Question & Qualifying Applicant
Question – You as Owner always want to question and get more info not just from tenant when they call with maintenance emergency – ask lots of questions to understand situation but question your insurance agent annually to make sure your investment is property insured. Be pro-active in staying on top of the laws and maintaining your relationship with your tenant. Don’t be afraid to ask your tenant how things are going with the unit. By questioning in a caring way you allow your tenant to feel comfortable coming to you when issues arise. Questioning allows you to stay informed and educated about being a landlord. Be open to questions and ask lots of them.
Qualifying an Applicant – you want to know what your criteria for renting will be ahead of time. How much income compared to rent do they have to make? How long is their employment history, rental history? You want to ask all the same questions you would find on an application over the phone to pre-qualify them. Ask their FICO score, how much income do they make, why are they moving, what is their job and how long have they been in it? Many times you can screen someone out over the phone thus saving you time showing the property. The way I position my phone screening is that I want to make sure I am not wasting their time since I am sure they are looking at many many potential rentals. Applicants are always appreciative when you are honest with them but always willing to show the property if they are still interested in seeing it after doing a drive-by. Keep in mind you CANNOT ask questions about family (you can’t ask if they have children). I ask how many people are in your party or will be living in the unit?
Ask questions and listen to how they are answered, the tone, the attitude etc. Are the answers vague? If so ask for more detail. Ask them what they are looking for in a unit and be quiet. Know your criteria and stick to it. If you apply the same criteria to everyone then you aren’t discrimminating and you will be more confident when questions are asked of you. I include my 2 page criteria form with my application. I give everyone the entire packet so everyone knows the criteria so they can determine for themselves if they fit or not. Ex: do you accept people who have a bankruptcy that isn’t discharged? Do you accept someone with debt that is larger than $1,000? If someone is self-employed what financial information do you want to see to help qualify them?
Again, bottom line, have your criteria in place and ask lots of questions over the phone before you even show the property. Once you get the filled out application you MUST check everything on the application to verify that it is accurate. Good applicants rise to the top quickly both from paperwork you collect and from referrals of past landlords, and employers.
Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.
Kathleen Richards
