What the heck is going on!?!

Question

I have a rental house that is high end and priced competitively for the neighborhood/sq. footage. I've showed the house to 4 prospective tenants and two expressed interest and said they wanted to move forward. I gave each an application. One of them keeps telling me she will email it all to me and then gave an excuse as to why it had been so long (nearly 2 weeks after she said she wanted it) the other keeps saying he wants to come to the house to show it to his fiance and drop everything off. He's canceled twice. He'll make appointments and then when I call him 30 minutes after he was supposed to have met me he says he got caught up at work and then reschedules. He's now stood me up twice which is infuriating. Anyone have any idea what is going on here? I can see one person just being flakey but it's two unrelated prospective tenants both giving me the run around. Each time I ask if they are still interested they both say yes. I'm at a loss here. I've never had this happen before. I'd love nothing more to tell them both to not bother because it's rented but there hasn't been a ton of activity and I'd really like to get this rented ASAP.

Jon Holdman · Answer

Once an application walks away in a prospects hands I never expect to see it again.  If they fill it out on the spot and hand over the cash for the application fee I know they're serious.   Once in a while I do hear back from someone that wants to hand over the application.

When I agree to meet someone, I tell them to call me 30 minutes before the meeting.  No call and I don't show.  I don't call them.

I find I need to talk to something like 50 people and show a property about 10 times to get a tenant.  Just my evidence.

If you're not getting the level of calls you expect and it is well advertised, your price may be too high.

Mindi B. · Answer

I have run into a few instances where the applicant was waiting to hear back about another place first, and just stringing me along in the meantime, as a back up plan in case they didn't get their first choice.

IMO, if an applicant can't even keep an appointment, how can you expect them to pay the rent on time? That is reason enough for me to cut them loose and say they are disqualified.

Ann Bellamy · Answer

Ditto to all the above replies.  Sounds like they are waiting to see if they get something else and stringing you along.

When I advertise, I set times in the ad, and do "Open houses".  I don't drive to a rental property for 1 showing, when only 1 or 2 in 5 appointments actually show up.  I also have them call me 30 mins before the appointment time (if I make them on request) and if they don't call, I don't show.  Once I make an appointment, I try to schedule additional showings at the same time.

Hardly anyone tells you "I'm waiting to see if I am approved for a better/cheaper/closer/larger" apartment, and I'll take yours if it doesn't pan out."

Drop your price, not your standards, to get a larger pool of applicants from which to choose.

I have the opposite experience from Steve.  I hardly ever get good leads from the sign, most of my best leads are from Craigslist.  Different market, your mileage may vary.

Steve Babiak · Answer

If they don't keep an appointment for a showing, and did not phone ahead to advise of their cancellation, they are eliminated.  They would be just as reliable when it comes to paying the rent - you'd have to chase them for the money.

These days the applicants are looking at more than one place, and the better ones will get to pick the one they like best.  But mostly I see potential applicants, who are feeling things out to see how hard it will be to get accepted; when they hear that there is a thorough screening process in place, they think twice and move along to some other place.

I have found that the ones who are calling based on the sign in front of the house are generally less flaky than the ones replying to a Craigs List ad.  Just my observations in my area.

J Scott · Answer

Agreed with everything Jon says.  To add to it, consider that a lot of people aren't good with saying "no."  It's a lot easier to tell someone, "I'm really interested and will get the application back to you tomorrow" than it is to say, "I have a lot more properties to look at and if I don't find anything better, I'll take yours."

Most likely that's what's going with these potential tenants -- they like your house, but not enough to commit.  So, they're stringing you along until they are either ready to commit or until they find something better.

I obviously could be wrong, but that would be my guess...

Michelle Marty · Answer

I think I will start requesting they call before the appointment. Great tip! We have other rentals, though in a lower price point, that have never had a for rent sign longer than a week. Maybe it's the higher rent, or time of year or maybe I'm not priced right. Thanks for all of your advice.

Jon Klaus · Answer

Michelle, you are getting some great feedback above.  I am experiencing much of what you are right now.  Keep your marketing going and wait for the right tenant who does what they say they are going to do.  Maybe it will be this weekend, now that the holidays are fading in the rear view mirror.

What the heck is going on!?!

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