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What is the one thing you hate doing within your REI business?
I'm curious, within your own real estate investing biz, what is the one thing you hate doing but needs to be done to run your business?
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Quote from @Mark Cruse:It's not even a race/ sex/ age etc. thing, it's when prospective tenants either send applications or call several times when it's decently clear they don't make income or don't meet other criteria.
Quote from @Mike Calvey:
Quote from @James De Stefano:
I'm early on along the journey, but so far it's been the "walking on eggshells" while screening / accepting / declining prospective tenants.
Maybe it's because it's beaten into our heads as RE agents, but I'm particularly careful when emailing, texting or calling applicants. There's just 100 ways people can scream discrimination, when 90% of the time it's simply " You don't meet the income to rent"
There's crazier things for sure, but this has been consistent! ha
Screening tenants can be tricky—like tiptoeing through a minefield because you need to be careful about laws and the risk of discrimination claims. It's great that you're already being careful. Here are some simpler tips to make your process smoother and less stressful:
- Make a Rule Book: Make sure you screen everyone the same way. Think of it like following a recipe—same steps, same ingredients, every time. This keeps things fair and covers your back if someone says you were unfair. Writing down what you do and why can also help you remember later.
- Be Clear When You Say No: If you have to turn someone down, tell them exactly why. Like if their income isn't enough, explain how you figure out if someone can afford the rent. This helps them see it’s nothing personal, just math.
- Keep Learning: Laws about renting to people can change. Staying sharp with courses or classes not only helps you stay out of trouble but also shows you’re serious about being fair.
- Ask the Experts: When you're not sure what to do, talking to a lawyer who knows about real estate can really help calm your nerves and make sure you're doing everything right.
- Use Smart Tools: Think about using a service that checks tenants for you. It's like having a helper that makes sure you’re thorough and following the law, which can make your job a lot easier.
It's cool to see someone who really cares about doing things right. How do you usually handle screening tenants, and have you found any helpful tools or tricks?
I´ve never had this problem, nor do I know anyone who has ever been hit with discrimination claims. It seems like you cant be in jeopardy of that unless you are discriminating. I have a specific criteria for screening which has nothing to do with any race, creed, color, religion or anything else. Unless they are a nazi or something similar, what they are makes zero difference to me. If I have no bias naturally, naturally it cant come out in my selection. If someone believes that, I can show them the criteria and that will end it. The only way I could even think of this would be if I know I had personal feelings of bias to others. There is a member here that advises newbies to treat section 8 recipients like animals. Those are the types that have to worry about stuff like that.
Not sure if I have to rent to someone I know is an open racist. I actually inherited a racist who consistently wanted to stay in my unit. Real story.
I've never had a real issue, and I plan to keep it that way by doing the same consistent things as other have mentioned.
But I think we all know not ALL people are rational, and some people / agents / adult-children don't quite get it or hide facts ( fake income statements, etc. )
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Eventually...pretty much all of it. Showing properties, going to court, getting calls from townships all tie for first in my book lol.
Most of us get into real estate for passive freedom, not all this active work or even liability. I spent the bulk of my career building a portfolio just to wind it down eventually and become a "K-1" investor.
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Quote from @Mike Calvey:
I'm curious, within your own real estate investing biz, what is the one thing you hate doing but needs to be done to run your business?
BABYSITTING contractors, UGG, just do your dam job!!! :)