I am at my most ACCOMMODATING PROPERTY SHOWING mode. I get gas in my car when it is half-full and I have 10 minutes. I have Coke Zero bottles in my car AND my car phone charger. I am often on the phone arranging a rental home viewing while prospects are following me to their next property viewing.
....so after showing a couple several homes last week and providing them with my rental applications with my credit criteria on the reverse side, I got a phone call from them today. Their FIRST choice of home was GONE * they had listened to a real estate agent who said he had to contact the property owners about their application * and was the home they saw 7 days ago still available. I asked them if they had their application paperwork completed and could they fax or e-mail it to me within the hour? They did not have their applications completed. I STRONGLY suggested they complete them within the hour and get them to me so that they would get into the queue for this property as I was on my way to show it AS WE WERE SPEAKING!
They seemed surprised that I was so candid and that I was so insistent on their paperwork. I quickly reminded them that I cautioned them a week ago to select a new rental home and have their application paperwork completed and submitted ASAP.
I am CANDID with them because the SOONER they....1) get over their STICKER SHOCK on our AREA RENTAL HOME RENTS; 2) submit their COMPLETED APPLICATION PAPERWORK; and 3) provide a check for their move-in monies * First FULL Month's RENT and SECURITY DEPOSIT....the SOONER they can SECURE their NEW RENTAL HOME!
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
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"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
In our area, we have the same situation with buyers. Well priced properties are attracting multiple contracts. If buyers are not ready, they will not be in the game.
I often suggest a prospective renter fill out the application paperwork the first time we meet, whether they have found a home they want or not. The reasons are fairly simple. A rental application needs complete information something many applicants can't do on the fly. And secondly I need to know they are serious & qualified. If they won't fill out the application I supsect they are hopping from agent to agent and will only committ when they find the property of their "dreams".
My rental applications are available on my website so the process should not be a SURPRISE to prospects. I think they are still judging OUR rental market in comparison to the SALES market where they are coming from....BIG MISTAKE!
We have all types of Buyers in the market. If they provide full info in the first meeting, it works out well for both. Otherwise there will be lack of trust. Working with one Realtor is always in prospective renter's ( or buyer's) favour.
Wallace,
I love having a good process, as it helps weed out the folks you don't want in the first place. First, important criteria, following the rules, ie process. If you don't want to do that, will you be ok with following the lease rules?
All the best, Michelle
I work wih a number of tenants and strongly suggest they have their rental application completed when we meet - the house they see today was seen yesterday by another prospective tenant and could be gone. Rentals don't stay on the market long in our area.
Wallace you are singing my song. I require a preliminary application before even scheduling a showing. I need to have some sense that the prospective tenant will qualify. While they prefer to spend their time questioning my policy, I prefer to spend my time with prospect that respect my policy.
I give prospects an application right upfront and have them complete it; if they're serious, they will do it right away. If they linger, they may well lose the house.
I wonder if they were even serious in the first place. If you had laid the application process and instructions flat out, then should have taken that as a sign of professionalism and yea, a notion that you knew what you were doing. They need to get their act together, them and a few more I know.
I have had this happen a few times as well. I tell every rental prospect applications are considered on a first come first serve basis regardless of who viewed the home first.
Aaron * people who want to view first are at a disadvantage timewise and they don't realize it until it is too late