Guidance on filling first vacancy

[Brandon Heimsoth]

I just rehabbed one of my 2 properties that I manage.  I inherited tenants for both so this is my first time filling a vacancy.  I decided to use RentRedi for management.  I was able to easily get my listing out.  I'm getting a lot of queries (probably 95%) from Zillow.  I quickly reply with a link to instructions on how to fill out the pre-qualification form.  Of the 29 queries, 6 have filled out the pre-qualification form.  I've accepted 3 and shown 3.  That has happened in only 6 days.. Does that seem like a normal response rate?  Part of me feels like that is the purpose of the pre-qualification form--to deter them from a showing since, based on the questions (income, record, pets, etc), they should know whether they're going to be approved.  But part of me is wondering if I should reach out more.  I've started to also text them in case things are getting lost in spam folder.  I believe the property is reasonably priced and is all brand new inside.  Your thoughts?

[Nathan Gesner]

Quote from @Brandon Heimsoth:

You want to cut down on the number of tire kickers that aren't serious. As an example, Alecia states she had 70 inquiries on her last two vacancies. That's a scary amount of wasted time.

I recommend putting some details in your ads that helps viewers pre-screen as they read. Let them know you need an application for each adult, that it costs $XX per person, and that you will run a full credit/criminal background, verify income, and check landlord references. Just the application cost will scare away a lot of people. If you don't accept pets, state that clearly in the ad and that will scare away even more. 

You can also use a pre-qual form, but I recommend keeping it short and hitting only 3-5 of the most critical qualifiers (income, credit score, pets or no pets, etc.).

I also recommend you try to reach out verbally when possible. When people get only texts or a form, it can seem suspect because that's how scammers operate. I prefer to let them know there is a real person on the other end. It's also a great opportunity to get a feel for what they are like as a person, which can help weed out some bad apples. 

Make sure you have a script that keeps the conversation on task and short. You don't want to spend 30 minutes talking to someone and then find out at the last minute that they have no credit, haven't found a job, and want to move in with six of their friends and three dogs. I prefer to have a written list of instructions so I can have a very short conversation and then email them the details to review at their leisure.