Hoping for Experienced Advice on Turning Over Tenants

Panama City, Florida
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Hoping for Experienced Advice on Turning Over Tenants

Chris Villegas
Member since 2022 · 3 posts · 0 votes

Hello all,

Im hoping to get some thoughts from some experienced Landlords on your processes for turning over tenants. I am managing and maintaining 10 units currently and have been for a little over a year so I am starting to get a feel for things. One area where I could use some advice is turning over tenants. These are some of my questions.

1. How soon do you like to advertise a space once you know a vacancy will be coming available? ASAP? even if its 2-3 months out?

2. Do you prefer to have an open "application period" to collect applications and then make a decision based on the "most qualified" or do you take the first qualified, even if on a personal level they put off some red flags. In my mind I think it would be ideal to wait until I get a "no-brainer" but notice as I drag my feet applicants tend to get antsy for a decision (Which I can appreciate).

3. What if people are interested and qualify and never indicate that they even need to see the place in person before willing to sign a lease? I try to take this as a complement as I try to keep my rental rates competitive to garner a better pool of applicants. (Whether this makes financial sense is probably a discussion for another post) Should I insist on meeting prospective tenants face to face before agreeing to lease to them?

I have many questions and all the advice here is amazing. I'll try not to flood my one post with too many more questions.

Thanks!

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
1y
Quote from @Chris Villegas:

1. How soon do you like to advertise a space once you know a vacancy will be coming available? ASAP? even if its 2-3 months out?

Different strokes for different folks. I start marketing as soon as the current renter gives notice. However, if the unit is not suitable for showings, I'll wait until it's vacant. If it's vacant and really needs cleaning/repairs, then I'll wait until it's more presentable.

2. Do you prefer to have an open "application period" to collect applications and then make a decision based on the "most qualified" or do you take the first qualified, even if on a personal level they put off some red flags. In my mind I think it would be ideal to wait until I get a "no-brainer" but notice as I drag my feet applicants tend to get antsy for a decision (Which I can appreciate).

No. I have good standards. The first person that meets my standards is offered the rental. You can collect applications and then choose the "most qualified" applicant, but that's opening the door to Fair Housing complaints. You have to really know what you are doing and cover your behind with documentation if you want to try this.

3. What if people are interested and qualify and never indicate that they even need to see the place in person before willing to sign a lease? I try to take this as a complement as I try to keep my rental rates competitive to garner a better pool of applicants. (Whether this makes financial sense is probably a discussion for another post) Should I insist on meeting prospective tenants face to face before agreeing to lease to them?

I rent a lot of places "sight unseen" because our market is competitive and many renters are moving from different markets with little time to locate housing. We have great success this this, but only because we are market well and are very heavy on warnings and disclosures.

I have many questions and all the advice here is amazing. I'll try not to flood my one post with too many more questions.

Thanks!



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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    1y
    Quote from @Chris Villegas:

    1. How soon do you like to advertise a space once you know a vacancy will be coming available? ASAP? even if its 2-3 months out?

    Different strokes for different folks. I start marketing as soon as the current renter gives notice. However, if the unit is not suitable for showings, I'll wait until it's vacant. If it's vacant and really needs cleaning/repairs, then I'll wait until it's more presentable.

    2. Do you prefer to have an open "application period" to collect applications and then make a decision based on the "most qualified" or do you take the first qualified, even if on a personal level they put off some red flags. In my mind I think it would be ideal to wait until I get a "no-brainer" but notice as I drag my feet applicants tend to get antsy for a decision (Which I can appreciate).

    No. I have good standards. The first person that meets my standards is offered the rental. You can collect applications and then choose the "most qualified" applicant, but that's opening the door to Fair Housing complaints. You have to really know what you are doing and cover your behind with documentation if you want to try this.

    3. What if people are interested and qualify and never indicate that they even need to see the place in person before willing to sign a lease? I try to take this as a complement as I try to keep my rental rates competitive to garner a better pool of applicants. (Whether this makes financial sense is probably a discussion for another post) Should I insist on meeting prospective tenants face to face before agreeing to lease to them?

    I rent a lot of places "sight unseen" because our market is competitive and many renters are moving from different markets with little time to locate housing. We have great success this this, but only because we are market well and are very heavy on warnings and disclosures.

    I have many questions and all the advice here is amazing. I'll try not to flood my one post with too many more questions.

    Thanks!



    The DIY Landlord Book4.7248 Reviews
    WebsiteView Page
    1Reply
  • Kevin Epp
    Property Manager · Tacoma, WA · Member since 2024 · 60 posts · 39 votes
    1y

    1. How soon do you like to advertise a space once you know a vacancy will be coming available? ASAP? even if its 2-3 months out?

    I advertise as soon as possible (up to two months out). People tend to start renting closer to the move-in date, however, and I rarely have luck two months out. The sweet spot is one month out. That way almost all of the people contacting you are looking to move and serious.

    2. Do you prefer to have an open "application period" to collect applications and then make a decision based on the "most qualified" or do you take the first qualified, even if on a personal level they put off some red flags. In my mind I think it would be ideal to wait until I get a "no-brainer" but notice as I drag my feet applicants tend to get antsy for a decision (Which I can appreciate).

    First qualified. Some cities even require you to do this. If you have strong screening criteria, someone who is qualified should be just fine. The perfect tenant does not exist.

    3. What if people are interested and qualify and never indicate that they even need to see the place in person before willing to sign a lease? I try to take this as a complement as I try to keep my rental rates competitive to garner a better pool of applicants. (Whether this makes financial sense is probably a discussion for another post) Should I insist on meeting prospective tenants face to face before agreeing to lease to them?

    We do sight unseen frequently. Video tours of the properties help this. Being open and disclosing any nuances of the property helps too. Don't try to sell them, you're trying to make sure they're the right fit. "Keep in mind there's a highway behind the house," or other things you know they would care about but aren't necessarily in the pictures.

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  • Alecia LovelessPro Member
    Member since 2019 · 3k+ posts · 2k+ votes
    1y

    @Chris Villegas After losing out on many tenants due to showing a unit that was occupied or under renovation I never advertise any more until the unit is empty and ready to go. I know I likely leave something on the table doing this but I’ve had people not move out on the expected date and then been in a pickle for what to do about the new occupants who have made their arrangements to be in a certain date.

    By the time I go through my entire process of pre-screening I usually only end up with 1-2 applicants that meet my requirements. I then do the background check on the 1st completed one that meets the requirements and has no glaring red flags. If that comes back good they get the unit. If there’s problems I run the background check on the second tenants and so on and so forth. I never run background checks on more than one set of applicants at a time.

    My rental market is still very hot. It’s a huge red flag to me when someone won’t come view the unit. I’ve never rented one site unseen. I feel there’s too many variables that can come in play.

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