All Forum Posts by: Winter Heintz

Hi Michael! 

I'm going through the whole tenant screening process right now as well. I read The Book on Managing Rental Properties by Brandon Turner & Heather Turner and it has helped me every step of the way. 

One thing I did was download all of their rental forms and this helped me determine my rules that I would stick by, thus making it easier for me to say "hey , sorry you do not meet my minimum qualification."

When I read your post I thought, DANG your applicants have credit scores above 500?? My applicants have had TERRIBLE credit BUT something they talk about in the book is looking to see if they've paid their living expenses on time (electric bills, rent, mortgage, etc) if its things like their student loans that they didn't pay on then eventually paid off later, that might work out. It's up to your discretion, and maybe having the mother as a co-signor, securing an additional security deposit or a few months of pre-paid rent would be the compromise made. 

Of course, if they really want the place, they will abide by your qualifications or what you are requiring of them.

 You are absolutely right! 

1. My unit is unique in it's size as it's the only 3 bd, 1.5 bath rental unit in the area. 20 minutes into the metro it's inferior to those rentals that are listed at 1500 a month so I feel 1100 makes sense. There is no comparable in my neighborhood but a somewhat similar rental closest to me is 1200-1500. 

2. I could and WILL work on the curb appeal. It definitely needs some help there, however , we are in the middle of putting up a privacy fence in the back so that's been the main focus.

3. I am sure to come off as friendly but direct in my rental process. I can be intimidating with my confidence so I try to be relatable and easy-going. My main concern if I'm being too much of a push-over!

4. I could be a bit more "Let's close this sale now". I feel the process is good ,I do the pre-screen, tour, and ask if they would like me to send the application. Once they get the application I let them know to get it done right away then I will need the deposit to hold within 24 hours to hold it. We just haven't got to the actually receiving money yet. 

5. I have done extensive market research but there's always room to look more!

6. I can look into rental concessions! 

7. The price is within market I know that! 

True! That is something I am looking to do in the future when I move out of the duplex and will have both units for rent . In the meantime, I enjoy the property management and learning so much and I can handle the one unit. 

 I am in a very rural locations so I have to know my market. I know I will not be working with high-class , top dollar tenants expecting granite counter tops, and a view of the ocean, but my unit mostly appeals to young families just starting out or single mothers getting back on their feet (that's been most of my applicants.) So, I make my prices realistic for them, making sure they understand this is not a charity but this is a great, safe place for you and your family and it's worth the monthly rent and rental process.

Some of the reactions have me thinking that rentals around me are a simple: walk in, sign the lease , give cash and it's yours. It's like they've never been faced with a process or do not expect me to have one. 

If all else, I don't think I've learned this much in this short amount of time since EVER! My brain is absolute mush from how much GOLD I am learning!

 Thank you, everyone! I really appreciate this advice. I'm learning up on turbo tenant, I will be utilizing that software over Zillow. I will be more thorough in my pre-screening and questions ( I love the waiting for a pause or excuse! - thank you!). For now, I will keep my deposit to hold at half the security deposit. I need to do more of an "open house" type of tour so I'm not exhausting myself over so many days. I understand it can take a while to find a good quality tenant so I am being as patient as I can while being as efficient as possible. Asking advice on here is part of the process and I'm learning so much! 

The last thing I want to do is be rushed into it and get a terrible tenant. 

 I totally understand. I will be implementing the 15 minute interval tours on certain days rather than spreading them out. I am currently getting set up with TurboTenant and will stay away from the Zillow application. If they are interested, they will pay the $55 for the turbo tenant application. I have to keep telling myself this is not a charity! 

I am on Facebook, Craigslist, Zillow and multiple other platforms- whatever Turbotenant puts it on. 

 Good insight! What's a better background / credit check software I could use?

 That's what I would think. Each background check/credit check is $29 per renter via Zillow, so they have some skin in the game. They are aware that the $550 goes towards the security deposit. I am sure to explain that to them thoroughly so they don't think it's additional. Depends on availability between myself and the potential renters but I try to get the pre-screen, questions, tour and application done within 48 hours. I've been giving tours pretty much every other day.  Some people can't make a tour until a week out! 

I did just lower it to $550, previously it was the entire security deposit. I let the potential renters know of the lowered deposit and still no bites. I can lower it an additional $50 if you think that would make a big difference.