My first tenant was a nightmare tenant. You can read the full story here. Some of the lessons I learnt from that experience has only helped me become a better landlord. Based on my experience, I wanted to share the top 3 reasons why DIY landlords should consider using a extensive rental application;
Keeps the professional tenants away
Tenants are the core of the renting business, without tenants we don’t have any business. Most tenants are great, however there are a few professional tenants who would take advantage of a vulnerable landlord. If I relate back to my mistake of renting to a drug dealer and an armed robber. I don’t think that person would have applied to our property if I shared a link to my rental application that requested them provide information and upload relevant documents. That would have discouraged anyone with a fake story and false documentation to apply to our rental property. I would have saved thousands of dollars and months of sleepless nights.
Saves time and money
Time is previous for you an your tenant. Instead of collecting information via email or text and not having them handy to generate a lease. You will now have to call your prospective tenants multiple times, sometimes you overlook a small item and make a mistake on the lease. It will cost you a lot more if you don’t have all the information stored along with the relevant documentation including the ID proof of your tenants. When things go south, which happened in case of my tenants, I did not have any documents to locate them or try to collect the money I lost due to my mistake. Finding the right lease and getting it executed is time consuming, will save that for another blog.
If you are looking to rent a home, potential tenants are your customers. Provide them with the right experience, make it easy for them to apply to the property, communicate with you and sign the lease. The good tenants have multiple options, so you need to stand out and ensure you onboard the right ones when you have a chance. During my first renting process, I am sure I met a few great families, they did not even consider applying to our property simplify because when they asked me about application, I said “ We don’t do any applications, if you like the place you can have it” errrr (I was stupid). These tenants would have thought to themselves this guy has no clue what he is doing and I don’t want to rent from him. He will not be there to provide us the service if anything goes wrong or he is just going to run away with our money. Having a good rental application process would have encouraged the good tenants to apply to our rental property.
Well, today we have a digital renting application process, all documents are collected and securely stored. Leasing and rent collection in done digitally, helps us find the best tenants and keep them longer. If you are looking to build your rental application, you don’t have to hire a lawyer or pay some property manager. We have created a simple and powerful tool to help DIY landlords like ourselves. Signup for a free trial, list your properties and share a link with your propective tenants.