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Rental Income Podcast With Dan Lane

Bonus: Charging Potential Tenants For A Showing?? Yep. This Landlord Is Doing It

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.8836 Ratings

🗓️ 4 November 2021

⏱️ 15 minutes

🧾️ Download transcript

Summary

Chris had a lot of potential tenants that weren't very serious about renting from him. To eliminate the tire kickers, Chris started making people interested in viewing the property fill out a full application and pay an application fee before seeing the property.

On this bonus episode, we talk about how this works, and how it's been working out for Chris.

Transcript

Click on a timestamp to play from that location

0:00.0

This is a bonus episode of the rental income podcast. And now, Dan Lay. Chris, you had a lot of potential

0:09.6

tenants that were kind of wasting your time. Can you tell us what was going on? Yeah, definitely.

0:15.9

So, you know, a lot of people have problems where they get a lot of interest in a property, but,

0:20.0

you know, a lot of that is, you know, not legitimate. It's just people that are just very

0:24.7

quick and easy, just like internet. It's very easy to send a message and inquire about something,

0:29.3

you know, so what I do is on Zillow, I require a completed application before I schedule a

0:35.0

showing. So that gives me an opportunity to make sure that they're actually

0:37.8

interested. They're vested in the property. It also allows me to prescreen them just kind of

0:41.6

gauge their seriousness and if I'm really, you know, interested in actually renting them

0:45.3

the property. But once I get that completed application, I'll schedule a showing. And I usually

0:50.1

scheduled them about 15 to 20 minutes apart and, you know, three or four in the same

0:55.0

little time period. So even if someone doesn't show up, I'm only out that 15, 20 minutes,

1:00.0

which isn't that big a deal. I can kill 15 minutes waiting for the next person.

1:03.2

The application that you have them fill out, is that the same application that you would give

1:08.2

someone as if they were actually going to apply for your rental?

1:11.6

Correct. So Zillow, when they pull the application or they do the application, it comes

1:15.7

with a background check, an eviction report, a credit report. And if there's multiple tenants that

1:20.4

are going to be in there, like a husband and wife, each one will have that complete list of

1:24.4

report. They'll have a few items that they can fill out, like their income

1:28.7

and maybe a little small description or something that they want to add as a comment. So that's

1:33.8

also useful in just helping, you know, narrow down the applicants. If somebody wants to see one of

1:39.0

Chris's rental properties, they've got to take the time to fill out an application and also pay the application fee.

...

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