I have used SafeRent to do financial screening of prospective tenants but do any of you have a better suggestion? Any company that you are happy with? How are the costs? - thanks!
I found SafeRent to be adequate and used them for the past three years. I only have eight units and I found that used them 3-4 times per year on average. Yesterday I went to their site to run a background on a perspective new tenant and found that Saferent had been sold to a new company. The new company wants an annual fee plus the fee for each report. I decided to look around to see if there is a better value our there.
Another thing to try is to reduce the security deposit. If they are good tenants and keep the place up, you will make more money reducing the security deposit and not giving away free rent. Also, most people are more concerned with paying less now and not paying less later.
like stated above, they want the money now not later.....however, i dont like to give them the incentive immediately. if they are flakes, squatters, late payers, etc. and you give them the first month as a freebie thats just another 30 days you are going to wait to see what they are all about.
if you feel great about the credit and rental history, maybe you take the chance and give them the freebie up front.
if there is the slightest doubt, wait till the third month to give anything and make sure the free month is based on them making on time payments for the first two months.
i realize this is sometimes needed to get your houses rented, but i hate these "incentives." they drive the rents down and force landlords to "one-up" each other.
i thought i was really clever and i offered a TV to the renter and the property manager if they got me rented within 30 days. the PM put some guys in there that always paid late. ultimately i ended up kicking them out and taking them to court. now they pay right on time every month. (thank you your honor). i think offering the TV to the PM led to her putting in the first applicant that came by.
anyhow, i know that wasnt your question, but it got me thinking. good luck with the month off, and your property.
Never ever give the first month free. In fact I never prorate the first month eith. If they move in the 15th - they pay a full months rent. the 2nd or 3rd month is prorated. This keep potential slugs from paying a half month not pay and end up staying an extra 2 while we evict. Learned that the hard way several years aog.
I have not had to resort to a month of free rent yet in my rental market. If I did, I would give the 13th month free with an annual lease. If the tenant terminates the lease before the end of the lease term, then they forfeit the free rental month.
I always prorate the first month and add it to the front end of their annual lease. For example, if I have a tenant move in on Nov 22, I charge a prorated rent for Nov and their lease runs a full 12 months after that so their lease is really one year and a few days from Nov 22, 2007 through Nov 30, 2008.
Have you used them? It looks like you could get real spending real fast but it is just the type of service that is needed. Wonder if it they offer a price break?
Some collection agencies will immediately file garnishment for you at place of employment or bank. If the tenant owns anything they can also file a fi fe to levy on assets and report lien to the credit bureau. Most counties will report to the credit bureaus regardless within a few months showing your judgment.
What did you not like abut SafeRent? What was it lacking?
I found SafeRent to be adequate and used them for the past three years. I only have eight units and I found that used them 3-4 times per year on average. Yesterday I went to their site to run a background on a perspective new tenant and found that Saferent had been sold to a new company. The new company wants an annual fee plus the fee for each report. I decided to look around to see if there is a better value our there.
I would be interested to know of suggestions too.
http://www.landlordscreening.com/
I give 1/2 off second and third month.
Another thing to try is to reduce the security deposit. If they are good tenants and keep the place up, you will make more money reducing the security deposit and not giving away free rent. Also, most people are more concerned with paying less now and not paying less later.
like stated above, they want the money now not later.....however, i dont like to give them the incentive immediately. if they are flakes, squatters, late payers, etc. and you give them the first month as a freebie thats just another 30 days you are going to wait to see what they are all about.
if you feel great about the credit and rental history, maybe you take the chance and give them the freebie up front.
if there is the slightest doubt, wait till the third month to give anything and make sure the free month is based on them making on time payments for the first two months.
i realize this is sometimes needed to get your houses rented, but i hate these "incentives." they drive the rents down and force landlords to "one-up" each other.
i thought i was really clever and i offered a TV to the renter and the property manager if they got me rented within 30 days. the PM put some guys in there that always paid late. ultimately i ended up kicking them out and taking them to court. now they pay right on time every month. (thank you your honor). i think offering the TV to the PM led to her putting in the first applicant that came by.
anyhow, i know that wasnt your question, but it got me thinking. good luck with the month off, and your property.
Brian
I did a 12 month lease where the 12 month was free.
If they did not make it the 12mos, it cost me nothing.
Thanks!
Never ever give the first month free. In fact I never prorate the first month eith. If they move in the 15th - they pay a full months rent. the 2nd or 3rd month is prorated. This keep potential slugs from paying a half month not pay and end up staying an extra 2 while we evict. Learned that the hard way several years aog.
I have not had to resort to a month of free rent yet in my rental market. If I did, I would give the 13th month free with an annual lease. If the tenant terminates the lease before the end of the lease term, then they forfeit the free rental month.
I always prorate the first month and add it to the front end of their annual lease. For example, if I have a tenant move in on Nov 22, I charge a prorated rent for Nov and their lease runs a full 12 months after that so their lease is really one year and a few days from Nov 22, 2007 through Nov 30, 2008.
I posted this same question a while ago and got little responce. Also collection can happen after a judgement. You may have to go to court to get it.
J
The National Assoc. of Independent landlords
has delinquency reporting program:
http://www.nail-usa.com/new_page_6.htm
Have you used them? It looks like you could get real spending real fast but it is just the type of service that is needed. Wonder if it they offer a price break?
Thanks
J
I have not used them. I read about the service in the most recent issue of money magazine.
Some collection agencies will immediately file garnishment for you at place of employment or bank. If the tenant owns anything they can also file a fi fe to levy on assets and report lien to the credit bureau. Most counties will report to the credit bureaus regardless within a few months showing your judgment.