Rentfest 2013 has started off good. With Kylie Ray’s apartment on the horizon, I feel the apartment has enough value to net $575 a month, $50 more than what Kylie is “paying”. I noticed, however, that I was rusty when I started renting out Libby’s old apartment. It seemed as though, just like with most things, it takes time to get back into the mix after not doing it for so long. I read this blog for help and noticed that I don’t have a specific post dedicated to dealing with prospective tenants. I have info here and there, but nothing in one post. That changes now.
The Ad
The ad for an apartment has to show a few things. First, it has to show its location, like what mall or stores or desired area it’s either nearby or in. Then it must have the description of the place, including the apartment location (upstairs or downstairs) as well as the general sizes of the rooms (big kitchen, small bedroom, etc.). This saves from some jerk stopping by and saying “Oh, I can’t live here. The bedrooms are too small.” The security deposit has to be at least half the rent—the apartment that Libby had, for example, went for $700 with a $400 deposit. I also make sure to include that pets are ok, as I’ve been doing good renting out to responsible dog owners. Let the prospective tenant know that there’s a one-time fee for a pet. This is very important, as most landlords like to charge extra per month for a pet.
I then put the date that the apartment will be ready followed by the business number. At the very end, I make sure to add that I (or “we”) do not accept public assistance or Section 8 tenants. I would have put it at the beginning, but I like for someone to read all the good things about the place and then, just as they’re about to dial the number, they realize that their parasitic ass isn’t qualified. Sweet. I also mention that all prospective tenants bring proof of work (paystubs, tax returns, etc.).
The Call
This was the part that I had the most trouble remembering. When someone calls, this should be my line of questioning after they say “Hi, I’m calling about your ad on Craigslist”. They’ll ask if it’s available and after I say yes, I ask if they have any questions about the place. Once their questions are answered and they want to view the place, I start with the setup questions:
1) Your name?
2) Are you working a fulltime job? Where do you work and about how much do you make a month? (Very important questions, as they weed out the people who have SSI or SSD --- social security insurance/disability --- which is the same as Public Assistance or Section 8. Because it deals with disabilities, it would be illegal for me to put in the ad “No SSI or SSD bums”. That would be discrimination against the pretend disabled. Almost everyone on SSI or SSD that isn’t in their 70s is scamming the government here in Smalltown. Libby, for example, was in her 60s, yet she went to work everyday. If they work part-time and that's their only source of income, I know that they’re on some form of assistance. They know it’s illegal to discriminate against SSI/D scammers so, once I know the person is worthless, I give them a date that’s 3 or 4 days from that time. It’s good to put all the bums on that one date so that I only have to deal with them for one day. This leaves the more immediate times available to tenants that can actually afford the place on their own. That's why I always ask prospective tenants to bring two recent pay stubs.)
3) Who would be moving in with you? (This lets me know whether they will “work” with the apartment. Will they bring kids? A roommate? A fiancé? Are the other people working as well?)
4) What's your reason for moving? (I love this question. If they give me a long answer, then something's up and I have to be cautious. I also have to pay special attention to the way they talk about their current place/landlord.)
Once all that is done, I make an appointment and get ready for the showing.
The Showing
I need to get there at least a half hour before the prospective tenant. I make sure to turn on all the lights, as artificial lighting is an excellent way to hide a sub-par painting job. I open all doors and windows. I clean up as much as possible to make the place look as nice as I can, and then the tenant arrives.
I watch them as they get out of the car and try to see inside their vehicle. If the inside of their vehicle is messy, so will be my apartment if I rent out to them. I walk them through the place as quickly as possible so that they can take a good honest look at everything without my constant talking and direction. It also allows me to look at what they look at and to see what they see. After a few showings, I can surmise the general consensus about the apartment. Most of the people that came to see Libby's apartment, for example, had concerns about the windows--- so I know to replace them during the next tenancy. If they ask for an application, that’s a good sign. If they want to fill it out right there, that’s an even better sign. If they give me a good feeling, I tell them the application process takes a few hours. If not, I tell them it takes a couple days. While they fill out the application, I like to let them know that we check for job history, eviction history, and criminal history. Most people, if they have anything to hide, will let me know if there's anything serious... especially if I word it the right way. Once the application is filled out... if they say something like, “We have a couple more places to look at but we really like the place”, it’s a sign that they’re using my apartment as a last resort in case they can’t get a better one. And that’s that.
The Approval
My background check mainly consists of calling to confirm where they work, calling their previous landlord, and then calling their best reference. Out of the three, the call to the previous landlord is most important. The recent paystubs prove their job status, and I should be able to guage a personality by now. When I call to let someone know their application has been approved, I listen very closely to their reaction. If they don’t sound like they care too much, it means that they’ve found a better place and was hoping to hear from them, not my black ass. When I have a tenant who’s ready to take the place, I have to make sure I tell them that it's still up for grabs until they leave some kind of money down, at least 50% of the security deposit. Make sure they sign something that states the money being given is non-refundable, so that if they change their minds, I can walk away with free money. That has happened before.
There it is. It took me a while but I’m glad I have something to refer to in case I get rusty like I did with Libby’s apartment. The quicker I’m on my game, the more chances I have to get an apartment rented out.
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