Long Distance Self managers... How do you show the property?

Question

Long Distance Self Managers!

I live 2 hours each way from the property. I rarely drive down there but when it comes time for a new tenant I want to meet them and be involved. (This is a new purchase closing next week)

This is a C property in a C neighborhood. The last time I needed a tenant nothing worked accept a cattle call. I did an open house. Had several people through the door and finally got it rented.

How do you pick tenants for your properties in markets not in the one you live in?

Thanks!

Steve K. · Answer

@Lucas Carl You can use a digital lockbox that you can reset the code for after they leave. Combine that with heavy upfront screening on the phone, have them fill out an app beforehand, text you a picture of their driver's license then text you when they leave so you can reset the code. Combined with ring/security cameras it's a reasonable way to go, I guess. However there are a lot people who would love to rent a room by the hour (for free) to turn a trick or make a drug deal, or steal all your appliances and fixtures. So even with taking these precautions remote showings come with a certain amount of risk (they could send you bunk info, text somebody else's ID, wear a ski mask, spray paint your cameras, leave a window open to come in later, etc). I prefer getting there 20 minutes early to set the thermostat to a comfortable temp, turn all the lights on, pick up any trash in the yard, sweep the front step, kill the spider on the counter, fix the running toilet, take care of any strange odors, ask the neighbor to stop smoking weed/shut their dogs/kids up/ stop screaming at each other, etc. Perhaps the most important thing you'll miss by not being there is getting a good read on the potential tenant. Qualifying them over the phone and on paper is not nearly as good as meeting them, shaking their hand, looking them in the eye and interviewing them in person. It's also a great time to lay down the ground rules and make sure they are on board and just establish rapport in general, which to me is important. For properties far away I just schedule as many showings as possible for a 3 hour window on a Saturday and drive my butt out there. Even if it takes a week or two of incoming interest, wait until you have 5 showings absolute minimum lined up before driving out because at least half of them don't show up. This is also a hard time of year to place tenants but it will get easier now that the holidays are over. Good luck!

Bernie Neyer · Answer

First and foremost you need a good company that does good background checks for a reasonable price. There is a company that tell you a lot about someone, www.BeenVerified.com. Now they don't run background checks, but can verify the person is who they say they are.To allow certain people to view the property in your absence, there are locks now that use Bluetooth to unlock them. You can actually text them a code that will expire in a short period of time. They don't know the code so they can't hack it later. There are actually locks that you can add to a bolt action already on the door. It simply unlocks or locks the door by actuating the bold lever.You can also purchase a wifi hot spot from a cell phone company and use Ring or another security camera to actually view them while they are in the property. I'm sure you've seen some of the ads on TV that have the owner remotely talking to an intruder. You can talk to the prospective tenant while they are viewing the premises and actually view some of their friends they bring along. You can also add wifi lights and thermostat, allowing you to control the lights and temperature at a distance.Only allow them to enter the premises in your absence after they email you a photo of their driver's license and if it is more than one person, get photos of all of their driver's licenses. After renting to them remove the remote entry wifi lock and put on a Schlage or Honeywell keyless entry lock. These locks are not remotely controllable. Now they come with keys, just don't give the tenant the key. These are programmable combination locks and you can find them on Amazon or even at Home Depot or Lowe's. Build.com sometimes have refurbished ones with a full warranty at greatly reduced prices. The prices run as low as $75 ea. for refurbs to $129 at Home Depot/Lowe's. They allow you to program them with a combination specific to that premises. I usually use the tenant's birthday. If it is a couple I use her birthday, she'll remember it, and he better had. LOLOnly put a single combo on it for them. You can add up to 20 others though. You can add a throw away combo for a repair man. You can discard these after used. I also add a combo specifically for me and it is on all my locks. That way I don't need to know the tenant's combo to enter the premises if I need to. In addition, you can change the master code, I call it the God code. All my locks have the same master code so when needed I can clear any of the locks of all entry codes. I use these locks on all my units. They are great and have a life time warranty. The only time I ever had trouble with one, Schlage replaced it free of charge.

Bernie Neyer · Answer

I found an article on a Schlage wifi deadbolt lock I thought people might like to read.https://www.engadget.com/amp/2019/01/07/schlage-wifi-deadbolt-lock/

Ryan Evans · Answer

I just have my realtor do showings if I'm out of town. You can negotiate a commission/rate for their time, but they don't have to be involved in management or even the pre-screening. You can set it up and they can open the door/handle confirmations. The smart locks aren't a bad idea, but I'm not sure I'd do it in an area that's not at least a B class or so.

Bernie Neyer · Answer

Oops! I'm writing this on my phone, so it's difficult to read everything people post. Also in reference to Monica above, do a Google or Amazon search. The card locks on hotels are often not hardwired, but wifi connected. There was an add on TV for one even. I don't personally do, what you asked about. I was trying to give you a solution to your problem. I personally show the properties I manage locally and for the ones I own at a distance, I hire management. I live closer to some of those than you do to the one you're talking about, and have management for them. For sanities sake, hire one.And to the Trolls, yes they still put my preferred Schlage locks on them.

Bernie Neyer · Answer

In reference to Monica above, read my post. I said to purchase a WiFi hot spot from a cell phone company. That provides the internet connection you need AND you take it with you when you rent the property. Okay?

Bernie Neyer · Answer

First of all, you can't use a password manager on a combination lock. It's numbers, not words. Second, your birth date is actually used to lock your health records. Are you aware of that? Don't they ask your birth date when filling a prescription?The entry code is 4 numbers. My birth date is April 12, 1956. I bet you can't gain entry to ANY of my locks, as you don't know which 4 numbers I'm using or in what order. After 3 failed attempts, it shuts down for 10 minutes. Oops!Be that as it may, use any dang number the tenant wants. My entry codes I have on my locks to gain entry to every one of my places is unique to me in any case and only disclosed to my manager. The entry codes put on the locks for contractors are erased when their work is done. There are 10 numbers available for each of 4 entry positions. That means there are 10 x 10 x 10 x 10 or 100,000 different variations. For the God code, as I call them, there are 10 x 10 x 10 x 10 x 10 x 10 or 10 Million different variations. You want to break in one of my places? Knock yourself out.

Luke Carl · Answer

This is not a Schlage Vs August discussion folks

Carolyn Fuller · Answer

@Bernie Neyer I hope the heck you don't use something like a birthdate code for the master code on all your units. Perhaps it is because I live in the heart of a city where students cut their teeth on hacks but your birthdate code habits scare the living bejesus out of me! My recommendation is to use a password manager such as LastPass to store your codes and make them randomly generated codes. In the case of your tenants, allow them to choose their own code. That way if someone breaks their code, it isn't your responsibility.

Monica R. · Answer

Hi Bernie; thank you for your post. I’m interested in the same solution to open the door for prospective tenants without being there and without depending on an agent.Do you know any company that does these bluetooth devices? “To allow certain people to view the property in your absence, there are locks now that use Bluetooth to unlock them. You can actually text them a code that will expire in a short period of time. They don't know the code so they can't hack it later. There are actually locks that you can add to a bolt action already on the door. It simply unlocks or locks the door by actuating the bold lever”Keep in mind that when we change trnant there is no internet in the house. Thank you!