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a. Assessing creditworthiness:
Some agents shy away from discussing financial requirements such as deposits and creditworthiness because those can be very personal questions. However, by not discussing them, you run the risk of only learning about their rental requirements without knowing if they’re realistic. This can lead to a lot of lost time and effort, so it’s crucial you have an honest conversation with the renter before proceeding to search for a property. Use the LPMAMA method to approach this non-confrontationally while ensuring you gather the necessary information:
b. If rejection seems likely:
If it appears the renter may not get approved, consider the following options:
For more information on how to help the renter, check out these blog articles:
Speed is critical when contacting a new lead so consider these steps.
a. Utilize the TEC method:
Check out this guide to making contact with a lead.
b. Persistent follow-up:
Here’s an example contact plan.
a. Protect your commission:
b. Enforce contract terms: If they begin to try to rent a property independently of you, you can remind them of the borker fee due as per the Tenant Agency Contract. Consult your broker if you’re having trouble.
a. Understand client reactions:
b. Encourage contact: If multiple contact attempts fail, wait a few days or a week before trying again.
Here are some helpful blog articles:
a. Confirm they’ve received all required items: Inform the property contact that your client submitted and the application. Ask them to confirm receipt/accuracy and the timeline for a decision.
b. Escalate if necessary: If you still haven’t received a response, visit their office directly or contact their manager/broker.
a. Verify availability: Double-check listings before showings. Be proactive in communication with landlords/agents about potential changes.
b. Prepare alternatives: Always have a backup listing ready and inform the client about market conditions to manage expectations. Even better is to tour a minimum of three or four properties initially as renter rarely rent the first property they see.
c. Set expectations: Communicate with your renter and set expectations on market conditions including how fast rentals can go off-market. This allows you to be up-front and transparent about changes because you educated them during the qualification process.
a. Don’t assume, confirm involvement: When dealing with college students or new graduates, always speak with potential co-signers to confirm their awareness and willingness to co-sign.
b. Confirm co-signer requirements: You should also confirm the co-signer requirements because they can be more stringent than for a renter. For example, a co-signer may need to make six times the rent and live in the same state as the property.
c. Expedite process: Use eSignatures to speed up the paperwork and get co-signers on board quickly.
a. Ask the right questions: Ensure you know about all potential roommates and communicate with them directly. It’s vital to have this information because it ensures the right people signed the Tenant Agency Contract, the decision makers are present in the tour, and the application and lease are completed accurately. All of this saves time, avoids repeat showings, and expedites the process.
b. Coordinate showings: Arrange for all interested parties to view the property and sign necessary documents promptly.