Screening tenant advice

What I think you lose with a broker is the ability to choose if you get multiple applications. The broker is going to present you one at a time, packaged, for an up or down determination. You don’t know the market or the choices. But without a broker, the onus is more on you to price, vet applicants, present the place well, etc.

slopefarm

in General Discussion 8 years and 1 month ago

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namahs | 8 years and 1 month ago

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We will be first time landlords and opting to screen our potential tenant instead of using a broker. After reading thru previous threads and advice from other..we feel we want to see the people in person to try to eliminate the risk. What do you guys recommend to run background/credit/eviction check on the tenants? any specific service or website? We just want to eliminate as much risk as possible as we heard alot of bad stories with tenants. Since this is new to us we are a bit nervous in this process.

Besides asking for employment verification, ID, and the tenant screening above..are there anything else? Some recommend asking for current landlord but we feel if the tenant is in a bad situation..their current landlord will say anything to get them out. We will be using the standard blumberg t186 lease as recommended. Any advice, greatly appreciated.

mozeeatupu | 8 years and 1 month ago

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There’s a lot of rules regarding what can be asked, not asked, signage, fees, notifications, privacy requirements, office security, etc that makes it a big hassle. Even if you hire a broker, you still meet and have final approval of the tenant.
Professional tenants know how to make a good impression and as first time LL, let the broker handle the grunt work.

southsloppy | 8 years and 1 month ago

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Same here, we decided to forego the broker and don’t regret it: Used Houserie for the background/credit checks and requested the rental history. We requested rental history, and when possible contacted not the current landlord, but the one before. You do need to be careful about info you request and make sure you get a proper application in place and get authorized to pull all this information. Cozy is also good collecting rent online, one less hassle!

alamalsayarat1 | 8 years and 1 month ago

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I second using Cozy.co for application, credit, and background checks. The cost is on the applicant and is nominal. As mentioned you can collect rent via Cozy for free. And of course meeting them, during face to face conversation you can learn a lot.

helen40

in General Discussion 8 years and 1 month ago

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If you want to eliminate as much risk as possible, hire a broker. They will pre-screen everyone and make sure you only meet with candidates who meet the income criteria and pass the background check. You always get to make the final decision.

I don’t understand why you would want to add this chore when you have so much else going on as new homeowner.

mozeeatupu | 8 years and 1 month ago

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Also if someone has broker money they usually no problem with rent money.
Additionally, ask for proof of last 12 months rental payments

southsloppy | 8 years and 1 month ago

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I’ll respectfully disagree with the broker advocates up here. The process to rent by owner was not that time consuming, and put us squarely in charge, it took us a few hours at most to post an ad, organize an open house, screen our top contenders and put together paperwork.
We vetted the financials more carefully and asked for more upfront than the standard (first, last and deposit) as extra safety.
Also, you live in the same house, it’s pretty important to understand what your tenants are going to be like, not only about paying on time but also if they are going to expect you to unplug their toilet at 2 AM. High maintenance tenants can also ruin your life in a different way and are easier to figure out in my opinion if you do the screening yourself.
BTW, Craigslist was a waste of time, and the $100 or so on a Streeteasy listing were the best spent money.

mysideofstuy | 8 years and 1 month ago

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Trust me hire a broker, it will save you time and the trouble. I also agree with Mozeetupu, and Bored at Work, someone who hires a broker is usually serious about paying their rent. I don’t want to scare you, I have been a landlord for 13 years and knock on wood I have never had a bad incident with a tenant. But, there are professionals out there who do not pay rent. I found it best to get a broker, it gave me a peace of mind.

slopefarm | 8 years and 1 month ago

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I’m with barbiduleny. We always rent out the unit ourselves. I like seeing all the potential applicants in the space, how they deal with things. I also like the possibility of choosing from among applicants rather than having the up or down choice of whoever’s application the broker submits.

greenworks | 8 years and 1 month ago

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Totally understand seeing the applicants in the space and how they deal with things but it was also nice (as a first time landlord) to have a free “service” vet my candidates with no leg work on my part when I already had a billion other things going on.

I also used it as a tryout to determine if I liked how the broker handled things in the event I ever wanted to sell.

At that point I had no intention of selling, but had the attitude “Hey, you never know”

Well this awesome broker with a big powerhouse RE firm got me a freaking awesome tenant in seconds with impeccable references and amazing credit at a great rent, which he paid up front every year in a lump sum (yes he had real job and wasn’t drug dealer. or if he was, he was the best drug dealing tenant ever). I heard from him only when it was time to renew lease.

He stayed for about five years, and when I did feel like selling, I used that same broker to get a great price and smooth transaction upon sale , mainly bc of her. She had me an offer with in seconds of listing.

I was glad I had developed that relationship . . . just my two cents.

PK | 8 years and 1 month ago

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I’ve found that people with terrible credit and all sorts of problems often use a broker hoping that you won’t really go thru their paperwork – that the brokers will push anyone, hoping to get their commission (sorry broker friends). I allow brokers to show my apartments with the understanding that it’s first and best come – first served. I still have them use my own lease and riders, my own application sheet including all the paperwork I want. It’s not that much trouble to do it yourself, and I DID learn the hard way (as usuall)

namahs | 8 years and 1 month ago

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  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

@PK, this is one of the reason we want to do it ourselves to have total control. This actually happen to a close friend of mine and the broker took advantage of them. Broker knowingly had issue with one of the tenant credit/background and not disclosing out until it was the date of signing. It was the broker best interest to get their client a place so they get the commission. They don’t get paid by the landlord. Now, my friend is in some bad situation and causing issues with other renters in the unit. I understand not all brokers are like that but I don’t want to deal with that now.