After months of getting your investment property prepared, the first call comes right as you sit down with your family for dinner. You are not sure who is calling, but from now on every unrecognized number may be a tenant…a source of revenue to offset the payment and expenses you have incurred.
You ask your family to excuse you as you slip off into another room. Sure enough, it is somebody calling to find out about the three bedroom home for rent. As your heart skips a beat, you describe all the personal touches, along with the not so personal touches. All the fresh paint, and efficient windows, and the extra storage. The caller sounds nice enough and now they ask if they can see the property!
“This is going to be easy” that little voice in your head tells you. The caller says they are free after work tomorrow. You say great, forgetting for the moment that tomorrow is Jimmy’s playoff soccer game. Remember, you need to get this home rented. After confirming the time, you hang up and realize that you do not have the caller’s number. Maybe it is on caller ID…but no…they must have used a blocked number. You return to dinner as the table is being cleared.
That night your wife reminds you about Jimmy’s soccer game tomorrow night. Immediately, you realize the conflict and wonder how you can find these callers to reschedule. That fails, so you hope your best buddy can show it to them tomorrow. He has plans. So, you are stuck. Maybe a quick showing and race across town and still catch the second half.
The thought hits you, maybe you really should have budgeted for help with this hobby.
The showing time arrives. You bring two rental applications found on line..just in case. Not sure how you will get the background checks or credit pulled but you will figure that out once you have the applications completed.
At the agreed time…no prospective tenant. Fifteen minutes late, they pull up in a 20 year old van falling apart and very dirty. It is exhuming exhaust. The prospects both grind out their cigarettes on the driveway as they get out. Both possible tenants begin to unload children from the rear. First one, then two, then three and finally four and five. Lets see, 7 occupants in a 3 bedroom 1000 square foot home. Your heart sinks a little.
You show off your pride and joy and learn that there are some mysterious circumstances about where these people currently live. A reference to how nice it will be to actually live in a home instead of the van by one of the kids catches your attention. At that moment, you decide to ask what they do for a living. One is unemployed..the other just got a job after months of unemployment. The job involves selling magazines and appears to not really be as an employee but as a contractor.
Of course, they love the house and request the applications. You hand them out and ask them to fax or email them back as you really need to run. They do not have fax or email and want to fill them out now. You are screwed. Jimmy scores the winning goal..you miss it. You waste an hour with a family that you are not even sure how to screen to officially reject.
Why is it again that you are doing this yourself?
Mistakes you learn by and the next time you will be smarter. No answering the phone during dinner…but what if? More pre-screening on the phone…but what if they call during dinner and you are in a hurry? At least get a phone number…that one you can do every time! How many more summer evenings meeting tenants before you find one? Then, won’t it be fun to increase the return on this hobby by being there to service the leaky faucets and the oven that does not work on Thanksgiving? Oh, and collect late fees when rent is late.
Leasing and property management sure sounds like fun when you have a life and a career..doesn’t it? Most people actually have to enjoy experiences like this to decide that they understand why management and leasing companies exist.
Save yourself the headaches.
