Seeking renters opinions

[JHW]

Application fees are becoming the "norm".
Consider the amount of time you as a landlord invest in a potential renter. Do you work for free?

Keep it reasonable, but make it clear up front why you're charging it and what it's for. It may also help weed out undesirable tenants.

That was our problem and why we started to think about charging one. We are just a family business but manage and own 125 units and for a our last vacancy we had over 15 applicants apply and a Bunch were just crappy applicants. We are looking in the neighborhood 10-20 for the application fee.

 

[JHW]

im looking now

the application fee is so they can run a TLO search on you. a bit unnecessary but given the state of the world i suppose its better to be safe than sorry. shouldnt cost more than 40 bucks. i also wouldnt pay it unless i knew i was the only one currently in the running for the house (im not going to apply just to be denied for no reason)

all they need to run a background search is a name, DL number, and maybe a social.

one stupid ***** me and my friend were about to rent from kept asking for more and more things, such as a credit report and she wanted to see my pay stub (this is after i gave her the application fee and stuff). decided she is going to be a ****ty landlord if she needs that much crap (she works for the government, so go figure)

Yeah ours we be at most $20 and all we require is a credit report. We had the background report built into our application. Meaning that they sign if we were to randomly do a background report there would not be a issue.

 

[Realstudent368]

Why is it a problem to to state process fee for credit card?

Haven't done it but I have seen it before..

 

[chucklenut]

Yeah ours we be at most $20 and all we require is a credit report. We had the background report built into our application. Meaning that they sign if we were to randomly do a background report there would not be a issue.

sounds reasonable to me. 20 bucks is pretty fair. some places in atlanta charge as much as 200

 

[JHW]

https://support.cozy.co/hc/en-us

Im very interested personally in this site. I like that it's free to direct deposit and only charges 2.75 for credit cards. Looks to be a straight forward post.

 

[GeauxLSU]

Not sure what type market you are in but you may want to consider if you want tenants that have to pay by credit card. I get some people, myself included, like the "cash back" benefit from using some cards but I'm guessing that's not why most renters would want to use a CC.

 

[galvatron]

Make it $50. It will easily cost that much if you sit down and put a dollar amount on each step involved in the application process.
1) You placed an ad
2) How many calls/emails did you get and have to respond to.
A) How many went right in the "NO" pile
B) Repeat 2A until you make it to 3
3) Do whatever background stuff you normally do
A) Repeat until they pass 3
4) How many times did you meet and show the property?
And it keeps going. If you have any staff do they work for free?

If they don't have the coin you don't want them.
What you can also do is apply the $50 to the first months rent to the chosen applicant. Makes you look like a nice guy/landlord/company. You have a signed lease and they have their $50 back, everyone is happy....for now......

 

[chucklenut]

Make it $50. It will easily cost that much if you sit down and put a dollar amount on each step involved in the application process.
1) You placed an ad
2) How many calls/emails did you get and have to respond to.
A) How many went right in the "NO" pile
B) Repeat A until you make it to 3
3) Do whatever background stuff you normally do
A) Repeat until they pass 3
4) How many times did you meet and show the property?
And it keeps going. If you have any staff do they work for free?

If they don't have the coin you don't want them.
What you can also do is apply the $50 to the first months rent to the chosen applicant. Makes you look like a nice guy/landlord/company. You have a signed lease and they have their $50 back, everyone is happy....for now......

wtf?

if im selling a gun im not going to add in the time it takes to list the ad and confer with the buyer. that should be a known cost to the seller IMO

the rental property exists as a means of income. so unless you are acting as a 3rd party agent and attempting to get a commission for renting someone elses property, then trying to squeeze a buck out of potential prospects is just greasy lol

 

[galvatron]

The money is for the work needed that generates a "NO" to a applicant it's not a source of revenue.

 

[toobaroque]

Take ebt cards I bet you will never have a missed payment !!!

... or anything left in the apartment when they leave!