Tenants backing out

[Mark Forest]

Last month I signed a tenant who said he loved the house, but two days into it he said he had to back out because his boss cut his hours. We soon got another prospective tenant who contacted me several times by e-mail saying she liked the house. She signed the lease after spending most of the morning checking the house out with her mom. We just got a call from her saying she has to back out because her "other job fell through, " and she did not think she could cover the rent and the utilities.

Yes we do extensive credit checks on all prospective tenants. We require income of three times the monthly rent. I do not get how these two people who seem intelligent could suddenly decide after they sign a lease that they can not do it.We are NOT high pressure landlords.

My concern is all the time we have wasted on these two tenants. We did the credit check, checked their references, employers, and we even went to their current residence to see their living conditions.

I would appreciate any pointers on time management. We have never had so much trouble getting a house rented.

[Michael Seeker]

Do you collect first months rent and deposit at the time of the lease?  If so, doesn't sound like a big deal to me...you should have 2-4 months of rent to cover whatever marketing time/costs are required to find the next person.

I wouldn't ever sign a lease without getting money (money order or cashier's check) up front and certainly wouldn't quit marketing/showing a property until the lease is signed.

If you didn't collect any money when you signed the lease then you ought to reconsider the leasing process.