House hackers when do you tell prospective tenants?

Question

Hey fellow house hackers, when do you tell a prospective tenant that you are the on-site management? We just put our first unit for rent in a four unit property  (great timing, I know)  and have the first showing tomorrow. I didn't mention on-site management in the ad, and I'm wondering if I should mention it tomorrow? Any advice would be appreciated, thanks!

Mike Cumbie · Answer

"I enjoy the questions and comments, on BP and wished it would have been around 30 years earlier.."

@Deanna McCormick

Yeah but then you would have had to send a SASE for a reply and wait 2 weeks for answers to start rolling in   :)

Arthur Banks · Answer

I identify at the time of showing. I tell them right up front this is not only my business but my home.  I let them know I keep it up as such and what the hours of operation are.  Just because I'm upstairs does not mean you can just knock on the door for any ol' thing. Or call outside of business hours unless it's an emergency of course. I believe because of this those that are going to be trouble look elsewhere. And that for me is worth it. I have no problem saying 'No" and don't feel the need to pawn it off on some "mystery owner".

Thomas S. · Answer

You tell them when you first meet and introduce yourself as the owner. This way they have the option to consider renting or not depending on their preference.

It is not only the landlord that chooses the tenants, the tenants should also be choosing their landlord.

When I interview perspective tenants I am up front and honest. I tell applicants that my tenants either love me or hate me. I explain that good tenants are treated like gold and bad tenants regret the day they ever meet me. I always fill in some details as to what is a bad tenant and give examples of past situations so they have a perspective in regards to the type of tenants they may be.

At the end of the interview I explain that it will take a few days for me to finalise the screening and in the interim they will need to decide if they still wish to be tenants. I also suggest they visit with some of the other tenants to get first hand feedback.

Selecting tenants is a two way street.

Thomas S. · Answer

Sarah D.

Thank you.

Make sure you take all advice with a grain of salt. My advice, like many others, pertains to my business and my experience level. It may not work as well for others.

Dealing with people is extremely difficult therefor the more professional you apply your business practices the easier it is to deal with all situations..... assuming you are not hampered by emotions.

As for your question, identify yourself as the owner/landlord when you meet the applicants in person. Sometimes the topic may come up with the initial phone conversation. If so then identify yourself at that point.

Deanna McCormick · Answer

Thomas S.  You are so right...and you know your business.... and if people paid you for your advise you'd be counting dollars not pennies.  We both know from experience and from taking the time to learn the laws of our state how to rent and operate a rental business. IT didn't come free to me, I paid for my education, and I worked in the business on a personal level and professional.

People need to ;

Manage and operate as a business.

Put their BIG BOY pants on and realize it's a business it's not a hobby.

I'd rather have a empty house not making a dime than have some bird brain think they could rent it out for me and make decisions for me that could cost me my property and rental license. I'm smart enough to know when and how to do the work myself or when to hire it out. and that includes legal work, the buck stops with me I take responsibility for what I operate and proud of that also.

I enjoy the questions and comments, on BP and wished it would have been around 30 years earlier.. we all can learn more and this is a good source.

Deanna McCormick · Answer

@Mike Cumbie  love your humor.. :)  Merry Christmas and Happy New Year's

Deanna McCormick · Answer

I'm getting tired of the "HOUSE HACKING " term  !!!  Whats wrong with Owner Occupied.

Why should you be afraid of actually owning up to the fact your the owner. that you also live on the property. Why would it make a difference to a tenant. You don't introduce all the other tenants or neighbors for them to meet and greet.

Honestly I could care less if my tenants knew and I wouldn't hide the fact either way, and of course I'd let them know.

It's not a new idea, "Owner Occupied" or "Owner Managed",,,people have been doing it forever.......

Sarah D. · Answer

Thomas S. special thanks to you for actually answering my question, and doing it so professionally. I've learned a lot reading your posts so please consider this a general thank you.

Sarah D. · Answer

Thomas S. It appears my question was misconstrued. I was trying to determine if the on site owner should be identified in the ad, at the time of showing, or at another time. I was curious as to other people's experiences and best suggestions. Thank you both for your thoughts, I know they come from years of land lording success!

Thomas S. · Answer

Deanna you obviously do not operate as a mom and pop landlord.

Mom and Pop owners do not want to identify themselves because they are afraid of the responsibility. Bottom line is they are afraid of tenants because they, as owners, believe they lack the ability to be professional. They are hiding from the responsibilities associated with the title. They do not want their tenants to know they are the ones making decisions.

Most will say it is easier to impose rules but that translates into "I do not have the ability to manage the responsibilities of a landlord".

House hackers when do you tell prospective tenants?

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