Interviewing tenants / Interviewing for the circus

[Thomas Williamson]

This is the part of real estate investing I absolutely hate. I call it interviewing for the circus, because of the variety of people that seem to come out of the woodwork when I advertise a property. No matter the price range, I still get the same calls every time. I have a property that's vacant, so I've put my ads out on Craigslist, Postlets, and my company site. The details are very specific, 99% of all questions are answered in the ads, and then I followup with more directions in my voice mail. Still, I get the same questions over and over, and it's clear people don't read the ads.

Is there a better way? Anyone else have a better system, I'm all ears. I love investing, but screening tenants has to be (for me) the worst part of investing. Thanks

[Tamara R.]

People who call and ask questions that are answered in the ad are just sending out the same e-mail to anyone and everyone. If they are calling from the ad and asking these questions (while looking at it), then they have pretty much screened themselves out as far as I am concerned. Most of my potential tenants contact me by e-mai, and if they ask the obvious questions, I just refer them back to the ad then ask them to contact me again if they are interested based on the info. I also try to include room sizes in the ad as well. One thing I do that has helped me a lot in my screening is include a video tour of the property on you tube (me walking through the property, pointing out the features). That way they can be absolutely sure they like the property (and it answers most obvious questions) and the layout before contacting me. Make sure you prescreen over the phone before taking the time to show it. I usually ask:

when do you need a place?
Why are you moving?
how much is your current rent?
Who wil be living with you?
What kind of animals do you have?
Any inside or outside smokers in the group? (I don't take smokers, but this tricks them into thinking you might if they say they smoke outside).
I screen for criminal, evictions and credit. Any issues there?
Do you have enough money currently to pay the security deposit and first months rent?
you need to make $_______ a month to afford this place, any issues there?