Wednesday, December 3, 2014

Don't Expect Miracles

Attention new landlords out there: 

Please understand that renting out a home between November and the beginning of February is going to be one of the hardest times of the year!  

During this season, most families are saving up for holiday presents and don't have the 1st month's rent + deposit.  This is not a great time to move children outside of school districts.  The weather is usually cold, snowy and gross.  

There are times when people have no other choice than to move during this time.  This is just your fair warning that you shouldn't expect miracles on renting out your house during the merriest time of year.

Thursday, November 20, 2014

What Do You Learn About Your Tenants Before Renting To Them?

All people interested in renting a house that I am representing MUST fill out an online application to be considered.  The application is compiled into a report that consists of Full Credit Report, Previous Address History, Telecheck Verification, Nationwide Eviction History and Nationwide Criminal History.  This then gets forwarded to my homeowner for their review.

One of the first conversations that I have with my landlords is about what to expect from tenant applications.  There is a reason they are renting and not purchasing a home of their own.  Don't expect a 700-800 credit score most of the time.  It is a rare gem when you do.  Don't let this portion of the report stump you on a potential.  Look at all the factors that have gone into making the number the way it is.  Have they went through a bankruptcy in the past couple of years or lost their house?  Do they have medical bills that are bringing their score down?  Or do they just not pay their bills? 

Previous address history gives you an idea of how long a prospect stays in one place.  This is a good indicator that you may be looking for another tenant in another year, or that they could be a tenant for life.  Again, this is not something to base your full decision off of, just something to consider when you are deciding how long you want to have your lease last.

Telecheck Verification lets you know if they have written bad checks in the past.  Again, this will give you a heads up that if they have a check bounce that you may request that they pay their rent in cash or money order for the rest of the time of their stay.

Nationwide Eviction History is a little tricky.  If there is something that comes up, feel free to ask the applicant about it.  I have seen instances where the person didn't know that there was something on there from an apartment complex, or they have a story about why they had to leave before their lease is up.  This is not a conversation you should ever feel embarrassed about initiating.  This is a person that could possibly be living in your house / condo for the next year.

Nationwide Criminal History.  Wow.  I think that is a whole nother blogpost.  There are rules and regulations that protect people with a criminal history and this is a law that you should know.  I will later do a blogpost about Fair Housing and this may help a little more on the subject.  Until then, I suggest you do a Google search for your area!

If you want to learn more about my Rental Program, click HERE.