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We take time to select good tenants. Even after pre-screening applicants over the phone before showing them the property, we still decline 4 out of every 5 applicants. The end result: Over 99% of our tenants do not need to be evicted each year – we're convinced that our system is very efficient. It's worth the time to understand the best methods of finding a great tenant.
ELIMINATE THE WORST / UNWORKABLE APPLICANTS ON THE PHONE Here are the methods and guidelines we use:
Tiner Properties doesn't usually put the address of the property in our ads because we want people to call us. We can give a much better description of the property over the phone than we can in an ad. Then we suggest the caller drive by to see if they like the area (we're always a little concerned with prospective applicants that can't use a map). If the applicant does not like the neighborhood, we avoid a wasted trip to the property. Once a potential renter has driven by and want to see the inside of the property, we say, "I need to ask you 10 questions before I can set up our appointment". We make a note of their answers so that we can verify their honesty if they apply for the property later. |
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1. Do you have any pets? |
It saves everyone time to address this question right up front. We do not accept pets at most of our properties. |
2. All interested parties must be present at the showing – is that a problem? |
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3. Do you have good rental history? |
Any good applicant will be able to answer yes to this question. We never rent to tenants that have been evicted – no exceptions! |
4. Do you have good credit history? |
Tenants with good credit will work hard to keep it that way. If YOU would consider making exception for some kinds of credit blemishes – It's good to address what kind of credit problem(s) they have up front. |
5. If you like the property, how soon would you be willing to move in? |
If your property is ready for immediate occupancy and they haven't even given a 30-day notice to vacate their current residence, it's best to resolve this difference now. It is our policy not to hold a property longer than 2 weeks. |
6. How many people would be living in the property? |
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7. OK, that's you and who else? |
This question coupled with the previous one will help you to know who the applicants are with out asking any questions that could be construed as illegal with regard to fair-housing law. It is illegal to discriminate against applicants due to race, religion, sex, age etc. However, it is nice to know if you're dealing with a family of three, or six college roommates. |
8. Do you have verifiable income of at least 3 times the monthly rent? |
This question is to help you avoid showing the property to people that cannot afford it. |
9. Are you willing to sign a one-year lease? |
Even if you want a month to month agreement, this question helps you smoke out an applicant's true objective with regard to how long they plan to stay in the property. Vacancies are expensive, so it pays to find tenants that will stay in the property for at least a year. |
10. Have you given a 30-day notice to vacate where you live now? |
All we are really looking for with this question is the tenant that says, "We hate our landlord – we're not planning to give him a 30-day notice." If they say something like that – you'll be the next to get that treatment. |
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