Where do my potential tenants go? - Landlord Forum thread

Where do my potential tenants go? by jannie (IL) on June 26, 2012 @13:17

There is a glut of SFH & apartment rentals on the market. One unmarried couple looked and sent the application back via e-mail, I asked that the fiance fill out app, but received nothing. They have also have a small dog.
Domestic Partners one person came looked at house took application. Nothing.
Another called both good jobs (and have 2 kittens)I said we were pre-screening. I later called back and left message on machine inviting to look at the house & fill out app. Nothing.
Now have an appointment to show someone the house and they have filled out the app via e-mail. They are married and have good job and qualified; have 1 child of about 3 years old and no pets. I'm beginning to think I should grab these people if they seem at all interested before they drop out of sight.
I'm at my wits end.
All three would have been qualified as far as paying the rent. I just can't figure out why the other 2 dropped out,maybe I should have grabbed them right away. I've had many unqualified candidates with big dogs, or no money, or no job. etc. and prescreening has eliminated the hassle of showing the home to those since they weren't qualified.

How do I keep people interested in the home after they walk away?

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Re: Where do my potential tenants go? by Anonymous on June 26, 2012 @13:25	[ Reply ]

Just because they take an application it doesn't mean they're interested in your place as their first choice, if at all even. People take an application just to be nice sometimes. You can be good at following up, however. When I was renting, I filed out the application, did everything, was approved, no problems. When it came to signing the lease, the lady just said, "I can't the next few days, I'm busy running errands and other things.". I moved on as I wanted to move in sooner rather than later. I found another, better place that came on the market the next day and he had me signing the lease the day after I did the application. Don't give your potential any reason to back out. In the end, there's nothing you can do to insure people return an application. People can look and not be interested... It's just the way it is.

Re: Where do my potential tenants go? by Micah on June 26, 2012 @13:53	[ Reply ]

Wait, are you having them fill out the full application before showing them the place? I just have a single open house day or weekend, but I set up appointments every 15 minutes for people who e-mail ahead and complete the LPA Prescreening Card. I tell them to have pay-stubs, license, and all of the information that they will need to fill out the application along with a check or cash for the application fee. If they like it then they apply right then and there. It's a high pressure sales move. I have yet to have an apartment sit on the market. Neighboring building put up signs, sit vacant for months, they get an occasional showing with no follow-through.

Re: Where do my potential tenants go?

Re: Where do my potential tenants go? by OK-LL on June 26, 2012 @13:56	[ Reply ]

You can try this -- when you show the rental to a pre-qualified prospect, have them complete the application while you wait (or return it later, however you do it), and when you receive the completed application, ask if they want to lock the rental in by signing a holding fee agreement and tendering a holding fee now? Of course, your HFA will have language making the LL's obligation conditioned upon tenant background reports meeting the LL's stated criteria, but it will be ironclad re the prospect's obligation to sign lease and occupy unit on a date certain. This will attach the tenant to the property financially and if the qualified tenant wants to back out later, they lose the HFA to compensate you for the lost possibilities.

Re: Where do my potential tenants go?

Re: Where do my potential tenants go? by Anonymous on June 26, 2012 @14:50	[ Reply ]

Are you in the Chicago area? I have a SFH in a nice suburban area there and my experience since the economic downturn is that there are a glut of rentals. It's not a landlord's market there right now. I've had to drop my rent in order to stay within a sweet spot of attracting quality prospects while not undercutting myself. My advice is to do what you can to put your property out in front of others and be careful with putting up obstacles for prospects.

Re: Where do my potential tenants go?

Re: Where do my potential tenants go? by NY-LL on June 26, 2012 @18:45	[ Reply ]

We require a rental binder agreement equivalent of one months rent with copies of income statements (3 most recent) and credit report prior to completion of the rental application. The rental binder is refundable within fifteen (15) days provided the rental application is not approve or the prospective tenants do not provide all required documentation to complete the rental requirements. The request for the rental binder eliminates all non-interested and non-serious prospective tenants � (saves a lot of time and wasted paperwork).