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November 30th, 2006 at 1:32 am
Rick:
I’ve been a landlord for a few years and I’ve learned a few things through trial and error that help me to find the best tenants. I’m not sure what your rental market is like but I find these strategies work pretty well in Connecticut.
1. Don’t underprice. Huge mistake because you get a lot of tire kickers. Price your rent at or just above market rent in your area.
2. Advertise where your best or most likely renters are. I had first advertised in a local newspaper and found that I got a lot of calls from unqualified people. I switched to craigslist.com because my property is located in a hot area for young couples or college students. Plus, my advertising was free and I could post pictures.
3. To comply with fair housing, I have a sheet typed up and printed out. I read exclusively from that sheet and don’t make anything up as I’m going along. I don’t want one person claiming I said something to them that I didn’t say to another. I also keep copious notes from callers – date, time and name.
4. I set up an open-house on a weekend. I tell callers the time and the location. If they’re interested, they come. If they’re qualified, they come. If they’re motivated, they come. I don’t waste time meeting different people. Plus, it’s the most fair arrangement for my current renters. I bring my property details sheet with me, along with applications. I always rent the apartment to qualified tenants!
I may have included a few other things in a post on my blog http://berealct.wordpress.com/2006/10/18/tenant-screening-find-and-keep-the-best/
May 17th, 2008 at 8:20 pm
Being a landlord once and having a herendous situation on our hands…I would have greatly appreciated this info 2 years ago. It is very concise and thorough.
We should have done a tenant background check , and wrote up a residential lease. We did a favor for a “friend of the family” and it backfired on us.
Now she owes us $5000 and I don’t even think it is worth pursuing.
Be careful with anyone you are renting to. You can’t trust anyone, no matter who they are.