help verifying tennant info

[Dustan Marshall]

so I bought my first rental property, I rehabbed it and put it on the market about 2 weeks ago. I have been flooded with interest in the property. So here are my questions:

How do you all host showings? Set them all up on the same day at 30 min increments? Or have everyone come at once? When you do give them the tenant application? Email prior to or at showing?

Also once application comes back, what types of questions can I ask the previous landlords?

[Bill S.]

I try and show as soon as possible after they call. I have found setting Saturday appointments on Monday is a waste of time. Less than 20% show up. If the unit is occupied I schedule a window of about 2 hours in the evening twice a week and on Sat am. I schedule appointments 15 min apart and if I have more than 8 I start double booking. Probably have about 80% show up usually. Usually rent the first showings if I book up.

Now if you really want to live on the edge and you have a vacant unit, put it on a lock box, and put several applications on the counter and hide a few in different cabinets. I do this. It's not for the faint of heart but it REALLY works. If I get a good prospect on the phone after I have completed phone screening I ask them when they want to see it. If they reply with a time that doesn't work I give them the lock box code and they do a "self showing". Believe me I know the risk of this but so far no problems and I have rented a few units this way while I was out of town. Could have ended up with another month of vacancy so it has put money in my pocket. I know a LL who has done this for years with absolutely no problems. It took lots of courage to do it the first time and really any time. NOT EVERYONE gets the code. I must have warm fuzzies about them or I make the showing when we both can do it.

I would say this Cedrick's approach of 1 hour apart would kill me. I don't have time for that. It would take him 8 hours to do what I do in 2 hours. I barely have the two hours, so no way scheduling 1 hour apart. Most people don't spend 1 hour in a home they are going to buy much less rent. Most people take 5 minutes tops.

I don't like the open house approach when the unit is occupied because I can't keep track of people. I don't want them walking around unsupervised with the tenants stuff laying about. I've also found that competition (using the open house approach) can scare off the most qualified tenants because they know they are qualified and don't want to risk their application fee when they know they can find another place. On the other hand some tenants get swept up in the auction atmosphere and are pushed to apply so they don't miss out on what everyone else wants.