Tip 1) Adverise Rentals on newspapers (or on line) for prospect tenants to call a direct cell line with voice messages only. Tip 2) Screen applicants properly. Use logic not emotions to make decisions. http://www.statenislandunitedwegrow.com/phorum/list.php?31 Wed, 08 Sep 2010 07:20:10 -0400 Phorum 5.2.9a http://www.statenislandunitedwegrow.com/phorum/read.php?31,230,230#msg-230 http://www.statenislandunitedwegrow.com/phorum/read.php?31,230,230#msg-230 Main Site Click Here!

Continuation Part 1) Minimizing Bad Tenants


Advertise Rentals On Newspapers (Or On Line) For Prospect Tenants to Call A Direct Cell Line With Voice Messages Only.

When I want to fill any vacancies on my rental complex, the best way to get applicants is through "New York Post Newspaper." I have tried Craigs list.org, New York Daily News, Staten Island Advance Newspaper, yet, I get the best response from the New York Post. This newspaper even allows a link of your website on their Ad at no extra charge, and are more affordable than The Daily News. Once you've place an Ad on the newspaper, you want to be specific as to what it is that you are offering. You want to attract prospect tenants by giving them enough information that they will get them excited enough to log on, or call for more details.

You want to minimize and deter unqualified prospect tenants from calling you. . Which is why, I have prospect tenants call a direct cell number, where a pre-recorded message is played with the features of the apartment, and my requirements. If, and only if, they have my minimum requirements, I will return their calls. This limits the amount of calls I have to make, and dealing with derange or unqualified prospects. I get anywhere from 5 to 25 calls a day with one single Classified Ad. Time is precious; so don't waste your time, energy, or your patience.

I start cutting down the amount of calls by simply putting an Ad such as this one; "BRAND New APartments For Rent! $1,500 a Month, 1 Month's rent, and 1 month's security. Microwave, dishwasher, backyard, 3 bathrooms, 3 bd rms, central A/C, great schools, quiet neighborhood, Near All, Must SEE! For more Details, Call Charly at 1347-623-0700 or log on www.StatenIslandUnitedWeGrow.com. Elms Park, Criminal Background Check!"

By putting Criminal Back ground check, you will limit just any individual from calling your voice mail. Secondly, you will show prospect tenants that you are a professional at what you do, and that you want to keep your neighborhood safe; moreover, they will be aware that background checks will be conducted. Third, I never give my actual name. I use someone else's name to keep track from which Ad I am getting the most responses. So, by adding a name, it works as a tracking device. You can track down which ads best works for you! Make sure you've log down what name you've used, and what Classified Ads you have put it on.

Finally, I have the prospect tenants call my voice mail where further details will be explained. Here is where you let them know of all your requirements. For example, "If you are calling regarding an Ad on the newspaper for an apartment, we have an apartment available with three bedrooms, two baths, backyard, microwaves, dishwasher, near all. These apartments are in new conditions, and in a good quiet neighborhood. However, in order to qualify, you must have three recent paystubs, state Id, Job Id, and Social Security Number. In addition, a criminal background check will be conducted, and you must sign an application form. One month's rent and a security deposit is required after your approval. If you are interested and only if you qualify with these requirements, leave us your name and number, and as soon as we can -- normally within 24 hours-- we will return your call". By doing this, you will knock off more unqualified prospects and minimize dealing with individuals that will try to persuade you to interview them.; they'll inform you why they would be a good candidate, although, they have no employment. Now, my job becomes much easier screening out my messages to determine which of these are good candidates, or not, without letting my emotions getting involved on my decisions. I then return the calls of qualified candidates, give them the address, and I set up an appointment for them to meet me. In addition, I will inform them that they must sign an application, and an authorization form for background check. Also, I will remind them to bring in the required documents.

Once the applicant, sign the authorization forms, fills out the application, and our rules and regulations forms, I start a file where I would submit a copy of their paystubs, state ID, Work ID, and a copy of their Social Security Number, along with their application and so forth. I then conduct what I call an interview. I want to see whether the individual has a good or a bad attitude. I do this to minimize problems later on. If the person starts complaining about my rules, I already know that this will not be a prime candidate; as this can lead to a problem tenant later on. I look for submissive personalities. Furthermore, all my rules are written down on paper, and sign by the applicant as to his acknowledgement and approval of these rules. Why do I do this? To avoid applicants with amnesia later on. I can use this acknowledgement page as a reminder when my rules become violated. Keep in mind, if you give someone an inch, they'll take a mile. This acknowledgement page can be added as a rider to a lease agreement. If this may seem harsh to you, keep in mind that you want to reduce your risk. Think about it this way, you wouldn't lend someone off the streets $10,000 without first verifying if he can pay you back! Would you? Then why would you risk a $300,000 (or above) property with a bad tenant that can destroy your property, hold you up in court, and start a dominoes effect with your other tenants. A bad apple spoils the rest. Sometimes, one tenant can make the difference between you being able to make your mortgage payments or not. Keep this in mind.

Tip 2 Screen Applicants Properly. Use logic Not Emotions To Make Decisions.

Once you've shown the unit being rented, make sure it is to your applicant's approval. The unit being rented must be freshly painted, and everything must be working in its proper order. Take pictures and filed them. The month's security is only for damages not a rent deposit. Normally, when the applicants see how serious we are with the background check authorization forms, they start singing like a canary. Never make a decision right away; give yourself enough time to verify applicants' three references, employment status, and their previous two landlords. Why Two landlords? Because the current landlord may tell you, "oh he is a great tenant" only because he wants to ge rid of a bad headache. By reviewing the references, you can tell what type of person he or she is. There is a spanish saying that goes like this, "Tell me who you walk with, and I'll tell you who you are" If I call the references, and they are nothing but thugs, that tells me a lot about that particular prospect. If the voice mail of an applicant have inappropriate songs, or his cell phone is disconnected, that's a red flag in my book. I weigh out the positive against the negatives.

Secondly, The reason why I ask for three recent paystubs is, I can obtain a lot of information from them. I can tell whether the prospect is a hard worker, works overtime, parttime, is paying child support, funds are being garnished out of his check, how much he gets paid an hour, how much he/she made so far during the year. Does the person works on or off the books. How long has this individual have been working for this company. Can he or she afford the rent payments! Part of the authorization form will allow you to conduct an employment verification. You want to call his employer to verify that the prospect is still working, and is in good standing with the company. While interviewing your applicant, find out why he/she is looking for an apartment, be nosey this can save you a lot of money down the road; it's just business. See how he dresses. Will his appearance be a conflict with your neighbors. If he has a car (without him noticing it) take a quick look. If his car is filthy, that's an indication of how he live which can cause you a lot of money on fumigation (or worse) down the road. Maybe even bedbugs which can be very expensive to get rid off. I prefer prospect tenants to be working on the books, because if that individual gets laid off, at least I'll know that he will collect unemployment income for almost a year. This will allow him to make the rental payments while looking for employment. I avoid subsidies like welfare, because by doing so, I diminish my risks, tenants with bad habits, and tenants whom have all the time in the world to keep me in court for what ever reason! They also get a free attorney (legal Aid) to assist them. Do you want to prosper?, Minimize your risk. Got that!

(Why Do I Say Use Logic Not Emotions)

Over the years, I have had pitty on few individuals who were in bad situations. Although, I knew better not to let my feelings get involved, I bend my own rules and then regretted it. You have to act like a perfect machine. Calculate your risks and make decisions accordingly. From my own experiences, those who are in a bad situation (for the most part) brought it upon themselves. And, it is hard to get rid off old tenant's bad habits. They will swear to you that they will be different with you, because you are giving them an opportunity. They will say, " oh, you are not going to have a problems with me" However, those are the ones that you have to be careful from. After you have reviewed the applicants, use your better judgement, and pick the best of the best prospects as a tenant. Don't make decisions based on emotions, and make sure their numbers work. Whether an applicant thinks he can make the rent payments -- take into consideration how much does he brings in, and how much he needs in order to survive -- you call the shots. ( keep in mind of expenses such as transportation, food, credit card bills, or even car payments including insurance)

To continue, Follow this link!]]> admin Continuation PT1 Minimizing Bad Tenants Thu, 30 Apr 2009 14:40:42 -0400