All Forum Posts by: Erik Dofelmier

 Congrats!  I'm sure that's a relief. 

 I have the prospective tenants use the Zillow application process. For one price they can submit their information to many landlords, making the process pretty inexpensive for them. I get to see their credit score, current credit situation, employment history and current, eviction history, criminal record. I get plenty of information to make a decision about spending my time showing the apartment.

I checked out your listing and read what you're doing to attract PTs (prospective tenants) and pre-screen them, and here are my takeaways:

-No offense intended, but your marketing photos could be better.  You have paint and other items in one of the photos near the entrance. None of the photos are zoomed out (or you're using an outdated phone camera).  Marketing matters.  Notice the haze around the photos; you must wipe the lens on your camera before shooting.  If you're using an iPhone, edit each photo's brilliance and brightness a bit to make the photos more crips. 

-Your property suffers from "exterior obsolescence."  When you have a property in an area with low demand and demographic challenges (low credit scores, low income), you've got to get all the other details right.

-You might consider lowering your income requirement to 2x the rent.  This became the law in Colorado recently, and as terrifying as it is, you need to cast a wide net in your situation.  I would suggest lowering the income requirement before lowering the credit requirement. 

-Next time, use a brighter paint color.  I suggest SW 7015 (Repose Gray) vs. the dark color you chose.  Make the space feel larger, but don't paint the walls white (too stark.) 

-Your template is good for PTs (Prospective Tenants), but I would suggest asking them questions: What's your credit score?  What's your monthly gross income? Do you have pets, if so tell me about them?  When do you plan to start a new lease?  Don't announce qualifications and hope the PTs will read these and show up qualified.  No one reads. 

-Finally, go with the highest credit score possible. Nothing is more important when it comes to tenant selection.  In the Denver market, we have the luxury of requiring a 700 minimum score, but I imagine you could get a 700+ credit applicant with a few improvements. 

@Erik Dofelmier Did you find qualified tenants yet? 

I also include in minimum requirements  minimum credit score of 600+ with no utility, cell phone, cable or internet delinquencies or collections.   I would not include the smoking background and pet policies in every reply.     You may be scaring away potential tenants with your long checklist.    Better to meet them in person and talk about policies.

Do not feel bad about the 600+ credit score.   I recently took a realtor CE course and learned due to all the free money the government passed out during the pandemic only 15% of the population have scores under 600.

Listing that I have posted since Thanksgiving till now, get requests for information but I have had showings where even the confirmed potential tenants are no-show.  I am in the "cold" Mid-west.    No one wants to move around the holidays or until the weather breaks.  Though I do get interest from tenants with low credit scores and evictions.  Even with a slow rental market I still maintain my minimum requirements.    I am a PM and I am not getting to concerned until March.