process for finding tenant and cozy

[Kristi Beeksma]

very basic question for all of you pros here, but I'm a newbie with our first SF rental about to hit the market.  I'm signed up with Cozy and it seems to be a very streamlined process for everything except the lease.  Questioning how and what order everyone is doing their tenant contact and screening.  My thoughts are the following steps:

1.  advertise listing with our contact info

2.  reply via email or phone conversation to potential tenants with rental criteria and link to the application and listing info on cozy page.

3.  set up a showing

4.  background and credit checks

5.  lease signing/collect first month rent and security deposit

any input?  Also, what is a good resource to obtain a lease?  I'm in Minnesota in case that makes a difference.

thank you!

[Bettina F.]

The name of the game is to get unqualified applicants to self screen out.   You will not accused of discrimination, or any other sin, if the applicant decides your rental is not for them and decides not apply. 

Make your ads on Zillow as inviting as possible, but do not expect applicants to actually read the ads.  Zillow Rentals has a little button on their phone app that makes sending an inquiry email too easy.  Do not get excited when 75 people respond to your ad.  They liked the pretty pictures and pushed the button with a Pavlovian response.  You would be overwhelmed, except you followed this advice!

Have a pre-written and saved email on your computer.   In this email, repeat the basic information in your ad (bedrooms, baths, rent, no pets etc) PLUS information on  your basic qualifications -- minimum income / month (in dollars - don't expect them to do math!) and TOTAL MOVE IN MONIES (again in dollars).  Include other requirements you may have, like time on job, no evictions, etc.  Let applicants now that you will be running credit, eviction and criminal background checks and that the non-refundable app fee is $XX.  Ask them to respond to this email if they are still interested in seeing your rental.  Check your Zillow dashboard 3-4 times a day and keep sending out that second email.

You will now have 5-7 serious candidates who are willing to bet an app fee that they will get your rental.  Schedule an open house showing, asking applicant to bring government issued photo ID and paycheck stubs to the showing.  You bring a computer printer/copier and PRINTED instructions on how to apply to rent your house.   Copy ID and paycheck stubs of those who want to apply, and collect app fees, if applicants do not pay on-line.    Give them printed instructions of how to apply,   Screen against your established criteria.

Always, always collect ALL move-in money  BEFORE signing the lease and handing over keys.  Prorate the second month of rent for mid-month move ins, not the first month. You have been very clear about total move-in monies needed, there is NO reason for them not to have the money due. 

We no longer even bother with CraigsList in our market.  It just brings out the unqualified with sad stories.   Remember, you are not doing anyone a favor when you rent them a unit they cannot afford.