All Forum Posts by: Mark Werner

@Joe Fairless Thanks for the response Joe. I know many people here have told me to increase my rent. The property is in the New River Valley, VA area (Radford, Christiansburg, Blacksburg). I don't know that it is priced too low. I asked a realtor what she thought before I advertised it and she suggested $200 less a month than I advertised it for. I actually advertised it just for kicks while I had it listed for sale. I didn't expect to get much response at all. I wish I had 4 more of them to rent. The rental rate seems to be in line with other properties around the area.

@Shawn Holsapple Great advice, Shawn. Thank you!

Hello all. I am curious to know from the long time, experienced landlords, how do you approach a situation with numerous applicants or potential applicants? I am new and still learning, and especially learning a lot from the good people t this website. I initially listed my first rental and was overwhelmed with potential applicants. Unfortunately I selected one that I believed would be a good choice (prior to getting application or deposit) and removed my ad. That potential tenant turned out to be a not so good choice. Some of you may have read my forum on that.

Now, I have the same problem again. Do you let them all complete an application and collect application fee and deposit from all of them, then do your background and credit checks, and then select your best candidate based on everything? Or do you screen one potential candidate at a time?

I don't know. I just find myself feeling kind of guilty collecting application fee and then having to tell people they were not selected, then they are out the $30. Or am I being over sensitive? Do potential tenants know and expect they might be out the application fee (I know it say's right on my application "non-refundable")? Or do the applicants who are not accepted get upset wanting their application fee back?

I am just wondering how the screening process is approached by those of you who are experienced in ding this. I know it is a good problem that I have and I wish I had about 3 or 4 more of these townhouses.

Thank you very much!

Mark

@Account Closed I am certain it works both way. We hear about horrible landlord stories quite often outside of forums like this. Probably more so than we hear horrible tenant stories. No one is excluded. Society is evolving into a place where you aren't able to trust anyone. And that is really too bad. We've really lost our way.

@Account Closed Thank you Marie. I do intend to reach out to some people that had inquired in the past. One couple seemed really nice and were coming to work on the faculty at the University and wanted to lease it for possibly 5 years - and were overly gracious with offering me whatever I might need to approve them. I chose to select someone local, thinking I could trust him, though I never received any security deposit, application fee, or completed application. The other couple contacted me and told me how beautiful my place was and they really wanted it but they found something else. Still , as you say, it cannot hurt to try. I re-listed it last night and someone is coming to view it tonight. Someone is coming to view it tomorrow too. And again, both seem willingly to adhere to the application process. Right now I am just a bit gun shy to deal with anyone or believe anyone right now. Thanks again @Account Closed for the words of encouragement.

 @Nicole Jones

Yes, I am creeped out. And it was like at 1:30 AM. Creeped out, freaked out, you name it. Especially with information I have been able to obtain since. Pretty scarey. "This is a very odd situation". I am glad to hear that because I thought so. My family thought so. My lawyer thought so. My realtor thought so. Everyone on here seems to think so. Though I have nothing to compare it to as it has been my only situation in REI.

I suppose rule #1 in being a landlord. Do not trust anyone under any circumstances. It is just disappointing. I guess a good learning lesson for me going forward.

Thank you for taking the tie to respond and offer advice and encouragement @Nicole James

 @Aaron Mazzrillo Thank you for taking the time to provide feedback and offering your advice. I can afford to keep it vacant. Though as I am sure you know, that is not my goal. I am just disappointed that I was mislead, or being attempted to be mislead and taken advantage of - especially on my first go around. A sign of things to come? I had several other valid potential tenants begging me to lease it to them, offering my deposits without even asking, providing me their information without me asking for it, filling out rental applications they already had and sending them to me before I could even send them my rental application. I turned them all away. No I am back at square one. This potential tenant indicated to me that he was willing to complete any application process I had, but really never had that intention at all. Just disappointing. 

Thanks for taking the time to provide feedback and advice.

Thank you everyone for your responses. I really appreciate it. It helps me a lot. I am surprised that the potential tenant had posted comments on this forum questioning everyone's feedback to me. I feel bad about that and I apologize. It sounds as though he may have moved on though.

For my first experience at my first go at this, I don't know how everyone does this with any sanity. I am reluctant to review any more potential tenants.

Thank you again everyone for your valuable feedback.