November 4, 2024 | 2.5 Minute Read
When a property becomes available for rent, our first priority is to capture high-quality photos and videos. After enhancing the images, I use film editing software to create a brief 1-2 minute video. You might wonder why include a video; let me explain.
Once the media is ready, I create the listing in our property management software, Buildium. I upload the photos and videos, and once the listing goes live, it is syndicated to various real estate websites, including Zillow and Trulia.
If you also accept Section 8 tenants, make sure to list the property on the Affordable Housing website. After completing this step, the platform will prompt you to subscribe to their service. Just scroll to the bottom and select the “No, thanks. Continue with my Free membership” option. It’s a bit misleading, but you can still find tenants through this site without a subscription.
When potential tenants contacts you, they likely already contacted multiple landlords and might not remember your property. This is where the video comes in handy. I’ve already uploaded it to our YouTube channel, and sent them the link via text before contacting them. This way, when we speak, they recall the property and often request a showing. Prior to using videos, I would typically need to show the property 5-8 times before finding an interested and qualified tenant. Now, it’s reduced to just 1-2 showings.
Tenant Screening Process:
Pre-qualify: This occurs during the initial conversation. Applicants must must earn at least three times the monthly rent, and we look for no history of evictions, foreclosures, or bankruptcies. After showing the property, the interested applicants visit our website to submit an application.
Credit check: Buildium integrates a third-party credit check service. For a small fee, we can access their credit report, checking for any criminal records, evictions, foreclosures, or bankruptcies. Make sure you have the ability to do so.
Verify ID: We request a copy of their driver’s license. Make sure it is valid and has not expired. If the address doesn’t match their current residence, ask for a utility bill in their name to confirm their address.
Tenant in good standing reference: Obtain a reference by contacting the applicant’s current landlord. How long they’ve been a tenant? Were there any issues? Any late payments?
Employment verification: Request the last two pay stubs and call to verify status and length of employment. This step is absolutely crucial.
Verify current residence: Drive by their current residence to check for property condition: Is the lawn mowed? Are the bushes trimmed? Is there any trash in the yard? If the property is well-maintained, they would receive final approval; if not, it raises concerns about how they would treat the property and may lead to the application being rejected.
Effective marketing and thorough tenant screening are essential to finding good tenants. By leveraging high-quality media and a strict approach to tenant evaluation, we not only attract more qualified applicants but also enhance the likelihood of maintaining a solid landlord-tenant relationship. This proactive strategy ultimately protects our investment and ensures that our properties are occupied by responsible tenants who will treat them with the care they deserve.
And about our current rental property as shown above? It was only listed for one week before a Section 8 applicant found it on the Affordable Housing website. After showing the property, she was thoroughly screened and her application approved. Her housing package has been completed and sent to Section 8. We are now waiting on next steps. That is an article for a future newsletter.