Screening & Leasing
After a member of our team has seen the property and we’ve taken pictures, decided on a price, and the property is in showing condition, it’s time to begin marketing and showing
We advertise your property on the top rental advertising websites . We also generate many potential tenants internally because of our large volume of leasing activity.
Please also consider the following:
We begin advertising when the property is in showing condition. When we start the ads, we often get requests to show the property shortly after. Advertising while the property is in poor condition can result in a lower rent price and creates confusion for the tenant about what the place will look like at move in.
We will pull rental comparables of recently rented properties and suggest a market rental price and together we will decide on a price for your property. We want to price the rental as high as possible while still driving enough traffic to get enough showings to fill the vacancy.
Finding that balance or sweet spot is what we do. Please note that the best renters get the lowest prices and the worst renters get the highest prices (when people have poor credit they end up renting from desperate landlords that are overpriced and have been on the market for a long time with little or no prospects; so the desperate end up with the desperate and the dysfunctionality ensues).
The lower the price the higher the traffic, the more traffic the more applications, the more applications the more renters to choose from. And if you have more renters to choose from the more likely it is that you will get a quality tenant that meets all our criteria. We need to be careful of starting with too high of price because if the price is too high this will delay finding a renter and give you less applications to choose from.
Plus, you lose money each day the property is vacant. It’s best practice to fill a rental quickly, then increase rents incrementally each year at lease renewal. Each week we review the activity level of potential tenants at your property. We can know from the first week of marketing if the asking price is too high based on activity levels. We usually want to see 10-12 leads and 5-6 showings a week.
If the activity is any lower than this then we suggest a weekly price drop until we get the right amount of showings to fill your vacancy. Please also note that renters typically do not negotiate with landlords on price. Pricing your property high with the intention to negotiate to a lower price is a bad strategy and does not work.
Our advertising is proven to work as evidenced by the hundreds of leases we do each year. Your Senior Property Manager will guide and advise you every step of the way. It is very common for us to have a signed lease within two weeks of being on the market. Remember, the speed of your leasing and getting a quality tenant is way more important than getting the highest possible rent.
Multiple Listing Service
Some rentals do well being placed on the MLS, the MLS is a property listing service that real estate agents use to advertise a property for rent to other real estate agents. It is typically not needed because most tenants go straight to the internet to search for a rental. If you’d like to have your property listed on the MLS, ask your property manager and they would be happy to list your property there. Please be aware that it may cost more depending on your management agreement.
How long does it take?
If the property has a market price and is in showing condition, we typically get a signed lease in less than 21 days.
Allowing a dog or cat greatly increases the interest from potential renters. According to apartments.com 75% of renters have pets. We recommend allowing pets because it will help to fill the vacancy faster. If you decide to allow a pet, we ask the tenant for an increased security deposit of $500.
Offering the rental including the fridge and washer/dryer helps fill your vacancy sooner, but is not required. Please note that if your property requires odd size appliances, you should include that appliance (ie. stackable, one piece washer/dryer unit).
Good showings are essential to finding a good tenant. TrueDoor Property Management provides three types of showings:
Through the use of Matterport Technology we create a 3D virtual tour. This allows renters to virtually walk through the property using their phone, tablet or computer. These virtual showings are available to the customer 24 hours a day, 7 days a week. This is usually how most leads will see the property before scheduling a visit to the property. It’s so powerful that we have filled vacancies without the tenant ever stepping foot into the property.
Secure Self Showings
For a vacant property, the fastest way to find a tenant is by using a self-showing lock box (almost twice as fast, typically saves two weeks of vacancy). Our self-showing technology verifies potential tenants interested in the property and allows them to set their own time frames for a visit.
They love the instant access and flexibility. Please note that we do not allow self showings without a paid and approved application, this ensures a safe showing by a real renter that has provided their personal info on their application, credit card info, had a criminal background check, and a credit check. This is a safe and secure way to really cater to our potential tenants and find you a tenant much faster.
We will always offer in person, agent led showings. Although less efficient our agent showings gives us the opportunity to answer questions in person and encourage potential tenants to apply.
If you are still living at your property, we will arrange showings using our leasing agent. Having us show your property while you are living there is not ideal, however, if it is needed we are happy to accommodate.
We ask that you be flexible scheduling tenants the same day and ensure that the house is kept in showing condition at all times. Potential tenants could come at anytime, so maintaining a very clean and clutter-free environment during that marketing time is important. It is also critical that you provide us with a reliable first-available-date that a tenant can move-in, so we can accurately set expectations with potential tenants.
When a tenant has given notice to move out, we will work with the tenant to arrange showings. Please note we do have the right to enter the property for a showing without the tenant’s cooperation, and some tenants can make it very difficult by canceling and not cleaning.
We do our best to work with the tenant in this situation, always trying to be respectful while pushing to get your property shown. Our Virtual Showings using our 3D virtual tours really help in this process while a tenant is living in your rental.
TrueDoor’s focus is to utilize technology and staff to get your property shown in multiple ways, reaching more people, resulting in smaller vacancy times, which makes you more money.
Getting a great tenant that will pay the rent and take care of your property is the most important decision as a landlord. As with most things life if you start right then you have a much better chance of keeping everything right and eventually ending right. We want to make sure we get you the best possible tenant because what is good for you is good for us.
So How does TrueDoor Property Management properly screen your tenant? Well, we put prospective tenants through a full application process which includes: comprehensive credit evaluation where we review their credit history, we analyze their rental history, verify their employment history, and confirm their personal income relative to the monthly rental price. We screen hundreds of applicants a year.
We are experts at screening tenant applications and keep you compliant with state and federal fair housing laws. Please consider the following:
We comply with all applicable Federal and State Fair Housing Laws in the selection process. It’s our job to keep you out of trouble.
We have set criteria for selecting tenants? Applicants that meet our criteria will qualify for approval due to Equal Housing laws. Our criteria are as follows: credit score over 620, no violent crimes, no evictions, income is greater than three times the rental price, employment history of 2 years, and a clean rental history.
It is very important for you to understand that if a tenant meets your criteria, then you must rent to them otherwise denying an approved application can result in an equal housing and discrimination lawsuit. If you choose to not accept an approved applicant, we can no longer represent you because this is a violation of the law and we choose to obey the law. Applicants that do not meet these guidelines you can deny.
Occasionally we will recommend a tenant that does not meet our criteria that we think might be a good risk. In those situations, we will explain our reasoning and place the file before you for your approval. If you do not feel comfortable renting to someone that does not meet our criteria then you can deny that application.
Lease Signing & Move-in
With an approved application, we will draw up the lease contract, have tenants sign the lease, and collect a security deposit. Please consider the following:
We collect a security deposit that is competitive in the marketplace; this is typically equal to one month’s rent. The security deposit is the tenant’s money and we place it in a non-interest bearing trust account for the duration of the lease.
Prior to move in, we will perform an inspection and take pictures to record the condition of the rental. We will provide you with a copy of the report. Any outstanding maintenance found at that time will be treated like an emergency in order to complete work prior to move-in.
Tenants are customers of the property
We understand that the tenants are your customers and we want to ensure a smooth move-in during this stressful time. The condition of the property at move-in sets the tone for how we want the property to be treated.
On the lease start date the tenant will pick up the keys and pay first month’s rent (via certified funds only). We sit down to discuss the requirements in the lease agreement and what is expected during their stay.