Re: Is length of property vacancy a negative for you?

Re: Is length of property vacancy a negative for you? by Anna Mouse on June 5, 2012 @16:53

If I understand right you are available July 31st?

While advertising early is a great idea I have determine that 4 weeks prior to being empty is about the sweet spot. That said advertising even 6 weeks out is a great idea.

What you need to do is make up a screening letter so when someone write in requesting a showing you get their information i.e. income and credit. In that letter you tell them that the property will be available X date and will be contacting qualified persons when the date nears. The people who write in that are indeed qualified from your questions should get a call back immediatly so they know you will be contacting them when you are ready to show.

In my experience showing my property empty and clean rents it. Any showings I do prior to that is a waste of time. For some reason when someone walks into the kitchen and sees the beautiful slab granite with food stuck on it they miss the granite and focus on the dirt. Even if the property is clean I feel the current tenant can cause you grief.

By advertising 6 to 4 weeks prior to being empty, as the time nears for it to be vacant, you will start receiving qualified inquires. I think this happens at the 4 week mark. Problem is if you talk to all of the people you will wear yourself out. Make up a questionair to do your screening for you. I also know for a fact that your are not losing any qualified people by asking them for the information. The qualified people have no problem answering your questions.

Ideally you will set up a situation where you have the opportunity to pick the best person.

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Re: Is length of property vacancy a negative for you? by NY LL (original poster) on June 5, 2012 @17:18	[ Reply ]

Thank you so much Anna Mouse! Yes I am new at this. My current tenant has been there 4 years, prior to that I only had another tenant who moved out after 6 months (broke the lease due to family emergency). I am just worried because the unit becomes vacant July 31st but I will be on vacation from July 15th - July 30th. I booked my trip last year so I had no idea my tenant was not renewing the lease. I wont be around physically to show the unit in mid July so thats what worries me.. I am financially prepared to have the unit vacant for all of August but I really would hate to see it still empty by November/December. I am trying to find out how to juggle all this, my life is extremely busy at it is and I already had people calling about the apartment and not showing up. I cant afford to waste valuable time on that.

Re: My letter :) by Anna Mouse on June 5, 2012 @18:15	[ Reply ]

I think you will find come July 1st that you will start getting more interest and with more interest comes more qualified prospects. This is a good system but I am now two weeks out and I have spent all day calling back and sending letters! (inbetween making breakfast and lunch for the munchkins!) :0 Oh what time I haved saved by not showing to every person who wants to see it. Below is my screening letter, sure hope it helps. Hello _______, Thank you for inquiring about the property/home. I would greatly appreciate you telling me a bit about yourself. Following are a few questions. Please e-mail back at your convenience. The home will not be available for rent or viewing immediately, as it is still occupied. We forecast it being available July 1st. This full 2 story Victorian is located in , a small historical neighborhood, which is located near the shops and restaurants on . If you qualify I will be contacting you regarding a showing close to June 15th. Once the property is prepared for a new tenant, it rents quickly. Those who send in their information first will have the first opportunities to view it. I look forward to hearing back from you and thanks in advance for answering my criteria questions. Contact info: Full name, current address and phone (work and home) Why are you leaving your current home? Are you looking for a one year lease? More? What date do you plan your move in? Who would be living at the property? (Please list all people) Do you have pets? If so what type of pet(s) How much do they weigh? How long have you owned them? What are their ages? Are you current with their shots? Do you have references from the past Landlords regarding these pets? What is your position title and who is your current employer? What is your Gross monthly income? (Please do not combine incomes and answer on an individual basis) Please list monthly and yearly incomes of all people who will apply, breaking down commission, tips, and bonuses. Do you have savings? What is your credit score? (Please give an estimate per last time you requested credit) Please let me know the best times to contact you and which phone number to use. Sincerely,

Re: My letter :) by NY LL on June 5, 2012 @22:15	[ Reply ]

Oh my god, that's a great letter! Thank you for sharing, I will be doing this with the people that call now...!! :)

Re: My letter :) by MrDan (Georgia) on June 5, 2012 @23:00	[ Reply ]

The letter comes off flat with no urgency or excitement. Not to belittle the letter but...maybe you get the idea... Dear Future Resident, This updated two story Victorian home nestled in a small quiet historical neighborhood, is located within a stones throw of great little restaurants and shops for you to enjoy. Such a treasure as this soon to be available home rents quickly. Therefore you must act now to be first to veiw this great home comming available July 1st. We are looking for quality residents for this quality home. Those who submit a completed questionaire will be contacted for a tour of this wonderful Victorian home. Don't hesitate, answer the questionaire completely now. Thank you, _____________________ (Owner) (Enclose you questions as a second page to this letter) You should work on rewording your questions and put them in order of importantance to you.(just a thought)

Re: My letter :)

Re: Is length of property vacancy a negative for you? by NY-LL on June 6, 2012 @08:33	[ Reply ]

Most serious rental inquiries begin their apartment search one to two (1-2) months prior to their lease expiration, in the hopes of finding the highest quality rental at the best possible price. (Very few are positioned to rent a month in advance or place a financial hold on the property one month in advance, but some are.) Advertise the apartment with photographs from May through August 2012. Even while on vacation, the landlord should be able to screen effectively for qualified tenants. To manage time, set appointments at times when most people are available, such as Friday afternoon between 4:00pm-8:00pm and Saturday between 10:00am-2:00pm. To prevent no shows, advise prospective tenants to telephone one hour prior to viewing to confirm. Pre-qualify prospective tenants using the LPA screening questions and do not provide the location address without the prospective tenant providing a legitimate work email or work telephone (to ensure their intentions are honorable). There are many fraudulent inquiries online for purposes other than legitimate rental (criminals want to know when the property will be vacant too). The more important issues are that landlord should be available for the move-out inspection on July 31, 2012 and be prepared in advance for cleanup and maintenance. Remember to issue the Security Deposit Settlement Statement within a �reasonable amount of time� (considered to be 30-60 days in New York State). The thirty (30) mailing of the settlement statement is the practice unless there are extreme conditions which prohibit immediate attention, such as estimates for extreme damages, unavailability due to hospitalization, etc.

Re: Is length of property vacancy a negative for you? by Anna Mouse on June 6, 2012 @12:49	[ Reply ]

I looked but I did not find it a requirement by law that you must do a move-out walk through with your tenant in NY. Many LL's on this forum have stated that doing a move-out walk through only gives the tenant opportunity to argue with you. I would not sign up for that opportunity. That is kind of like posting on this board and trying to assist someone. Why put yourself out there. My mistake. Won't do that again. To all the LL's who have shared their knowledge it has been a pleasure.

Re: Is length of property vacancy a negative for you?