DIY Tenant Screening Process

[Christopher Helwig]

My Question is about the order in which DIY landlords and managers show their property to perspective tenants and call references.  Currently I wait until I have about 5 qualified applicants, and schedule viewings with all of them.  I disqualify anyone who is late or dose not show at all.  That usually leaves two or three qualified applicants.  Then I call the references on the first application and if it all checks out I offer them the unit.  

I am considering changing my process because it is a bit of a pain to show every vacancy to multiple tenants.  However it is nice to have a backup if someone decides they do not want the unit or it turns out they cannot pay.

How do other owners/managers do it?  Do you call references first?  Do you show every vacancy to multiple applicants?  Do you leave a lock box and let people see it at their leisure?  I would love to hear other's processes and their reasons?

Thanks in advance.

[Joseph Asamoah]

Hi Chris. Great question. I have been a landlord for over 30+ years and have settled on a screening process that seems to work well. Since 80% of potential tenant problems are rooted in screening, you must take this very seriously and not "roll the dice." At a very high level I suggest you consider the following:

1. Decide on the type of tenant you are desiring (income, longevity, rental history, ability to pay etc.) 

2. Make sure your advert and property is presented in a way that will appeal to your desired tenant

3. Ask yourself a simple question: Why should your desired tenant choose your place versus your competition? If you can't think of a reason, then you may have a problem. Go to step 1.

3. Schedule open houses regularly (believe it or not, I schedule daily showings at a fixed time) - Your desired tenant is probably looking at other places so make sure they can see your house when they are available.

4. Make sure applications are filled completely

5. Verify everything through your screening process. In addition to standard background checking actions, I make an appointment to visit their home. Take it from me, if you want to know how your house will be in 3 months, then the only way to know is to see how they keep their current home.

I hope the above helps.

Regards,

Joe

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