Need Ideas.

[Maryann L.]

I had an open house last week after I did a $100 price reduction on my rent. I had 7 people show up. Three that I really liked and 6 took applications. I pre-screened one applicant already.

Out of the three I liked NONE applied. One woman said she was getting it right back to me and even emailed me to ask me for an electronic copy then NOTHING....

This seems to be the norm lately. I've seen other posts about charging an "application fee" but no one in my area does that so I feel it would drive away people..the funny thing is if I dont' get an application returned I can't really charge a FEE.

I'm doing another open house next weekend but if anyone has feedback on what I can do differently, I'd appreciate it. :D

[Sharad M.]

Hi,

It's difficult if no one in your area is charing application fee and you are the only one charging an application fee.

There are couple of things I would do:

1) Have the interested people fill out the application, follow up with each and every reference and get all the documentations (like paystubs, copy of their previous lease, copies of utility bills on their name, etc.) and then there will be some people you will be able to eliminate. Then of all the people left, select the one who seems like the best candidate and run a credit and background check and pay out of pocket. As far as getting criminal background check is concerned, you can always go to county's website and should be able to check on the application for free. If not free, for a very small fee. Call the local police station and give them name of the person and they should be able to give you some information.

2) The other option is to make the application fee creditable to first month rent if the applicant decides to sign the lease. So if the application fee is $25 and the rent is $1,000. You collect the $25 application fee and tell the applicant that the first month rent will be $975 upon signing the lease.

3) Give some incentives to applicants to fill out the application. Like every month they pay their rent on 1st and deposit in your bank account, they get a $25 gift card to Walmart, Target, etc. I am telling you from experience, tenants love this. No one else does this and this will make you stand out.