So REAL LIFE UPDATE – we are in the process of putting tenants in the new Binghamton place! Let’s talk about that process.
So, as we do, let’s talk Real Estate, let’s talk TENANTS -WHERE & HOW DO I FIND THEM? …
FIRST OFF, WHERE DO YOU FIND TENANTS?!
We have tried multiple methods and I have to tell you – I believe our most successful method so far is via social media! When we have a unit available, we typically post the listing to-
FACEBOOK – we have found so many people through the Facebook Marketplace!
Once we create awareness, we try and host an open house for renters to come by and check the place out. We have applications and freshly baked cookies waiting (thanks to our partner KF- the certified cookie baker – seriously he is certified)!
If interested, prospective tenants will fill out the applications on site and we begin the screening process ASAP.
WHATI INFORMATION DO WE REQUIRE ON OUR APPLICATIONS?
The standard stuff.
Social Security Number (we use this for credit and background checks)
Current Landlord Name & Number
A list of any other tenants that will be living on the property (i.e. children or any others that will not be listed as an actual tenant BUT will be living in the unit)
Signature – this authorizes us to review their information
If you are looking for an application file, let me know, happy to share our template with you!
NOW, IT IS TIME TO “RUN” THE APPLICATIONS – WHAT DOES THAT MEAN?!
Our company policy is that we run every application in the order in which we receive them.
We review the information provided on each application – i.e. who is the tenant, how many people will be living in the unit, does their income level support the rental rate, do they have pets that our insurance policy will cover, etc. Remember, it is important that this is the right unit for your tenant AND that this is the right tenant for your unit. The goal is not to rush the process and just fill it with the first person that shows interest. THAT BEING SAID, if you do deny a prospective tenant’s application, there must always be a legal and legitimate reason. We make sure to document why a tenant’s application is denied for any reason.
Anywho, moving on, if EVERYTHING seems to check out on their application – we will then send a credit check request via Cozy.co. This online tenant portal allows us to request a credit check via email and for the tenant to authorize the credit run and pay for the report online (the report we require is $25). Once we receive the report, we make sure to review any and all liabilities the tenant may have. We are really looking to see if there are any previous evictions or any serious red flags. If all is okay here, we can officially “accept” their application!
OKAY, SO WE HAVE A “CHOSEN” A TENANT – NOW WHAT?!
We will then reach out to the tenant and let them know that their application has been accepted and review the terms and conditions of the lease with them. If they want to move forward with our unit, we will send them over the lease and sign request via our online signature platform – DocHub.
Once the lease is signed by all parties we get them set up as tenants on that online tenant portal I mentioned above – www.cozy.co!
Here, the tenants can pay the security deposit, pay their rent, file maintenance requests, have access to their lease, etc. We find this to be the most effective way for us to communicate with and collect rent from our tenants.
SO QUICK RECAP, WHAT NEEDS TO BE DONE BEFORE A TENANT CAN MOVE IN?!
Market the property
Review tenant applications
Select a tenant
Set up payment method
Collect security deposit AND first month’s rent
Hand over the keys
Let the lease begin!
I want to note that there are plenty of other ways to go about this process, this is just what seems to be working for us! Let us know if you have any specific requirements or action items YOU require before starting a lease with a new tenant!
Feel free to comment on the blog post HERE and let us know what YOU think!
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Me & my business partners – this is also based on our personal experiences!