Are you traveling from DC to show and screen or do you live in Norfolk now? If you are local, you should look into the Rent Ready Norfolk program. It's a free city initiative that offers great education to landlords and tenants.
See answers to your questions below... And let us know what neighborhood and street your are on. I'll give you more specific feedback once I know that.
Originally posted by
@Charlie Moore:
PLEASE, Only Comment If you own a URBAN Property and can relate to my current stress and struggles with it.
I will be closing on my next home tomorrow, i am excited......
I want to get feedback and advice on how to do qualifications and tenant background checks. There are many options for applications and screenings. I no longer use any of them because my application process is built right into my website. My #1 recommendation would be National Tenant Network - ntnonline.com. There's a small one-time fee to become a member and then you pay per screening. They will provide you with a great application in both paper and electronic format. For the electronic you will have a link you can paste right into your on-line ads after APPLY HERE:. Some other options you can check out are cozy.co (no m), mrlandlord.com, or even Zillow rent manager.
I own a property in a bad neighborhood in Norfolk Virginia, I guess it can called C "Class" Or Some might say it is "D" class... Either way, the neighborhood is rough and i feel as if it was a GREAT buy but i dont know how to do the proper application process. My last property i did an open house showing and accepted and processed 12 applications. i found 2 good ones....
Norfolk has some rough neighborhoods, but within the neighborhoods some streets are way worst than others. Personally, I only want to rent to SEC 8 in these neighborhoods. Otherwise it is almost impossible to find someone with VERIFIABLE AND RELIABLE income of at least 3 times the rent.
How Can i Find Good tenants? More applications, the better chance i find someone good? Correct?
In my opinion, in a D neighborhood I would only SEC 8. Put it on the Norfolk SEC 8 list but also use on-line ads. Use a syndication tool such as Zillow Rent Manager to syndicate your ad all over the web. I would NOT suggest putting a sign on the yard to advertise you have a vacant property if you are really in a D class neighborhood.
Do you do open house showings and let anyone apply?
We do group showings because there is a high no-show rate with tenant prospects, but we do prescreen on the phone to do our best to ensure those looking at the house will meet our rental criteria and timing of availability. (If you are ready now and they need 4 paychecks to save up the rent and deposit, what's the point in showing it?)
Should i charge 20 or 30 for the application fee? I Do The vetting all by myself with online sources, it takes hours.....
Figure out what it will cost you to do a full rental screening and then charge at least that. Most people are charging $35-50 in our market. $50 is the most you can charge per state law. A screening tool will help shave some time, but do not skimp on screening. Professional tenants are good and you need to be checking the court records, etc, even after running an automated screening.
Is it wrong to let multiple people apply, even though only one can be accepted?
There is a lot of debate on this and tenants are getting gun sky about landlords who are doing it because screenings are so expensive for them. Personally, once I have a COMPLETE application (all the documentation and payment of the app fee), I will accept applications but don't process them until I have finished with the first. If I accept the first, I give the app fees back if I haven't touched the other applications. IF, however, you are working on application 1 and it is still incomplete because the tenant still owes you data or money, and then you get a second application, go for it and screen both! VA law does not prohibit you from screening multiple applications at the same time. It only prohibits you selecting a tenant based on a protected class - including felony status.
What is your process? Does it work?
I'm a professional landlord and property manager, so my process wouldn't be feasible for a newbie self-managing landlord. I have a website where my properties are advertised that is my syndication tool that includes an application and screening tool. For a two property owner it would not make sense for you go to to this expense. You could consider hiring a Property Manager to do your leasing for you. Not all require full-service. Many allow you to hire them for specific tasks.
Do you ever judge based off of their personality or the way they carry themselves during the showing?
