New leasing method (by BRAD 20,000 [IN]) Feb 9, 2019 11:45 PM|
New leasing method (by Smokowna [MD]) Feb 10, 2019 3:04 AM
New leasing method (by S i d [MO]) Feb 10, 2019 5:06 AM
New leasing method (by Robert J [CA]) Feb 10, 2019 6:09 AM
New leasing method (by Oregon Woodsmoke [ID]) Feb 10, 2019 6:10 AM
New leasing method (by Ken [NY]) Feb 10, 2019 6:40 AM
New leasing method (by Nicole [PA]) Feb 10, 2019 6:58 AM
New leasing method (by Sisco [MO]) Feb 10, 2019 1:54 PM
New leasing method (by 6x6 [TN]) Feb 10, 2019 6:08 PM
New leasing method (by BRAD 20,000 [IN]) Feb 10, 2019 6:35 PM
New leasing method (by S i d [MO]) Feb 11, 2019 4:52 AM
New leasing method (by Ken [NY]) Feb 11, 2019 6:02 AM
New leasing method (by dan [OR]) Feb 11, 2019 12:15 PM
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New leasing method (by BRAD 20,000 [IN]) Posted on: Feb 9, 2019 11:45 PM
We’ve done several as a test and it’s working well enough to spread the word.
When they are approved on paper and have seen the home via lockbox self tour we text to set up the 2 Minute In Home Visit.
We prep the entire lease package and take it inside for the Visit.
If the housekeeping is approved I tell and ask if they are ready to take the home. If so I open the lease package and tell them if we sign the front page it’s theirs. We’ll set an appoiintment for a full lease signing/orientation and payment to get the keys. Today (Sat afternoon, banks closed) she had $100 to seal the deal. Set appt for Monday evening after work. She’ll have the $1028 to move in then.
We don’t sign until the full lease is signed and funds are collected.
Goal: save time, eliminate steps, and get their commitment before a competitor calls.
So far so good!
New leasing method (by Smokowna [MD]) Posted on: Feb 10, 2019 3:04 AM
I think I'm catching all the advantages you outline. The added bonus is you excuse the in-home visit with a good reason to be there. You also can extend that visit if you think there may be a reason to look deeper.
It also seems like a casual, easy, and low pressure commitment from the teni's perspective. No pressure sales.
Seems very nicely done --96.241.xx.xx
New leasing method (by S i d [MO]) Posted on: Feb 10, 2019 5:06 AM
Great idea! I do something similar with our in-home inspection, except we weren't signing the lease page. I had started using a printout of the marketing flyer that outlines all of the ammenities so they can't come back later and say we had promised them something different. I like how you're method gives them a "stake" and a more realistic reason for the in-home visit.
Curious...what if they do back out? Is the $100 forfeit? For a $1028 move-in price, that's not a whole lot. I'll be interested to see if that manages to keep the majority of your fish on the hook.
Btw, why do you sign the lease? Is that required in your area? I haven't signed a lease in 5-6 years. Attorney said we don't have to. My phone/internet company never signs our service plan.... They just provide the service. Ditto with bank refinances: I am the one signing papers, not the bank. They provide the money and the better terms. I've taken my "signature-less" lease to court several times and won evictions...no one bats an eye. Works for us. *shrugs --173.20.xxx.xxx
New leasing method (by Robert J [CA]) Posted on: Feb 10, 2019 6:09 AM
With a key in hand and a piece of paper saying "receipt for rent" anyone can take civil possession of a rental and then it takes an eviction to get them out! Months and thousands in legal fee's, not including damages. This is true in California and many other States.
I walked into one of my vacant rentals during the construction stage and found squatters living there. The police wouldn't lift a finger because the squatters "said" they paid to "someone" who claimed to be the owner first and security. The squatters were smart enough to order phone service establishing a utility in their name at that address.
Since Los Angeles doesn't allow for an eviction when a unit isn't in tip top condition, I couldn't even evict. The squatters called housing because the unit wasn't finished.
The only way I was able to win in this case was to employ a private security firm, who's officers were licensed to carry weapons, remove the squatters by force. This opened me up to a law suit that I had to defend.
This was all done without a lockbox. Had these squatters really had the "keys" I would have lost my law suit and had to pay millions in damages. Because my old tenants, who purchased a house, still had a "Key", I could prove that these squatters broke into the property and "Had no key". --47.156.xx.xx
New leasing method (by Oregon Woodsmoke [ID]) Posted on: Feb 10, 2019 6:10 AM
As long as the lease says all money, rent, and deposits must be paid in full before *date* or the lease is canceled.
I don't want my tenants to have any lease material until everything is done, signed, and paid for. I don't want to get into a situation where they have a lease but no keys, and I only have a tiny deposit.
My holding fee is the same as my deposit, which is $300 more than the rent. But a $100 down payment would show they are at least $100 committed. I just wouldn't sign a lease to get it. --98.146.xxx.xxx
New leasing method (by Ken [NY]) Posted on: Feb 10, 2019 6:40 AM
I like it,you get money quicker than in the past which ties them to the place,does this require you to do the in home inspection or are you sending someone and they have the authority to bind you? --72.231.xxx.xxx
New leasing method (by Nicole [PA]) Posted on: Feb 10, 2019 6:58 AM
not to always be a naysayer but I'd double, triple check this process. I think, at least in Pennsylvania, they have three business days to cancel the deal. That also includes you handing them a right to cancel form.
Why? Because you are physically signing in THEIR home.
Sid, the lender absolutely signs quite a few of your loan documents ... Note, Mortgage, 1003, CD to name a few of the biggies. --72.70.xxx.xxx
New leasing method (by Sisco [MO]) Posted on: Feb 10, 2019 1:54 PM
I have been handling lease signing in this manner for the past few months. It only makes sense,once the cleanliness inspection and co operativenes tests have been dealt with to collect the $ and the signatures. --72.172.xxx.xx
New leasing method (by 6x6 [TN]) Posted on: Feb 10, 2019 6:08 PM
Thank you Brad for sharing. I have not had much time yet to look at your lease. I will have to keep this in mind as I look things over.
Is that sort of like a holding fee but just for a very short period? --73.120.xx.xxx
New leasing method (by BRAD 20,000 [IN]) Posted on: Feb 10, 2019 6:35 PM
-I don’t need an excuse to do the InHome. Don’t be shy. “Mary, Good news! Your application is pre-approved. Are you still interesting in the home at 123 Main? ....Great! The next step is a quick 2 Minute housekeeping check of your current home. Are you available at 6 today?” I want this within 24 hours.
-I do not tell them I am bringing the lease because sometimes the InHome fails.
-we don’t sign the lease until paid up so no contract yet.
-we don’t give a copy until all os paod and keys given.
-for YEARS we never signed the lease (this blew up the forum when I mentioned it!). But the water util made a new rule for new service requiring the LL’s signature. Helps avoid service in the dog’s name! Actually this helps them find delinquent customers.
-no keys until paid up so no problem regarding squatters’ rights.
-I don’t like holding contracts. Too confusing and I don”t think MY judge would honor it. Either rent it or not. I can only recall one over the last 1000 leases that changed their mind. This was within 48 hours and they had not moved in, so we just refunded their deposit and re-rented.
-Signing the top page is a minor commitment (sales people know this is an intermediate close which leads to a major close). They stop ahopping and turn their attention to MY rental! Every minute that passes is a chance we will lose them to competition or to a car repair bill eating up their money.
Hope this helps others upgrade their systems!
New leasing method (by S i d [MO]) Posted on: Feb 11, 2019 4:52 AM
Nichole... I just check the closing packets for two houses I refi'd this last year. Lender didn't sign a single piece of paper: not the Promissory note and not the Deed of Trust. Maybe some do and some don't. It sounds like the only reason Brad signs is due to a wonky utility company rule in his area. *shrugs
New leasing method (by Ken [NY]) Posted on: Feb 11, 2019 6:02 AM
What advantage is there in not signing a lease? I would think if you were in court trying to use the lease to your advantage and the tenant or there free legal aid attorney pointed out that you never signed the lease the judge might determine there is no lease in effect --72.231.xxx.xxx
New leasing method (by dan [OR]) Posted on: Feb 11, 2019 12:15 PM
I use a virtual video of the property. Inside and out!
This is posted on YouTube, so in the event by or the tenant me to see the property either before or after the tenancy, there can be no contradictions on the properties condition.
The last three years income credit and rental references are crucial for me.
I also mentioned that I want to drive by their property that they lived in for the last year so that I can see the maintenance and upkeep. --75.164.xxx.xxx
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