Monday, June 14, 2010

How do landlords find good tenants?

One of my former students who owns and manages several rental properties sent me his favorite screening techniques:
  • Big initial deposit (first, last, and deposit, all in first check):
  • All payments by check only (dead beats are more likely to use cash)
  • All payments in one check: (does not accept individual checks from multiple renters)
  • Leases are 12+ months in duration: 
  • STP marketing: (Segmenting, Targeting, Positioining) to attract desireable renters--dont use classified ads; instead advertise in the weekly newspaper; do advertise amenities, like location, fenced yard, full appliances, proximity to schools, pets, etc.
  • It used to be that Internet literacy was important; but with the increasing popularity of the Internet, this has lost value as a screen.

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