Wallace S. Gibson CPM * LandlordWhisperer

SMART DIY landlords and professional property managers know that PREscreening tenant prospects saves EVERYONE and $$$.

Having a PREscreening phone script or e-mail response is KEY to starting this process and the questions and responses will assist landlords/property managers in determining if the NEXT Step is appropriate.

Although my rental inquiries usually come through my website with some PREscreening questions, I like to ask them again just in case.

1) When are you moving? If their answer is vague or more than 30 days off from the available date of the property they are inquiring about, I tell them I need the property rented sooner than that.

2) How many people in their family? If they start with adults and then kids and then one-on-the way, then the size of the available property should be up for discussion.

3) Do you have pets? When they respond and say YES, I have learned to then ask HOW MANY? and then WHAT KIND? Several property managers require photos of pets to accompany application paperwork. I frequently ask to see photos on their phone and then show them my 2 dogs.

4) A biggie that often does not get answered until it is too late is HOW MANY CARS do you HAVE? For PUDs/HOAs with limited or assigned parking, this is a BIG DEAL so knowing these rules as well as local ordinances about "over-night" parking is key as when it is too late, it is REALLY TOO LATE!

PREqualifying rental prospects saves them and YOU time if the property or circumstances do not meet their needs.

I'm mentoring a local real estate firm with their property management program. Their sales agent/property manager wanted to know HOW I get such high rents for my rental homes?

I had to think about it and realized that I KNOW the CURRENT * often weekly * RENTAL MARKET and I KNOW that the RENTAL VALUE is in the CONDITION of the property and the TIME it is AVAILABLE.

These issues are RARELY in the mix for buying a home because the reward for the Seller to give the Buyer occupancy on their timeline is included in the negotiations - not so with a rental property.

The CONDITION of a rental property needs to be VERY GOOD to EXCELLENT and I have the ability to make that happen * AND IT NEEDS TO BE CLEAN.

Sales agents used to dealing with owner-occupied homes for sale often do not advise their clients to DEclutter or CLEAN much less get rid of the pet smell or diaper pail.

If they transport this lack-of-concern or temerity in dealing with owners to their RENTAL listings, they will be disappointed in the quality of tenants and rents they can attract.

YES~! I can get EXCELLENT rental rates for my clients' property because I PRICE it RIGHT; have QUALITY marketing; and I require that the property be IN EXCELLENT condition when it is shown.

I'm BACK in showing/renting mode after renting almost everything I had available in November and taking a "breather" for December/January.

For 2012, I've decided to PREscreen better via phone and e-mail contacts; require confirming phone call an hour before the showing appointment AND to get completed application paperwork ASAP in the process.

I already require completed rental applications prior to scheduling a viewing of an occupied property which has cut down on showings to unqualified applicants.

My 2012 resolutions were SOLIDIFIED with a showing last Saturday where the rental prospect brought her high school friend/real estate agent and talked to him rather than me about the property.

As I suspected, he was there hoping to get a feel for her ultimately purchasing a house from him and as we said good-by, I suspected his involvement in the process was about to cease shortly.

Then, this week, I got an e-mail from her that she was still in her "selecting mode" and wanted a copy of my lease. I responded that I prepare my leases and they are specific to the property and tenant so that I would need her completed rental application and a check for her move-in monies and we could start the process.

Then this morning, I get an e-mail that she wants to visit the property again, with friends, this Sunday.

My response to her was that I was working with a couple who have already submitted their applications and were further along in the process for securing the property AND that I would let her know if the situation changed and she can submit her application.

......RENTAL PROSPECTS to our area who think that they have time to "dally" with the selection of their area rental home are in for an UNpleasant SURPRISE!

Our inventory of desirable rental homes is dwendling and the DEMAND is getting STRONGER!

One of the "profit center" fees I thought I would never charge I am now charging - for RENTAL/Landlord verifications.

I have a policy of ONLY providing this information IN WRITING with a copy to the new landlord AND a copy to my residents * NO She Said/He Said if their new landlord blames ME and the information I am providing for their not getting their new rental home.

I also charge a $25 "forms fee" for this. I started charging this fee when I was getting Rental Verifications from multiple lenders when departing residents were buying a new house and they were "shopping" for a lender.

I request that these forms be brought to my office ALONG with a $25 check and I will complete them and MAIL them back to my residents and to their new landlord.....sorry, no FAXES. If the resident wants to hand-deliver the copy to their new landlord, I'll mail them both completed forms.

I just received a landlord verification for a couple who has been with me for 3 years and are moving closer to town. Their lease is not up for 5+ months and for me to provide a landlord reference NOW is PREmature so I have not responded to their proposed new landlord and I have REconfirmed with them that their lease does not terminate until mid-June.

While many would think that providing this information should be pro-forma for the current landlord, when they purchased a home, my reasoning is that they paid for their appraisal and their credit report. I have to do work to complete the rent verification/landlord reference form * probably 15 to 20 minutes * so why should I not get paid? Also, I require the money with the form so that there is no discussion about the fee coming from their security deposit. They have paid a credit or application fee to the NEW landlord, so they should pay me for assisting them in that process.