medium-Term Rentals Contributor
- Investor
- Cottonwood, CA
Quote from @Michael Aguirre:
Quote from @Bonnie Low:
I just a 3-step process: first is the background check. I use Keycheck for this. You send the background check request through Keycheck and it sends the guest a link to pay for it. Within minutes you get the completed background check back. Second is the lease agreement. I use the state-specific lease feature on Avail.co. I draft it with my terms and send it to the guest to e-sign. Then I collect the deposits. I have never been able to let them see the property in advance because it's always been occupied by someone and I've had to do 1 or 2 day turns. I do have a video I can send them of me doing a walkthrough of the property in between guests. That will usually suffice.
Hi Bonnie! Thank you for the reply! Do you mind sharing your lease agreement with me? How do you collect the deposit/payments?
I appreciate your help!
You really need to use a state-specific lease. My recommendation is to go to Avail.co or even Keycheck to use their state-specific lease template. Just specify your state and it will contain the relevant information.
Quote from @Max Guerrero:
Background and credit check first. FF has Keycheck. Have them pay for it and you can knock it off first month's rent if you wish. Lease comes second and deposit comes last. I don't consider it rented until the deposit is in my account.
Do you require BG Checks for traveling nurses? As I understand they have already submitted to BG checks with the hospitals before hiring. I'm new to this. Thanks