PropertyManagementMaven: Which Comes FIRST? The New JOB or the New RENTAL HOME?

Which Comes FIRST? The New JOB or the New RENTAL HOME?

Our area has very low unemployment so when job openings do occur, most employers have to outreach to other areas for new-hires.

 

This often means that would-be new-hires are coming to our area for job interviews several times and looking for suitable rental housing at the same time.  I don’t mind discussing renting options via e-mail or phone, however, actually showing rental property is entirely different from showing homes for rent.

FIRST * the rental property, in a hot rental market, may well be rented by the time the prospect/new-hire will be moving;

 

SECOND * since I don’t take rental prospects in my car, my use as an area “tour guide” is nil so their “drive-time” toview a rental property is not worthwhile for learning about the area; and

 

THIRD * they have no “employer/income” source for their application process except for their current job where they may not have given notice.  This completely stalls the application process until their new job is secured.

 

Would-be rental prospects/new-hires are better served using their time to actually get familiar with the area, learn about the schools and amenities as well as secondary job prospects for spouses or partners..... 

 

 Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans


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Comment balloon 21 commentsWallace S. Gibson, CPM • August 27 2014 04:34AM

Comments

Hi Wallace.  Very smart on your part.  Wasting time being a tour guide doesn't make sense.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 4 years ago

Good points...prospective renters may not know what chicken or egg..job or home comes first 

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) over 4 years ago

None of us want to be used whether for a rental or a sale. especially when the new job is still to be started

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 4 years ago

Anyone in Property Management should take a lesson for you Wallace.  You run a tight ship and have proven excellent results.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) over 4 years ago

Others that handle rentals should consider following your showing policies. Thanks for sharing your experience.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 4 years ago

We understand your pain about being a tour guide ! We have negotiated 1/2 day and full day fees to do "area tours(and show 1-3 rental properties) to POTENTIAL employees(no offer in hand YET). We simply must be stewards of our TIME !!!

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) over 4 years ago

This can be a tricky situation in both getting the job and finding a decent place to live.

Posted by Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366, General Contractor, Dry Rot and Water Damage (Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366) over 4 years ago

Good morning Wallace. I see no reason to be an unpaid driver, you make really great sense as to how you run your business. More folks should think the same way.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) over 4 years ago

If they secure a new HIGHER paying job locally, they should qualify for a LARGER rent home so securing the job should be JOB1

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) over 4 years ago

Rental/Leasing/management business is really tricky, seems that there are more things to watch out for, but I have learned much and enjoyed it myself.

Posted by Pete Xavier, Outstanding Agent Referrals-Nationwide (Investments to Luxury) over 4 years ago

Wallace,  a tour guide I am not! You make complete sense! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) over 4 years ago

Hi Wallace, this is really a great information to share. You really made a great sense.

Thanks for this. Have a nice day.

Posted by Christopher Lotte, Central Ohio Realtor, 614-390-9243 (Key Realty) over 4 years ago

Wallace,

I will wear the tour guide hat once in a while, however, my goal is to get paid at the end of the transaction. To increase my chances, I first need to make sure the prospective tenant has a job signed off by the new employer. Then, I send them a list of 10 available homes for rent that fits their criteria. I have them pick 3.  Iwill then ask  why they chose the 3 and only then will I put them in my car. 

Usually on a rental scenario, if we are not careful, we  end up in the red. But we are in this business for relationship. Most my renters look for homes within a year and start searching after 6 month of signing their rental agreement.

Posted by Les & Sarah Oswald, Broker, Realtor and Investor (Realty One Group) over 4 years ago

Fortunately, our area has many LEASE ONLY residents who will only be here for 2 or 3 years for school or employment; however, they do need to show income so getting the JOB first is key

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) over 4 years ago

Every time I give in and work with a renter, I find it was a mistake.  They take up your time, and they go off and rent something without you.  I think I'll have to take a pass on most of these folks.  There is no loyalty.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) about 4 years ago

I have truly always assumed the job was the main thing.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) about 4 years ago

Joan Whitebook Don't lose sleep. Such is life for some folks. :)

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) about 4 years ago
 
I took a few moments to 'like' the comments on your blog to add a little support for the bloggers who are supporting you. I hop that others will do the same.
Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 4 years ago

Hi Wallace,

Great post. Rentals can be difficult no matter the area. I realldon't like working rentals if I can avoid it.

 

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) about 4 years ago

This is a pertinent question Broker Wallace Gibson at (434) 825-1933, with Gibson Management Group LTD.  to Charlottesville, Virginia.

Posted by Will Nesbitt, Nesbitt Realty is a family-run brokerage. (Nesbitt Realty at Condo Alexandria) about 4 years ago

Wallace I totally agree with you, let the newbie find their own desired neighborhood and area then I will help them with their renal. We're not a taxi site seeing service. Happy New Years Eve.

Posted by Bob Ratliff, "Sold with Bob" (Robert Ratliff Realty) almost 4 years ago

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