Jared Hope Presentation

Victor Pidkowich

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So iv just fiished listening to Jared Hope`s wonderful presetation for about the 9th time now. I am just starting out renting and want a tight system. Jared came into my life at the right time.

So what Im trying to understand is his exact system. He talked about the key qustions to ask. I think those gt asked bfore a showig then if the questions have good answers a showing is lined up. Are those key questions in the applicatgion? If so does the work place check, crdit check and rental efrence check get performed before or after a showing?

So my basi understanding of the work flow is:

Ad -->calls ome in-->questions asked and application filled in--> Show property--> perform all checks--> ask would I place this person i the property--> if yes call owers of house to confirm placing this tenant into the property---> sign lease with tenant if yes to all proceeding.


Hows that?
 

JoeRagona

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QUOTE (vpidkowich @ Dec 9 2010, 08:37 PM) So iv just fiished listening to Jared Hope`s wonderful presetation for about the 9th time now. I am just starting out renting and want a tight system. Jared came into my life at the right time.

So what Im trying to understand is his exact system. He talked about the key qustions to ask. I think those gt asked bfore a showig then if the questions have good answers a showing is lined up. Are those key questions in the applicatgion? If so does the work place check, crdit check and rental efrence check get performed before or after a showing?

So my basi understanding of the work flow is:

Ad -->calls ome in-->questions asked and application filled in--> Show property--> perform all checks--> ask would I place this person i the property--> if yes call owers of house to confirm placing this tenant into the property---> sign lease with tenant if yes to all proceeding.


Hows that?

Attracting and selecting tenants is an art and in listening to how veteran investors filter their clientele is invaluable to you so congratulations on taking the initiative to begin this process.

Each person usually has a basic system in place in which they select tenants - what you suggest here will work except I would "ask would I place this person in the property" after you question the them on the phone also as a first filter. When you show them the property, you will be looking for inconsistencies to their application and asking other questions to see how and what they answer. Ask yourself again "would I place this person in the property" , this is purely a `gut` feeling and I believe it is the strongest allie we have as investors. Learn to trust your gut. If they pass your gut, you can then begin doing some checks because you will have a committment from them and you have met them.

I don`t understand what you mean by calling owners of the house -

Yes, once they are cleared with all your background checks you will sign a lease that is satisfactory to both you and the tenant.

Hope that helps
 

bizaro86

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QUOTE (JoeRagona @ Dec 9 2010, 09:24 PM) I don`t understand what you mean by calling owners of the house -

I would assume he is talking about managing properties for other investors as a property manager, or maybe buying properties with a parter, and checking the applicant with them.

As an aside, how many of you get a full application from someone before showing the suite? I tend to ask qualifying questions on the phone, and am sure to mention all the downsides of the property before I schedule a meeting (basement, laundry room down the hall, whatever) before I meet to try and weed out time wasters, but am wondering if this method would be more effective.

Do you take the information verbally, have an on-line application process, or what?

Michael
 

invst4profit

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One important thing you should consider is establishing for yourself a base line standard of acceptance for applicants. Credit scores, length of time in present job, what will be your policy when applicants fail to complete the application form, catching applicants in lies etc.
A landlord should always assume a applicant is hiding something when they refuse to provide information and be prepared to immediately reject that applicant rather than trying to make them "fit".
If a applicant is too overly eager or breaks into a sob story don`t waste your time any farther with there application. This is where the LLs experienced gut kicks into action.

Your screening process is the only barrier you have in selecting tenants and as such should be extremely detailed. The one lie you miss could be your downfall.

Also make sure you have studied and understand every aspect of your provincial Residential Tenancy Act before you even consider interviewing any applicants for yourself or any other LL..
 

housingrental

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You can tell from reading Greg`s posts he`s just itching to get back into owing residential rental properties in Ontario
 

JoeRagona

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QUOTE (bizaro86 @ Dec 10 2010, 10:19 AM) I would assume he is talking about managing properties for other investors as a property manager, or maybe buying properties with a parter, and checking the applicant with them.

As an aside, how many of you get a full application from someone before showing the suite? I tend to ask qualifying questions on the phone, and am sure to mention all the downsides of the property before I schedule a meeting (basement, laundry room down the hall, whatever) before I meet to try and weed out time wasters, but am wondering if this method would be more effective.

Do you take the information verbally, have an on-line application process, or what?

Michael

Michael I personally filter tenants out from my advertising which only fields calls from quality tenants. Although it may still attract the odd one I would never consider, most of the filtering is done before I even get a call. From there I ask very detailed questions and if I give the go ahead they are shown the unit. At that point my team on the ground are asking other questions and observing body language and detail about them during the face to face meeting. If they pass they will be asked to fill out an application with one being the `instant approval application` from REIN.
 

Victor Pidkowich

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Registered
QUOTE (bizaro86 @ Dec 10 2010, 09:19 AM) I would assume he is talking about managing properties for other investors as a property manager, or maybe buying properties with a parter, and checking the applicant with them.

As an aside, how many of you get a full application from someone before showing the suite? I tend to ask qualifying questions on the phone, and am sure to mention all the downsides of the property before I schedule a meeting (basement, laundry room down the hall, whatever) before I meet to try and weed out time wasters, but am wondering if this method would be more effective.

Do you take the information verbally, have an on-line application process, or what?

Michael


Yes, that is correct. Thefinal call would go to the partner to verify with them.
 

Victor Pidkowich

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QUOTE (JoeRagona @ Dec 11 2010, 12:52 PM) Michael I personally filter tenants out from my advertising which only fields calls from quality tenants. Although it may still attract the odd one I would never consider, most of the filtering is done before I even get a call. From there I ask very detailed questions and if I give the go ahead they are shown the unit. At that point my team on the ground are asking other questions and observing body language and detail about them during the face to face meeting. If they pass they will be asked to fill out an application with one being the `instant approval application` from REIN.

Thank you for the fedback!

So I suppose there are many ways of screening. I am of coarse looking for the screening process which will not waste my time. So I just have one thought for you Joe. Having them fill i the application aftr a showing sems like it would waste time. Idont have previous proprty management experience but would it be better if the process went in the following order:

Filtered from ads--> tenant calls where we then ask a series of questions--> if we like the answers given to these qustions we then ask for them to fill in an application--> if we like what we see on the application we then scheduale a showing--> if they are ready to pull the trigger and our gut says yes we sign the lease immediately after showing.

Now that I thik of it Jared Hope did seem to talk as if he were doing it i the very order you seem to do it in. Just posting in order to confirm
 

invst4profit

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There is not much point in spending the time and definitely not the money in pre screening applicants before they even decide they want the rental.
Best to hand the application to the individuals after the showing while explaining your requirements regarding filling in the form. Keep in mind many applications are never returned.

Getting a feel for applicants at the showing is the next step after phone screening. This will eliminate many more prior to them filling in a application. Attitude says a lot as they comment about the unit during the showing. Fairly easy to weed out potential problem tenants that display the all to common "entitlement" attitude.

The actual follow up screening process itself is a fairly straight forward fact finding mission.
 

Victor Pidkowich

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QUOTE (invst4profit @ Dec 13 2010, 04:36 PM) There is not much point in spending the time and definitely not the money in pre screening applicants before they even decide they want the rental.
Best to hand the application to the individuals after the showing while explaining your requirements regarding filling in the form. Keep in mind many applications are never returned.

Getting a feel for applicants at the showing is the next step after phone screening. This will eliminate many more prior to them filling in a application. Attitude says a lot as they comment about the unit during the showing. Fairly easy to weed out potential problem tenants that display the all to common "entitlement" attitude.

The actual follow up screening process itself is a fairly straight forward fact finding mission.

And so when a showing does go well and a potential tenant is ready to take it and we are confident about this person being in the property a wise next step would be for them to take an application to fill in completely. The ones which do return the application would be the ones for which we would proceed to the next level of screeing which is rent refrences, credit check and current and past employement. Correct?
 

bizaro86

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QUOTE (vpidkowich @ Dec 13 2010, 03:59 PM) The ones which do return the application would be the ones for which we would proceed to the next level of screeing which is rent refrences, credit check and current and past employement. Correct?

I find I`ve had better success with people who fill out the application before they leave the viewing of the suite. Many will take an application and then never get back to you.

Michael
 

DaveL

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REIN Member
QUOTE (bizaro86 @ Dec 13 2010, 03:06 PM) I find I`ve had better success with people who fill out the application before they leave the viewing of the suite. Many will take an application and then never get back to you.

Michael


I have also found this to be true. If you like them and they are serious they will fill out the application right then and there.
 

invst4profit

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QUOTE (pidkowich @ Dec 13 2010, 05:59 PM) And so when a showing does go well and a potential tenant is ready to take it and we are confident about this person being in the property a wise next step would be for them to take an application to fill in completely. The ones which do return the application would be the ones for which we would proceed to the next level of screening which is rent references, credit check and current and past employment. Correct?


Yes. Then you proceed with the rest of the checks.
From this point there are again two schools of thought. Some do the credit check first then the personal back ground others do the personal first and finish with the credit check.

Then again some feel the credit check is next to useless but I will reserve comment on that at this time.
 

Dan_Eisenhauer

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Here is another little tidbit of a hint to help in the selection.

If you can interview the potential tenant at their existing home, it will give you an idea of what kind of tenant they will make in your property. A slobby tenant in one place will be a slob in the next place.

Failing that, see if you can see what kind of vehicle they drive to your place. A wreck may not make such a good impression, and may indicate poor financial resources. It should never be a determinant by itself, but can help in the selection process. (I knew a well to do businessman who drove a rust bucket. But he could afford to rent just about any home he wanted. He was my father.
)
 

Berubeland

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This is how I do it.

First every single thing from the ad and initial phone call is part of the screening process.

The ad clearly states that an application and decent credit check is required, although I also mention that it`s fast and easy which it is... for a good tenant.

You`ll field calls for people who are clearly "testing the waters" looking for a naive new landlord. Others are trying to manipulate your emotions.

100% of the time I get tenants to confirm an appointment one hour before the showing. More tenants do not call back, maybe because they decided against the property or they decided to move on to something else.

Then you have to find out as much as possible about the people in a friendly way without sounding like an interrogator. Decent tenants are in demand. You need to develop your good tenant spotting skills and you need to sell them on renting your apartment.

Your job has a dual purpose - gatekeeper for bad tenants and salesperson for good tenants.

Your instincts need to be good in this job. Once you have someone interested, you have to get them to give you a deposit and then in my case the application can come within a few days, I require hard documents in my applications, pay stubs, photo ID and most people don`t come to the showing with everything they need. Landlord references are not worth too much, landlords will do anything to get rid of a bad tenant including lie their face off. Furthermore with privacy laws you`re not at liberty to be honest. Learn to read between the lines. Believe me oftentimes you`re being told, you just don`t hear it because you want a tenant. Pay specific attention to changes of subject at a crucial point and question avoidance.

Great tenants are what make this business work. Learn to spot them and don`t compromise.
 

Victor Pidkowich

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Registered
So I understand that there is the critical Tenant Interview Questions for available in the downloads section... But is there any questions the REIN community would suggest for screening on the phone before deciding on whether or not to proceed to show the property?

Also when showing the proprty, what would be some effective questions to get answered?
 
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