| I am a real estate agent currently living in St. George, | | | | eliminate the overly anxious renter who might be |
| Utah. I have successfully managed rental property in | | | | desperate to rent from you because they were just |
| Denver, Phoenix and now St. George. | | | | evicted from their last place. |
| My tenants almost always pay their rent early. They | | | | 7. Give your tenant an "on-time rent rebate". I have |
| are usually easy to deal with and often return the | | | | consistently received my rents early due to this |
| property to me in better condition than when they | | | | concept. If the renter pays on time I mail them a |
| moved in. | | | | check for $50 to $100. This also puts the rent you |
| I have achieved this success by following a system | | | | can advertise lower than the similar units. Lower |
| that I have created from the multitude of property | | | | rents equals more potential renters to chose from. |
| management books I have read or from my | | | | More potential renters to choose from will give you a |
| experiences with tenants. | | | | better chance of finding a good quality renter. |
| Try these rules when renting out your rental | | | | 8. Most rental books suggest that you go to the |
| property next time. I think you will enjoy the success | | | | renter's current home to see what it looks like. Your |
| I have experienced. | | | | rental will look like their current home after they |
| 1. Use your rental property showings as the first line | | | | move in. You may not need to go to that much |
| of defense against bad renters. Save time by only | | | | trouble. If they have driven their own car, go out |
| showing your rentals three times per week. | | | | with the renter to their car to write down their |
| Schedule all the potential renters to show up at the | | | | vehicle information, I.E. make, model, license plate |
| same time. Make the time you are at the property | | | | number and VIN number. |
| very short. For example tell them, "I will be at the | | | | While doing this check the inside of the car. If it is |
| property from 5:00 to 5:15 on Tuesday." Some | | | | fairly clean, great! |
| people will show up late. Eliminate them. If they can't | | | | If it's a pigsty, expect your rental property to look |
| be at a simple appointment on time, how do you | | | | like the inside of their car after you have rented to |
| know they will pay their rent on time? | | | | them. |
| 2. Have a list of the qualifications you are looking for | | | | 9. Do a "Dinner Date Check" on the potential renters. |
| in a renter. | | | | Would you feel comfortable going out to dinner with |
| Include job history qualifications, income needed, | | | | them? If not, you probably shouldn't rent to them. I |
| credit history etc. Make sure each potential renter | | | | try to rent to people who have personalities similar |
| receives a copy of this list when they fill out the | | | | to mine. Also, do a "Rent Collection" check on them. |
| rental application. By providing this list you can reduce | | | | Would you be afraid of them if you had stand face |
| the possibility of someone accusing you of | | | | to face with them and demand your rent? If so, |
| discrimination. | | | | don't rent to them. |
| 3. The filled out rental application is the next step to | | | | 10. Suppose a deadbeat renter managed to slip by |
| separating the good renters from the bad. After the | | | | your radar and is now living in your property |
| renters have filled out the application look it over. Is | | | | "rent-free". Instead of evicting them, consider what |
| the writing legible? Are all blanks filled in? Did they | | | | the banks do to get rid of "unwanted guests" living in |
| include the application fee? If the answer is no to any | | | | the foreclosed properties that they have gotten |
| of these questions, consider moving on to the next | | | | back. Get a handle on your pride and offer them |
| prospective renter. | | | | "cash-for-keys." "Cash-for-keys" is a concept where |
| 4. Always do credit and eviction checks on your | | | | you offer the renter a lump sum payment of cash if |
| potential tenants. These checks are cheap and easy | | | | they move out of the property quickly. |
| to do. You can use an online landlord credit check | | | | For example, I have offered $800 to $1500 for an |
| company. You can usually tell by the renter's credit | | | | occupant to move out within 10 days. If they accept, |
| history, how difficult it is going to be to have them | | | | I get to inspect the property right. They have to |
| as tenants. | | | | return the property to me in the same condition as it |
| 5. Your rental application should have a space for the | | | | is in currently. They also have to have all of their |
| last two landlords contact info. Contact both. The | | | | belongings and trash removed from the property |
| most important contact is the landlord before the | | | | before they get the check from me. I have the |
| current one. That landlord will tell you everything you | | | | locksmith meet me at the property at the time I |
| need to know about the renter. | | | | give the deadbeats their check. The locksmith |
| 6. Give yourself plenty of time to collect rental | | | | changes the locks and secures the property while I |
| applications. Aim to get at least 10 applications. This | | | | meet with the tenant. |
| will give you enough potential renters to find one that | | | | Using cash-for-keys vs. eviction will save you money |
| you will be comfortable renting to. This will also | | | | in lost rent and damage to the property. |