I am going through rental applications this morning. Generally we don’t meet the new tenant we have chosen at all until they give us a deposit to hold the property.
It works like this- We advertise on Craigslist, Zillow, Trulia, Hotpads and Facebook. I list the 24 photos we are allowed along with a detailed description of the home and the directions on how to get the application. We leave the blinds open so they can walk around the home and look in the windows. We put signs up. The sign in the yard has a take one tube with detailed info about the home and the applications. We include the directions for them to get the application to us along with copies of their drivers license. We include our phone number in case they have questions. We go through them in the order they come in.
I research the prospective tenants on public record AND on social media before I send applications to our tenant check company. It is so easy for us to rent our homes and the whole system is pretty much fully automated.
We are putting out an excellent product and we expect awesome tenants. We DO NOT just pick the first one who says they have the money. DO check social media, you will be amazed at what you can find out about your prospective tenants. Do not just take the first tenant who comes along. It’s much easier to give yourself a little time at the front to find the right person the first time than to have to evict someone.
If you have a property management company doing this for you, make sure they follow through with these procedures. I am looking for tenants who are going to be solid and stay with us for the long term. I actually have two tenants who have been with us almost 16 years. For all the information you need on acquiring all the deals you need for your real estate investing business check out my website at www.marketingmagiclady.com