House not renting due to error in operations

[Nadir M.]

I recently listed one of my rentals about a week ago. I’ve recieved 26 applications so I know my price is right. The reason I have not chosen someone is because the previous tenant really left my property in bad shape and I was holding off for rock star tenants. I had one rock star tenant but they didn’t like the overall quality of the house. The mistake I also made was not completely finishing the house before listing. There were still some things that had to be done, ie closet door instillation, lots of landscaping, and minor touch ups. Some applicants said they will show up but they didn’t, other showed up and liked the property but not submitting application. One said she’s having trouble submitting application. The house is in a decent area. Prob B+-B- neighborhood. Out of the 26 I would say probably 22 met my criteria. I will not rent to an under qualified tenant. I will lose money for holding on market before I rent it out to someone who I feel like will maybe be problematic. I guess since I didn’t move quick enough in the beginning of finding the first qualified tenant, what my next step now? Keep it on market until I find someone. Eventually everyone will need to start looking once their leases start to expire. Should I remove the listed and re list once house is 100% ready? Should I keep on market? Should I lower my price? Should I sell (just kidding) 

[Craig Sloan]

@Nadir M. I would pull the listing and re-list once the house is ready.  Develop a process for renting and stick to it.  The first contact I have with people I always ask the following questions:

Do you have income?

Do you have any criminal background?

Have you ever been evicted?

Do you have any pets?

If their answers to those questions are acceptable, we'll move to the next step in the process, which is to verify they answered those questions honestly.  If they did so, I will show it to them.  If they like the unit and want to move in, we do a full background check and income verification.  Others may have a better process but this works for us.  Once you develop a system and automate it as much as possible it will help you be more efficient and minimize time between tenants.  Hope this info is helpful.  Good luck.