MTR Process from Inquiry to Lease Signing Process

[Michael Aguirre]

Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.

Thank you.

[Max Guerrero]

Background and credit check first. FF has Keycheck. Have them pay for it and you can knock it off first month's rent if you wish. Lease comes second and deposit comes last. I don't consider it rented until the deposit is in my account.

[Bonnie Low]

I just a 3-step process: first is the background check. I use Keycheck for this. You send the background check request through Keycheck and it sends the guest a link to pay for it. Within minutes you get the completed background check back. Second is the lease agreement. I use the state-specific lease feature on Avail.co. I draft it with my terms and send it to the guest to e-sign. Then I collect the deposits. I have never been able to let them see the property in advance because it's always been occupied by someone and I've had to do 1 or 2 day turns. I do have a video I can send them of me doing a walkthrough of the property in between guests. That will usually suffice.

[Jamie Banks]

After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests. 

[Conner Olsen]

Quote from @Michael Aguirre:

Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.

Thank you.

Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.

[Marianne File]

Quote from @Conner Olsen:

Quote from @Michael Aguirre:

Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.

Thank you.

Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.

With Airbnb and VRBO, what do you use for the background and credit check? 

[Marianne File]

Quote from @Jamie Banks:

After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests. 

How much do you usually collect for the security deposit?

[Conner Olsen]

Quote from @Marianne File:

Quote from @Conner Olsen:

Quote from @Michael Aguirre:

Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.

Thank you.

Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.

With Airbnb and VRBO, what do you use for the background and credit check? 

I don't do a background or credit check. Airbnb handles the payment so I don't worry about it and I've found that the typical tenant that is willing to pay 2x the LTR rate is going to keep the property in good condition. Other investors on the forums require these for MTR but I haven't had any problems.

[Jamie Banks]

Quote from @Marianne File:

Quote from @Jamie Banks:

After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests. 

How much do you usually collect for the security deposit?

 I charge between 25 and 50% of the rental rate as the security deposit. Less for smaller units and more for larger units with pets. 

[Marianne File]

Quote from @Jamie Banks:

Quote from @Marianne File:

Quote from @Jamie Banks:

After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests. 

How much do you usually collect for the security deposit?

 I charge between 25 and 50% of the rental rate as the security deposit. Less for smaller units and more for larger units with pets. 

 Thank you! 

[Marianne File]

Quote from @Conner Olsen:

Quote from @Marianne File:

Quote from @Conner Olsen:

Quote from @Michael Aguirre:

Hello everyone! I am exploring renting my STR to MTR option when the summer travel season dwindles. What is your process for renting out your place after a potential tenant reaches out to you in Furnished Finder? Do you screen them first, or get to an agreement, let them view the property in person, etc? Airbnb and Vrbo were straightforward, but I want to learn the MTR side.

Thank you.

Use Airbnb and VRBO for your MTR client sourcing as well. Just set minimum stay to 30 days. That's how I find my tenants and get higher rates than on FF.

With Airbnb and VRBO, what do you use for the background and credit check? 

I don't do a background or credit check. Airbnb handles the payment so I don't worry about it and I've found that the typical tenant that is willing to pay 2x the LTR rate is going to keep the property in good condition. Other investors on the forums require these for MTR but I haven't had any problems.

 Thank you - this helps a lot. 

[Michael Aguirre]

Quote from @Bonnie Low:

I just a 3-step process: first is the background check. I use Keycheck for this. You send the background check request through Keycheck and it sends the guest a link to pay for it. Within minutes you get the completed background check back. Second is the lease agreement. I use the state-specific lease feature on Avail.co. I draft it with my terms and send it to the guest to e-sign. Then I collect the deposits. I have never been able to let them see the property in advance because it's always been occupied by someone and I've had to do 1 or 2 day turns. I do have a video I can send them of me doing a walkthrough of the property in between guests. That will usually suffice.

 Hi Bonnie! Thank you for the reply! Do you mind sharing your lease agreement with me? How do you collect the deposit/payments?

I appreciate your help!

[Bonnie Low]

Quote from @Michael Aguirre:

Quote from @Bonnie Low:

I just a 3-step process: first is the background check. I use Keycheck for this. You send the background check request through Keycheck and it sends the guest a link to pay for it. Within minutes you get the completed background check back. Second is the lease agreement. I use the state-specific lease feature on Avail.co. I draft it with my terms and send it to the guest to e-sign. Then I collect the deposits. I have never been able to let them see the property in advance because it's always been occupied by someone and I've had to do 1 or 2 day turns. I do have a video I can send them of me doing a walkthrough of the property in between guests. That will usually suffice.

 Hi Bonnie! Thank you for the reply! Do you mind sharing your lease agreement with me? How do you collect the deposit/payments?

I appreciate your help!

 You really need to use a state-specific lease. My recommendation is to go to Avail.co or even Keycheck to use their state-specific lease template. Just specify your state and it will contain the relevant information. 

[Monica Smith]

Quote from @Max Guerrero:

Background and credit check first. FF has Keycheck. Have them pay for it and you can knock it off first month's rent if you wish. Lease comes second and deposit comes last. I don't consider it rented until the deposit is in my account.

 Do you require BG Checks for traveling nurses?  As I understand they have already submitted to BG checks with the hospitals before hiring.  I'm new to this.  Thanks

[Guadalupe Felix-Franco]

Quote from @Jamie Banks:

After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests. 

Do you send application to traveling nurses or only working professionals?

[Jamie Banks]

Quote from @Guadalupe Felix-Franco:

Quote from @Jamie Banks:

After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests. 

Do you send application to traveling nurses or only working professionals?

I send the application to everyone but I don’t require a background check from traveling nurses and other medical professionals if they provide a copy of their contract  

[Bonnie Low]

Quote from @Jamie Banks:

Quote from @Guadalupe Felix-Franco:

Quote from @Jamie Banks:

After receiving the request on Furnished Finder I reached out to the guest via their preferred communication method. From there, I send a link via my PMS to apply to the unit and complete the income/background/credit verification. Once the application comes back I approve it or deny it based on my criteria. From there the lease would be sent over and I would collect the security deposit. Sometimes you get guests who want to see the property beforehand. I usually tell them that the process is similar to booking a vacation rental that happens site unseen but if they insist I’ll schedule a walkthrough with my cleaner. I recommend getting a walkthrough video through Matterport if you can to be able to send to guests. 

Do you send application to traveling nurses or only working professionals?

I send the application to everyone but I don’t require a background check from traveling nurses and other medical professionals if they provide a copy of their contract  

 I do the same. I will waive the background check for travel medical professionals IF they provide me a fully executed copy of their employment contract. Sometimes they don't get that until a week or two before they're due to start work. But if you get one that hasn't been signed by all parties, it may mean that they're not actually going to get the contract, so make sure it's been signed by all parties. I don't waive the background check for any spouse or partner they're traveling with.

[Guadalupe Felix-Franco]

Would you ask for background check for a spouse booked via Airbnb?

[Nick Zupec]

Quote from @Guadalupe Felix-Franco:

Would you ask for background check for a spouse booked via Airbnb?

Hi Guadalupe. We have a completely different process for Airbnb vs other sources of MTR tenants. We don't do applications, security deposits, background checks, etc. for Airbnb guests. When they book through Airbnb, you have some protection/insurance through Airbnb to protect you if things go wrong (although I know many people have had issues when that actually happens). So no, we wouldn't do a background check on the traveler or the spouse because they should both be covered through Airbnb. If they book outside of Airbnb though (Furnished Finder, Zillow, direct booking, etc.) we would.

[Guadalupe Felix-Franco]

@Nick Zupec Thank you for your response.  

[Colleen F.]

@Michael Aguirre  if they stay more than 30 days it is advisable to have a lease agreement even for airbnb/VRBO  guests. You should disclose that in the airbnb/VRBO  listing.  I don't know if you can use an escalating rent clause in your area but if you have a high season I have in the past used a clause that increases rent for overstays. I have never tested it in court but reviewing the lease it makes it clear that unless otherwise agree the rent is automatically increased at lease end to the weekly rate as its a beach property. I also let people know they can't extend beyond x date.