Fort Collins, CO · Member since 2013 · 109 posts · 36 votes
I've looked for this particular question and can't find it on the forums so I apologize if it's been asked and answered elsewhere.
I bought a duplex, live in one side and renting the other. I'm holding a open house viewing this Saturday.
I don't plan on asking anyone to fill out the SmartMove application until they've seen the unit.
My question is; which person fills out the $30 application? If I show the unit to 10 prescreened people, do I ask all 10 to spend $30 and fill the application knowing I will only choose one?
What about the remaining 9 who filled it out as well? Are they just out $30? This is my first time to actually go through the rental screening process. My current tenants came with the unit when I purchased it.
If you run the completed application you have the right to retain the application fee. If you don't run the application you return the fee.
Run applications as to the most qualified in the bunch, hopefully with doing the first most qualified on paper the result will be favorable and if they accept have the security deposit paid in full within 24 to 48 hours, and sign the lease at that time, then you have your tenant. the rent is paid at time you give keys usually the date of move in.
Each adult living in the apartment should complete the application and each pays the fee to have thier application run.
You need to study your landlord tenant laws for your state, google it.
Yes. Personally I require all adults 18+ that need to be on the lease to use Smartmove. Kudos for using SmartMove it's an awesome product. Personally I knock the application cost off the first months rent for a successful tenant.
If you run the completed application you have the right to retain the application fee. If you don't run the application you return the fee.
Run applications as to the most qualified in the bunch, hopefully with doing the first most qualified on paper the result will be favorable and if they accept have the security deposit paid in full within 24 to 48 hours, and sign the lease at that time, then you have your tenant. the rent is paid at time you give keys usually the date of move in.
Each adult living in the apartment should complete the application and each pays the fee to have thier application run.
You need to study your landlord tenant laws for your state, google it.
Congrats on having 10 potential applicants, that's awesome!
First, I require potential applicants to provide income/employment verification before showing the house. This keeps me from wasting time showing people who don't have the minimum requirements.
Not everyone who views the home will necessarily want to proceed with an application. I run an application on everyone over 18 who will be living in the home. I only run one app at a time and I let people know it is on a first come first served basis. I don't like to waste people's money applying for a place that has other pending applications. It can get expensive for tenants. The first applicant has 24 hours to complete the application and return all of the supporting documents before I go to the next person interested.
Here's a link to a BP post I wrote about my complete process, from Marketing to Move In.
Meghan Martinez thanks for your reply and the links to your other posts, very informative!
Since everyone coming for the open house has passed the prescreening process, I guess my next decision will be which of those showing up will get the offer to fill out the SmartMove application.
Bryan Lewis thanks for the reply.
I actually set my rent price $200 higher than the market average ($1300) for my area.
I live in Colorado along the I-25 corridor which happens to be one the hottest real estate buying/renting markets in the country.
The ten pre screened couples showing up for open house are only 25% of the calls I received.
@Ben Cochran That's great! I tend to start high too but recently under rented a SFR and keep kicking myself...but it's a quality tenant which is worth something in itself.
I run them all at the same time to be quite honest. I like doing open houses. Get 50 calls about the property. Get 25 people scheduled to show up on a Sunday. Get 12-15 of those 25 to actually show. Get 5 of those 12-15 to apply. Get 1 applicant of those 5 that passes my screening. Offer place. If rejection, rinse and repeat for next week.
@Ben Cochran are you having them fill out an actual application after they see the unit? Keep in mind that SmartMove is only the background check so most people will still have the applicants fill out an application, whether online or a paper form, after viewing the property.
Of those applications then you decide which people you request the SmartMove screening for so that not all 10 are completing the background check at once. Maybe only the most qualified person will proceed to complete the SmartMove verification so that the other people don't pay anything.
@Ben Cochran I'm not a fan of open houses because the whole process favors the aggressive personality type which I don't think are my ideal tenant. I like to give each pre-screened applicant a 15 minute window. I then process the applications in the order received. The first one that passes receives the place. If I am waiting to hear back from a reference on the first applicant and I get an application from someone else then start the process with that applicant. The last step I do is to to run credit on the applicant(s). I echo the sentiments of others. The process is a funnel. Lots in the top and a tenant out the bottom.