Final Numbers (by Jason [VA]) Sep 23, 2022 6:06 PM|
Final Numbers (by DJ [VA]) Sep 23, 2022 6:30 PM
Final Numbers (by Jason [VA]) Sep 23, 2022 7:14 PM
Final Numbers (by 6x6 [TN]) Sep 23, 2022 7:51 PM
Final Numbers (by Dave [MO]) Sep 23, 2022 8:18 PM
Final Numbers (by Hoosier [IN]) Sep 23, 2022 8:35 PM
Final Numbers (by Otis [IL]) Sep 24, 2022 12:40 AM
Final Numbers (by MC [PA]) Sep 24, 2022 7:25 AM
Final Numbers (by Vee [OH]) Sep 24, 2022 8:52 AM
Final Numbers (by Oregon Woodsmoke [ID]) Sep 24, 2022 11:25 AM
Final Numbers (by LordZen [MA]) Sep 26, 2022 2:33 AM
Final Numbers (by Jason [VA]) Sep 26, 2022 9:24 AM
Final Numbers (by zero [IN]) Sep 28, 2022 8:53 AM
Final Numbers (by Jason [VA]) Sep 28, 2022 11:06 AM
Final Numbers (by Jason [VA]) Sep 28, 2022 11:07 AM
Final Numbers (by zero [IN]) Sep 30, 2022 3:33 PM
Click here to reply to this discussion.
Click Here to send this discussion to a friend
Final Numbers (by Jason [VA]) Posted on: Sep 23, 2022 6:06 PM
Here are the numbers from my latest vacancy:
Total number of people to fill out my automated pre-screener: 310 .
Total number of people that got an instantaneous "Thanks but no thanks" email after failing the pre-screener: 222 (72%)
Total number of people that "passed" the pre-screener: 88 (28%)
Number of $45 application fees received: 35 (40% of my showings paid the app fee) for a monthly total of $1575 in app fees on a house that rents for $1,300/mo
Total paid out of pocket by me for screening: $117
Total number of completed applications: 28 (Meaning 7 people paid my application fee and never completed the application). Free $315.
Total time that automation has saved me from communicating with the 222 that didn't pre-qualify: 11.1 hours (based on just THREE minutes saved per person).
My application requires proof of rent payment for the previous six months, proof of income for the previous 4 weeks, and a picture of their photo ID. With these three things alone, I was able to screen out the majority of the applications. I collect the application fees BEFORE they get the application.
I look for reasons to DENY, not for reasons to approve. As soon as I find ONE reason to deny, I'm done and on to the next. I get a bit irritated when I CAN'T find a reason to deny because I feel like I'm missing something.
Between late payments being shown on their rental payment history, income not matching the 3x figure they put on the pre-screener, and the address listed on their address pointing me to a property they've been evicted from, I was able to reject all but three without spending one red cent out of pocket for screening on the ones I rejected.
All money in the bank. --172.58.xxx.xx
Final Numbers (by DJ [VA]) Posted on: Sep 23, 2022 6:30 PM
I've only ever collected the application fee at the time the application is submitted.
Charging it first is interesting.
Do they pay you through an app before you send them the link, or how do you do it? --68.229.xxx.xxx
Final Numbers (by Jason [VA]) Posted on: Sep 23, 2022 7:14 PM
"We charge a $45 application fee per adult and after that fee has been received, we'll send you our digital application. It's very similar to the form you've already filled out but goes into quite a bit more detail."
I'll collect the application fee via venmo, cashapp, paypal, or cash and then send them the link for the application. I've done 95% lockbox showings, so it works out pretty seamlessly. --172.58.xxx.xx
Final Numbers (by 6x6 [TN]) Posted on: Sep 23, 2022 7:51 PM
Who needs a tenant when the app fees pay more? --73.113.xxx.xxx
Final Numbers (by Dave [MO]) Posted on: Sep 23, 2022 8:18 PM
6x6, I was thinking the same thing. Lol --162.249.xx.xxx
Final Numbers (by Hoosier [IN]) Posted on: Sep 23, 2022 8:35 PM
I love metrics…”what gets measured gets improved “
Great that you get so many applications, I usually get only 4-5. --99.92.xxx.xxx
Final Numbers (by Otis [IL]) Posted on: Sep 24, 2022 12:40 AM
Ok this may be a dumb question. Do you return the application fee to the people that have applied that passed everything but you went with a different person? --24.245.xx.xxx
Final Numbers (by MC [PA]) Posted on: Sep 24, 2022 7:25 AM
Otis: I have. --73.230.xxx.xx
Final Numbers (by Vee [OH]) Posted on: Sep 24, 2022 8:52 AM
I did not track the numbers but 4 and 3 years ago I went thru a long list of apps (paid after filling out) and less than 20 percent were accurate, many used fictitious address to avoid learning eviction problems including unpaid damage debts. --76.190.xxx.xxx
Final Numbers (by Oregon Woodsmoke [ID]) Posted on: Sep 24, 2022 11:25 AM
Wow. 310 applicants who are hopeful enough to fill out some paperwork.
Things are getting worse out there. Even more unqualified tenants trying to find a place to live --76.178.xxx.xxx
Final Numbers (by LordZen [MA]) Posted on: Sep 26, 2022 2:33 AM
WOW Great data Jason, thanks for sharing, i keep saying: you need to offer your service here at Mr.Landlord as Brad's20,000 does --98.216.xx.xxx
Final Numbers (by Jason [VA]) Posted on: Sep 26, 2022 9:24 AM
Zen, I’d be happy to. I automate my process more and more every day. During my free time last week, I wrote a program to extract the information directly out of the completed application, which then populates my lease for me 100%. It populates tenant info, pet info, property info (air filter sizes, address, lead paint disclosure, along with misc property-specific addendums), AND calculates all of the monetary values based on the lease start date, and any extras. I then had it add reminders on my calendar 30/60 days ahead of the lease expiration to remind me when to increase the rent. All with one click of a button.
Now that that’s finished, I’m working on a program to screen my applications for me (preliminary screening). I’m setting it up so that any time an application is submitted it will automatically populate a “pro/con” list and email it to me. --50.202.xxx.xx
Final Numbers (by zero [IN]) Posted on: Sep 28, 2022 8:53 AM
I am needing to get automated. The latest thing I have done is start emailing applications. I do have my files on a google drive so that has helped a little, but I am way behind the times. Even for a little mom and pop operation like mine.
Just like so many people who can't get started in RE because they are overwhelmed I am on the cusp with automation.
I get my places rented typically before they are empty and usually from word of mouth. I don't do ads as no need just yet. I do end up driving around to hand out applications or have prospects meet me on jobs.
Would love to get set up with a fire and forget system. Even considered getting PDFiller. Problem is I have basically nothing but email to deal with. (That might be enough for a first step)
If you are bored and want a challenge for a small cash payment and a big gratitude payment let me know. --107.147.xx.xxx
Final Numbers (by Jason [VA]) Posted on: Sep 28, 2022 11:06 AM
Zero, send me a quick email to my disposable address: (rvariverlife at gmail). I’m tied up for most of the day, but I’d be happy to discuss later on. --172.58.xxx.xxx
Final Numbers (by Jason [VA]) Posted on: Sep 28, 2022 11:07 AM
Correction to my email, it’s rvariverlife4me at gmail --172.58.xxx.xxx
Final Numbers (by zero [IN]) Posted on: Sep 30, 2022 3:33 PM
Jason, Sorry I didn't get back on here to see you sent that.
You have mail.
Thanks and all that. --107.147.xx.xxx
Click Here to send this discussion to a friend
Report discussion to Webmaster