Hoping for Experienced Advice on Turning Over Tenants

[Chris Villegas]

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!

[Nathan Gesner]

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!