These are the checklists related to Week 58.
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- Review my "Future Narrative"
Review my own "Future Narrative" to remind myself about my why, my how and what obstacles I am committed to overcoming.
Do this at a minimum once a month.
Mark this task as complete once you've reviewed your "Future Narrative" this month.
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- Class Watch "Strategies to Get the Lowest Monthly Payment When Buying Real Estate" Recording of Live Class
Watch the recording of the live presentation of "Strategies to Get the Lowest Monthly Payment When Buying Real Estate" available on:
- Meet with Contract and Paperwork Attorney to review "Lease-Option" documents
Meet with your Contract and Paperwork Attorney to go over the highlighted sections of your "Lease-Option" documents. Ask your Attorney your questions about the paperwork.
Mark this task as complete once you understand and feel comfortable with your "Lease-Option" documents.
- Post "For Rent" (or "Rent To Own") ad on Zillow
- Post "For Rent" (or "Rent To Own") ads on CraigsList
- Post "For Rent" (or "Rent To Own") ads on local rental websites
Post your "For Rent" (or "Rent To Own") ad on other local rental websites.
For example, in Northern Colorado you may also want to post an ad to NorthernColoradoRentals.com as well.
Mark this task as complete when you've posted ads to these other websites.
- Take Tenant/Tenant-Buyer calls
As calls come in on your marketing, field Tenant and Tenant-Buyer calls and answer questions about the property, complete initial telephone screening and schedule showings.
Do your screening early... in this first call... don't meet unqualified people at the property.
Some people prefer to ask Tenant or Tenant-Buyer for permission using something like this:
"I’d be happy to answer any questions you have about the property."
"Then, if you don’t mind… if it seems like a property you'd be interested in... I’d like to ask you a few questions to see if you qualify for the property and… if you qualify… then we can schedule a time for you to see the property. Will that work for you?"
- Write down answers to Initial Screening Questions
Write down the answers to these initial screening questions that you'd ask the prospective Tenant/Tenant-Buyer on the first phone call.
Remember, we're trying to determine if the Tenant/Tenant-Buyer is qualified to borrow something worth hundreds of thousands of dollars and whether you're going to meet them at the property to show it.
- What's your name? Phone number? Email?
- Who will be living there besides yourself?
- Do you have any pets? How many? What breeds? What size? Neutered/spayed?
- Do you have good landlord references?
- Are you renting now? How much do you pay? Why are you moving?
- What is your approximate gross monthly income?
- Any felonies or other convictions?
- Any evictions?
- How is your credit?
- How long are you looking to stay?
- When are you looking to move in?
- IF THEY SEEM TO QUALIFY: Pre-schedule showing with prospective Tenant/Tenant-Buyer
If the Tenant/Tenant-Buyer seems to qualify based on asking the Initial Screening Questions on your initial phone call then let them know you're going to send over a video tour of the property along with a copy of the application.
Ask them to watch the video and look at the application and then confirm a time to meet them at the property for a showing.
If they don't reply back confirming they've watched the video, looked at the application and will be there for the showing time, do not go to the showing.
- Send application and video tour to Tenant/Tenant-Buyer
Before confirming the showing, send the Tenant/Tenant-Buyer an email with a link to a video tour of the property that you've made and posted on YouTube along with a copy of the application.
They will need to confirm with you that they've seen the video and will be there at the showing before you drive out to meet them.
- Confirm Tenant/Tenant-Buyer has watched video, read "Application" and wants to meet for showing
After your Tenant/Tenant-Buyer confirms they have watched the video tour of the property, read through your "Application" and wants to still meet at the property for a showing then confirm with them the date and time of the showing.
- Advertise showing
If you're already going to be out showing the property to one Tenant or Tenant-Buyer you might as well show it more people on the same trip. So, advertise that you're going to be showing the property around the time of your scheduled showing to maximize exposure and showings.
As an example, if your scheduled showing is at 4 PM, you might advertise an open showing window of 4:30 PM to 5 PM as well.
- Prepare for showings
To prepare for showing the property to Tenant/Tenant-Buyers:
- Show up early.
- Turn all lights on.
- Adjust temperature... turn AC to cooler in summer, heat to warmer in winter
- Open windows if house is vacant and stuffy
- Replace missing marketing materials (yard sign, flyers, etc)
- Meet prospective Tenant/Tenant-Buyers outside by their car
Meet your prospective Tenants and Tenant-Buyers outside at the property near their car when you initial gree them to show the property.
Peek inside their car to see how they maintain their car. That's how your house will look.
Introduce yourself and invite them inside the home.
Strongly recommend you take your shoes off and encourage them to do the same... this sets the tone that you take care of your property and they should too.
- Show property to prospective Tenants/Tenant-Buyers
Give prospective Tenants/Tenant-Buyers a quick tour of the property highlighting the things you love best about the property. Remember, why did you buy the property? Those are the things to share.
Invite them to take their time and look around the property.
If the property is still occupied... do not let the prospective Tenant/Tenant-Buyers out of your sight. Be aware of people looking in medicine cabinets or at the current occupant's personal stuff. Remember, you have NOT done your background check yet!
- Explain pet and pet fee policies
- Explain utilities and utility fee policies
While looking at the property, explain how utilities work (which ones are in their name and which ones are kept in your name) as well as the utility fee policy to your prospective Tenants/Tenant-Buyers.
If you happen to know average utilities for the property, share that as well.
- Explain next steps in application process
While looking at the property, explain the next steps to your prospective Tenants/Tenant-Buyers:
- Fill out application (and what that means)
- How the application approval process goes
- How you notify them
- How the reservation deposit works when they're approved
- Provide prospective tenants/tenant-buyers "Rental Application"
Provide any prospective tenants and/or tenant-buyers your "Rental Application" to complete by each person 18 or older that will be living in the property.
If you are a licensed Real Estate Agent renting your own property you must also send over a copy of the "Brokerage Disclosure to Tenant" via DocuSign at this step as well to have them acknowledge that you do not represent them in the transaction.
- Collect completed "Rental Application" and verify information
Once the Tenant/Tenant-Buyer has completed the "Rental Application" collect it from them. In an ideal world, you'd collect it from them at their current residence giving them little or no notice so you can see how they maintain that property.
Is the property clean? How is the outside maintained? This is how your property will look.
This is also a chance for you to visit with their pet to make sure it is friendly.
It should include:
- A complete application for each person over the age of 18 who will be living in the property. That includes children over 18. Check the application to make sure you can read everything and that every spot is filled in. Ask them to mark any blank spots with "N/A" if they really are not applicable.
- Application fee of $30 per application in cash, money order or cashier's check only. Do not accept personal checks.
- Copy of valid Driver's License (or state-issued photo ID if no Driver's License). Check to make sure they look like the person on the ID and that the name on the ID matches the name on the application.
- Proof of current balances in checking and savings accounts.
- Previous 3 months of statements for checking and savings accounts.
- Latest W-2 and most recent 2 months of paystubs (or if self-employed, previous 2 years or tax returns)
Remember, you're about to loan someone an asset worth (in many cases) hundreds of thousands of dollars... treat the application process as such!
- Pet visit
- Peak inside potential Tenant/Tenant-Buyer's car
Either meet the Tenant/Tenant-Buyer at their car when they pull up or walk the Tenant/Tenant-Buyer out to their car after the showing so you can look inside their car.
If the inside of their car is full of trash, that's how your property will look since that's how they take care of stuff. Write down the condition of their car in your notes.
TIP: If this is not part of your written Tenant Evaluation Criteria, we strongly recommend adding it.
- Don't chase prospective Tenants/Tenant-Buyers
If the prospective Tenants/Tenant-Buyers do not submit an application do not chase them... you're not trying to convince them they should rent from you... you want someone who wants to rent from you and loves the home.
If they are interested, they'll follow up with you.
Do more marketing instead of chasing.
- Alternative Showing Variations
While we recommend scheduling individual showings for the property, there are some alternative methods you may consider in the right situation.
For example, you could also:
- Put a lockbox on the property and have people show it themselves. Not good when tenant-occupied.
- Hold an open house. "I'll be there from 1 to 3 PM on Saturday." Not good when tenant-occupied.
- Scheduling back t back showings, every X minutes (usually 15). Recommended.