Author Topic: Where Do You Look for Rentals?  (Read 1336 times)

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Offline Compressed-Village

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Re: Where Do You Look for Rentals?
« Reply #15 on: October 08, 2019, 12:53:16 PM »
From my experience, a good to great credit history will dismantle all of the fake and squatter from your pool of applicants. Only choose the top applicant of strong job history and solid credit history.


Believe it or not a lot of well qualified applicant can buy but chosen to rent and wait out. So they often bubbles to the top.


They are adding to the pain of lacking rental. And seem like price range in the 3500 to 4500 SFH goes pretty quickly.

I agree with you in principle, but this could put you at risk under the Fair Housing Act.  The way most landlords and property managers deal with this is by evaluating the applications in the order that they are received.  The first application that meets your written policies and procedures for qualification needs to be approved.  So if you have a requirement of income 3x rent, credit score above a certain number, and good references, you should approve the first applicant that meets these criteria, even if a later applicant is stronger.  Then it becomes difficult for somebody to sue you for racial discrimination, etc.

Very difficult to prove with private landlord. Now if it’s TIC, then it will be a different story. A family of 5 or more don’t want to pay big bucks and live in apartment styles dwelling.

And as a private landlord, the only sure way of eliminate squatters and headaches is to choose the best applicant. It works for me.

Offline mads

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Re: Where Do You Look for Rentals?
« Reply #16 on: October 08, 2019, 01:55:51 PM »
Do you at least let your applicants know that they will be part of a pool and that although you will be pulling their credit, they may not make the cut?

Offline Compressed-Village

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Re: Where Do You Look for Rentals?
« Reply #17 on: October 08, 2019, 01:58:43 PM »
Do you at least let your applicants know that they will be part of a pool and that although you will be pulling their credit, they may not make the cut?

Any application that does not have a credit pull are not up for consideration. This is part of the application process. An incomplete application will weed out the squatters.

Offline Nicole Pompey

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Re: Where Do You Look for Rentals?
« Reply #18 on: October 08, 2019, 03:10:48 PM »
....Make the story short, the landlord lady was the owner and she had not make payments on the property for over a year. We litterally had 1 month to move out. That was pretty stressful. So in this instance, having a realtor on your side of looking for a property was well worth the efforts. Also like Nicole mentioned above, listing your property with an agent so they can checks and filter your potential renters may well worth it.

Oh my gosh! I'm so sorry this happened to your family. What an awful experience. I've actually been just as selective when working with Landlords, as well. So far, our track record for screening and helping the landlord select tenants has been 100%. Our process is tedious and most flaky or squatter type tenants won't put in the work we require. (Recent example, we had 50+ interested on a condo in OC and only 1 was willing to go through the process. It took only one week but the details are very specific - it paid off!) The landlord owns the property outright and serves on the HOA board so everyone was a winner.

Side note - Have you seen the show on Netflix based in England? It's called, "Nightmare Tenants, Slum Landlords". It's quite unbelievable!
Nicole Pompey, Realtor®
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Re: Where Do You Look for Rentals?
« Reply #19 on: October 08, 2019, 03:17:34 PM »
Cost of business

Offline Compressed-Village

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Re: Where Do You Look for Rentals?
« Reply #20 on: October 08, 2019, 07:35:52 PM »
....Make the story short, the landlord lady was the owner and she had not make payments on the property for over a year. We litterally had 1 month to move out. That was pretty stressful. So in this instance, having a realtor on your side of looking for a property was well worth the efforts. Also like Nicole mentioned above, listing your property with an agent so they can checks and filter your potential renters may well worth it.

Oh my gosh! I'm so sorry this happened to your family. What an awful experience. I've actually been just as selective when working with Landlords, as well. So far, our track record for screening and helping the landlord select tenants has been 100%. Our process is tedious and most flaky or squatter type tenants won't put in the work we require. (Recent example, we had 50+ interested on a condo in OC and only 1 was willing to go through the process. It took only one week but the details are very specific - it paid off!) The landlord owns the property outright and serves on the HOA board so everyone was a winner.

Side note - Have you seen the show on Netflix based in England? It's called, "Nightmare Tenants, Slum Landlords". It's quite unbelievable!

Have to check out this show. Although, it might give me the chills. 😀

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Offline Compressed-Village

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Re: Where Do You Look for Rentals?
« Reply #21 on: October 31, 2019, 01:52:02 PM »
Context: I am listing my 2bd/2ba condo in Eastwood Village for rent. I want to self-manage the property so don't want to involve a realtor.

Question for both landlord and tenants:

Tenants, where do you search for rental homes when you're in the market?
Landlords, what source/website/search engine generates the most success and interest?

I want to self-manage the property so don't want to involve a realtor.

So you are a realtor yourself, why ask these questions???


Offline best_potsticker_in_town

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Re: Where Do You Look for Rentals?
« Reply #22 on: October 31, 2019, 02:10:25 PM »
Context: I am listing my 2bd/2ba condo in Eastwood Village for rent. I want to self-manage the property so don't want to involve a realtor.

Question for both landlord and tenants:

Tenants, where do you search for rental homes when you're in the market?
Landlords, what source/website/search engine generates the most success and interest?

I want to self-manage the property so don't want to involve a realtor.

So you are a realtor yourself, why ask these questions???

I'm a part-time agent with pretty solid experience on the buy-side. I refer out if anyone needs assistance with selling or renting their property. I can do market research but wanted to understand what other resources people use to list/market their rentals outside of MLS.

Offline USCTrojanCPA

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Re: Where Do You Look for Rentals?
« Reply #23 on: October 31, 2019, 06:06:02 PM »
Context: I am listing my 2bd/2ba condo in Eastwood Village for rent. I want to self-manage the property so don't want to involve a realtor.

Question for both landlord and tenants:

Tenants, where do you search for rental homes when you're in the market?
Landlords, what source/website/search engine generates the most success and interest?

I want to self-manage the property so don't want to involve a realtor.

So you are a realtor yourself, why ask these questions???

I'm a part-time agent with pretty solid experience on the buy-side. I refer out if anyone needs assistance with selling or renting their property. I can do market research but wanted to understand what other resources people use to list/market their rentals outside of MLS.

Remember to have the agent that you refer business to sign a referral fee agreement so you get 25% of the commission as a referral fee.
Martin Mania, CPA
AgencyOne
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