Help with Selecting Tenants

[max_boost]

Ok this is CRAZY. CRAZY MARKET. Back when I had a vacancy in March, I probably had about 10 or so calls in the first week with half of them being serious. Well I listed our rental last night on Home Rent and from this morning (9am), I've had 15 calls. This is ridiculous, in the first day! So tomorrow I'm holding some sort of open house but I really don't know how to select my tenants. They all say they want it blah blah blah. Normally I don't have an application process because you know, show it to a few people and just make a deal. But right now this is some what overwhelming and new to me.

Advice please :thumbsup:

[asuth077]

Just eliminate them based on what you would like to see. No kids, no pets, smokers, etc.

Or you could get them all together and say "look there are a lot of you wanting this property and I have no way of choosing so who wants to pay for it?"

[HRD2PLZ]

After you have narrowed down the applications somewhat maybe have some kind of interview with the potential tenants to see who you have the best feeling about. And needless to say, check their references. In a rental market such as this, finding good tenants shouldn't be too hard... besides the fact that you are being bombarded :rofl:

[Weapon_R]

Find out where they work, and then ask for work and previous landlord phone numbers.

Call their work to verify that they actually have a job and are in good standing. Choose a tenant according to his/her job. For example, try finding someone with a good job capable of paying the rent. Also call past landlords and verify that they lived there, and ask how well they were with payments and such.

When I listed with rentfaster.ca, I was literally bombarded with telephone calls from people. I honestly received 4 calls from out of Alberta for people wanting to rent without seeing the property! Some potential tenants were offering to rent the place for $100 more than I was asking, just because they couldn't find a place in Calgary. There is no shortage of renters, so price accordingly and wait for the right people.

[max_boost]

Thanks for the advice. It'll be an interesting day that's for sures. I've never had so many people interested in one property before. A possible bidding war for a rental? haha

[Supa Dexta]

what and where is is, my and my gf are going to be moving shortly, landlord gave us 3 months on friday.. It's not a fun time at all trying to find a spot, even with this much notice... We're both quiet, good jobs, don't smoke, no parties, no pets, or kids.. etc. We're just boring.. ha.. Been in this place for over a yr and a half with no troubles, but now they say their nephew is moving to town and they are giving him this place.. son of a bitch....

just the hassle of renting is making me consider buying, but I know not eveyone has that option..

[D. Dub]

Two words--CREDIT CHECK!!!!!

Its the best way to see if they keep up with their financial obligations.

[GoChris]

I'm looking for a rental....

[max_boost]

Originally posted by D. Dub
Two words--CREDIT CHECK!!!!!

Its the best way to see if they keep up with their financial obligations. How would I go about doing a credit check? I thought that was only accessible by those in the industry?

Anyway, I rented it out today to a really nice couple. Mid month possession too. I actually came out ahead because I axed the other tenants damage deposit for leaving early haha :D

[Talies R]

Originally posted by max_boost
I actually came out ahead because I axed the other tenants damage deposit for leaving early haha :D

:rofl: what a guy :D

[D. Dub]

Originally posted by max_boost
How would I go about doing a credit check? I thought that was only accessible by those in the industry?

Anyway, I rented it out today to a really nice couple. Mid month possession too. I actually came out ahead because I axed the other tenants damage deposit for leaving early haha :D

Contact one of the credit bureaus and ask to become a client. Its some of the best money you'll spend. The last thing you need is a deadbeat tenant!!!

http://www.tuc.ca/TUCorp/subscriber/businesssolutions.htm

http://www.equifax.com/biz/index.shtml

[max_boost]

Originally posted by Talies R


:rofl: what a guy :D

What's the point of signing a 1 year agreement if you are not going to honor it? Or giving your landlord only 12 days notice, not cool! haha


Originally posted by D. Dub


Contact one of the credit bureaus and ask to become a client. Its some of the best money you'll spend. The last thing you need is a deadbeat tenant!!!

http://www.tuc.ca/TUCorp/subscriber/businesssolutions.htm

http://www.equifax.com/biz/index.shtml


Wow I did not know that! Thanks! I will definitely utilize it next time :D

[natejj]

Originally posted by max_boost
Ok this is CRAZY. CRAZY MARKET. Back when I had a vacancy in March, I probably had about 10 or so calls in the first week with half of them being serious. Well I listed our rental last night on Home Rent and from this morning (9am), I've had 15 calls. This is ridiculous, in the first day! So tomorrow I'm holding some sort of open house but I really don't know how to select my tenants. They all say they want it blah blah blah. Normally I don't have an application process because you know, show it to a few people and just make a deal. But right now this is some what overwhelming and new to me.

Advice please :thumbsup:

15 man battle royale, last man standing wins!

[G]

Originally posted by max_boost


What's the point of signing a 1 year agreement if you are not going to honor it? Or giving your landlord only 12 days notice, not cool! haha



My extenants voluntarily forked over $5500 and forfeited their damage deposite for breaking their 1 year lease 3 months in. So they payed $9500 for 3 months of rent. I laughed all the way to the bank.

[shakalaka]

^^hhah No shit buddy you driving all those cars.:D

[Xtrema]

wow looks like rental market is pick up steam as well. Most of mine are still lock in year long contracts so I havn't test the water lately.

I usually try to get single or couple professionals. If they have kids, I try to keep ages 2-14 away.

Alternative payment available for hot females..... (well at least in my fantasy anyway).

[Charon]

Now look at this from the renters point of view. This market is terrble. Me and my roommate have been looking for a place for two months. Since our landlord has sold the house. We are almost ready to pretend we are a family, or couple, if it could help us get a place.

Some of the places have been taken before they were even available to view. Dang it, really wanted a place withing walking distance of the U, as it makes like 400% easier. Doing a Masters while homeless is not going to be fun. As I will be homeless come the end of this month now :(

[Altezza]

We had one unit for rent. All we did was put a sign up on the lawn. We had 23 calls from 6pm until about midnight when I got home. I doubt anyone called after 10pm, so we're talking 23 calls in 4 hours. Crazy. Sure, there are tons of people available to rent, but finding good quality renters is tougher these days than 5 years ago, IMO.

[/////AMG]

Fuck. I should have never moved out of Calgary.

[Charon]

Originally posted by Altezza
finding good quality renters is tougher these days than 5 years ago, IMO.

And finding good quality places is also hard. Many of the ones I have looked at are owned by a shifty land lord that just wants to stuff someone in the house. And everything is old and run down. Ex: Baseboards all pulled out from walls, has not been painted in years. And looks like undergrads have been having frat parties for years and dont give a damn about the house. Any half decent place is gone before you can blink.

Having a nice place is good, having a landlord that cares.. even better.

[nosegrindR]

Originally posted by Charon


And finding good quality places is also hard. Many of the ones I have looked at are owned by a shifty land lord that just wants to stuff someone in the house. And everything is old and run down. Ex: Baseboards all pulled out from walls, has not been painted in years. And looks like undergrads have been having frat parties for years and dont give a damn about the house. Any half decent place is gone before you can blink.

Having a nice place is good, having a landlord that cares.. even better.

:werd:
i'm currently renting my unit to a girl and her younger brother. After doing a background check and employer check, I was pretty sure that they were going to be the best candidates to rent my condo.

From there, we sort of based everything on respect. There's nothing worse than having a shitty landlord that doesn't care for your needs. If you help them with their matters (to an extent), they're going to respect you a lot more and therefore they're not going to deliberately trash your house when the lease is near over.

max_boost, if you have a good judgement of character, you can almost tell right away if they're going to be good or not, from there, filter your results via reference checks. Obviously, when you're doing a background check, make sure you ask if they've paid on time, etc. Goodluck :thumbsup:

[sputnik]

Originally posted by natejj


15 man battle royale, last man standing wins!

Do you really want the toughest SOB's as tenants? I would rather have a Jeopardy or poetry writing contest.

[ga16i]

Damn it, just pick the hottest girl! :thumbsup:
Or one you're most likely to score with.