Marketing For Tenants

In this special class, Nomads learn the best practices for marketing to find tenants.

We cover why we now recommend starting 90 days in advance of your lease expiring (or you buying your next Nomad property) to start marketing to find your tenant.

We cover the following (plus much more):

  • Inner Game of Marketing For Tenants
  • CraigsList
  • Zillow
  • Yard Signs
  • Newspaper/Classified Ads
  • Directional Signs
  • YouTube
  • For Rent Flyers
  • Postcards To Neighbors
  • Facebook
  • MLS (for Rent)

Plus, I share what I consider the most important three marketing strategies are.

Class on Marketing for Tenants

The following is a video of the live webinar presentation I gave to Nomads from Fort Collins on May 30, 2017 on Marketing for Tenants.

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Write out your own process for screening and approving tenants.

Plan ahead by considering all possible what-if scenarios you can think of and what you'd do in each situation before it happens. Write this out.

Mark this task complete when you have your process written out.

Prepare to be a LandlordTenant ScreeningTenantsUltimate Nomad ChecklistWeek 43

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Watch the recording of the live presentation of "Tenant Screening" available on:

https://LearnToBeRich.com/tenant-screening/

Mark this task as complete once you've watched it.

ClassesPrepare to be a LandlordTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 41

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Watch the recording of the live presentation of "Mock Tenant Screening" available on:

https://LearnToBeRich.com/mock-tenant-screening/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 42

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Get or create your own written "Tenant Evaluation Criteria" to be in compliance with Fair Housing Laws.

This is the written standards and approval process for whether a Tenant or Tenant-Buyer qualifies to rent your property.

Remember that you are about to loan someone an asset that is probably worth hundreds of thousands of dollars (the value of your property), so you should screen Tenants and Tenant-Buyers thinking that you're loaning them something that is worth hundreds of thousands of dollars to you. Personally, I'd even tell them that to set the right tone.

Mark this task complete when you have written "Tenant Evaluation Criteria".

PaperworkPrepare to be a LandlordTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 46

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Read through your "Tenant Evaluation Criteria" and highlight sections you have questions about. Write down your questions.

Mark this task complete once you've read through the "Tenant Evaluation Criteria" and documented your questions.

PaperworkPrepare to be a LandlordTenant ScreeningTenantsUltimate Nomad ChecklistWeek 46

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Watch the recording of the live presentation of "The $5,000 Lease Demystified" available on:

https://LearnToBeRich.com/5k-lease-demystified/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 44

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Watch the recording of the live presentation of "The Lease Option – The Lease Part II" available on:

https://LearnToBeRich.com/the-lease-option-the-lease-part-ii/

Mark this task as complete once you've watched it.

ClassesLease OptionPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant BuyersTenantsUltimate Nomad ChecklistWeek 46

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Write out what questions you're going to ask when Tenants or Tenant-Buyers are calling in on your marketing.

Mark this task complete when you've got a written script of questions.

Prepare to be a LandlordScriptsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 54

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Practice your script for incoming calls from Tenants and/or Tenant-Buyers.

"Professionals practice off the field." The time to learn your script is not when you have a fully qualified, Tenant-Buyer with a large down payment on the phone.

Mark this task complete once you've run through your script enough times so that you feel comfortable with it.

Prepare to be a LandlordScriptsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 55

More info about this task...
Watch the recording of the live presentation of "Marketing for Tenants" available on:

https://LearnToBeRich.com/marketing-for-tenants/

Mark this task as complete once you've watched it.

ClassesLeaseLease OptionPrepare to be a LandlordProperty ManagementTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 40Week 55

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Watch the recording of the live presentation of "Property Management Mastery" available on:

https://LearnToBeRich.com/property-management-mastery/

Mark this task as complete once you've watched it.

ClassesPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 45

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Watch the recording of the live presentation of "Solving Tenant Challenges" available on:

https://LearnToBeRich.com/solving-tenant-challenges/

Mark this task as complete once you've watched it.

ClassesPrepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenantsUltimate Nomad ChecklistWeek 47

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If you haven't recently watched the live presentation of "Marketing for Tenants", you should review it again now:

https://LearnToBeRich.com/marketing-for-tenants/

Mark this task as complete once you've watched it.

Advertise Property for RentLeaseLease OptionProperty ManagementTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 40Week 55

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If you haven't recently watched the live presentation of "Marketing for Tenants", you should review it again now:

https://LearnToBeRich.com/marketing-for-tenants/

Mark this task as complete once you've watched it.

LeaseLease OptionProperty ManagementTake Calls from TenantsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 40Week 55

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As calls come in on your marketing, field Tenant and Tenant-Buyer calls and answer questions about the property, complete initial telephone screening and schedule showings.

Do your screening early... in this first call... don't meet unqualified people at the property.

Some people prefer to ask Tenant or Tenant-Buyer for permission using something like this:

"I’d be happy to answer any questions you have about the property."

"Then, if you don’t mind… if it seems like a property you'd be interested in... I’d like to ask you a few questions to see if you qualify for the property and… if you qualify… then we can schedule a time for you to see the property. Will that work for you?"

Mark this task complete when done.

Take Calls from TenantsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

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Write down the answers to these initial screening questions that you'd ask the prospective Tenant/Tenant-Buyer on the first phone call.

Remember, we're trying to determine if the Tenant/Tenant-Buyer is qualified to borrow something worth hundreds of thousands of dollars and whether you're going to meet them at the property to show it.

  • What's your name? Phone number? Email?
  • Who will be living there besides yourself?
  • Do you have any pets? How many? What breeds? What size? Neutered/spayed?
  • Do you have good landlord references?
  • Are you renting now? How much do you pay? Why are you moving?
  • What is your approximate gross monthly income?
  • Any felonies or other convictions?
  • Any evictions?
  • How is your credit?
  • How long are you looking to stay?
  • When are you looking to move in?

Mark this task complete when done.

Take Calls from TenantsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

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If the Tenant/Tenant-Buyer seems to qualify based on asking the Initial Screening Questions on your initial phone call then let them know you're going to send over a video tour of the property along with a copy of the application.

Ask them to watch the video and look at the application and then confirm a time to meet them at the property for a showing.

If they don't reply back confirming they've watched the video, looked at the application and will be there for the showing time, do not go to the showing.

Mark this task complete when done.

Take Calls from TenantsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

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Before confirming the showing, send the Tenant/Tenant-Buyer an email with a link to a video tour of the property that you've made and posted on YouTube along with a copy of the application.

They will need to confirm with you that they've seen the video and will be there at the showing before you drive out to meet them.

Mark this task complete when done.

Take Calls from TenantsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

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After your Tenant/Tenant-Buyer confirms they have watched the video tour of the property, read through your "Application" and wants to still meet at the property for a showing then confirm with them the date and time of the showing.

Mark this task complete when done.

Take Calls from TenantsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

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If you're already going to be out showing the property to one Tenant or Tenant-Buyer you might as well show it more people on the same trip. So, advertise that you're going to be showing the property around the time of your scheduled showing to maximize exposure and showings.

As an example, if your scheduled showing is at 4 PM, you might advertise an open showing window of 4:30 PM to 5 PM as well.

Mark this task complete when done.

Take Calls from TenantsTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

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If you have not done so recently, review the recording of the live presentation of "Tenant Screening" available on:

https://LearnToBeRich.com/tenant-screening/

Mark this task as complete once you've watched it.

Process ApplicationTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 41

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If you have not done so recently, review the recording of the live presentation of "Mock Tenant Screening" available on:

https://LearnToBeRich.com/mock-tenant-screening/

Mark this task as complete once you've watched it.

LeaseLease OptionProcess ApplicationProperty ManagementSolving Tenant ChallengesTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 42

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Call your prospective Tenant or Tenant-Buyer references.

Mark this task as complete when finished.

Process ApplicationTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

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Using your written Tenant Evaluation Worksheet, evaluate your prospective Tenant or Tenant-Buyer and determine if they qualify.

Mark complete when done.

Process ApplicationTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

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If you have not already done so and they're going to be staying in the property with a pet, you should conduct a pet visit to make sure the pet is friendly with strangers.

Mark complete when done.

Process ApplicationTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

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If your Tenants or Tenant-Buyers pass your written Tenant Evaluation Criteria, approve them.

If your Tenants or Tenant-Buyers fail your written Tenant Evaluation Criteria, decline them.

Mark this task as complete when finished.

Process ApplicationTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

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If your Tenants or Tenant-Buyers fail your written Tenant Evaluation Criteria based on their credit, you are required by law to send them a letter stating they were declined.

Here's one sample, but you should have it reviewed by your own attorney prior to using it:

http://www.free-legal-document.com/rejection-letter.html

Mark this task as complete when finished.

Process ApplicationTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

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Give your Tenant/Tenant-Buyer a copy of the "Lease".

Mark this task complete when done.

LeaseLease OptionLease Signing and Lease ReviewTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 60

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Go over the "Lease" in detail, section by section explaining it to your Tenant or Tenant-Buyer.

Encourage them to seek advice from their attorney.

Mark this task complete when done.

LeaseLease Signing and Lease ReviewTenant BuyersTenantsUltimate Nomad ChecklistWeek 60

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If you're doing a Lease-Option, go over the "Option" in detail, section by section explaining it to your Tenant-Buyer.

Encourage them to get the advice of their own attorney.

Mark this task complete when done.

LeaseLease Signing and Lease ReviewTenant BuyersTenantsUltimate Nomad ChecklistWeek 60

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Have your Tenant/Tenant-Buyer sign the "Lease".

Mark this task complete when done.

LeaseLease Signing and Lease ReviewTenant BuyersTenantsUltimate Nomad ChecklistWeek 60

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If you're doing a Lease-Option, have your Tenant-Buyer sign the "Option".

Mark this task complete when done.

LeaseLease Signing and Lease ReviewTenant BuyersTenantsUltimate Nomad ChecklistWeek 60

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Once your Tenant/Tenant-Buyer has signed the "Lease" give them a copy.

Mark this task as complete when done.

LeaseLease OptionLease Signing and Lease ReviewTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 61

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If you're doing a Lease-Option, once your Tenant-Buyer has signed the "Option" give them a copy.

Mark this task as complete when done.

LeaseLease OptionLease Signing and Lease ReviewTenant BuyersTenant ScreeningTenantsUltimate Nomad ChecklistWeek 61

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If you're getting a roommate (renting out part of the home you're living in), remember to review their liability and renter's insurance policy.

Your homeowner's policy covers YOUR STUFF and the house, but your roommates each need their own insurance policy to protect THEIR STUFF and liability if they do something and are liable.

Insist they get and provide a copy of the policy to you. It is usually very inexpensive to get.

Mark this task as complete when done.

Lease Signing and Lease ReviewTenant-BuyersTenantsUltimate Nomad ChecklistWeek 61

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If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

https://LearnToBeRich.com/property-management-mastery/

Mark this task as complete once you've watched it.

Prepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

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Give tenant access to the property:

  • Meet tenant to collect cashier's check and give them keys
  • Have a lock-box and text them the code late the night before/early that morning
  • Note: One key in the lock-box and the other keys/access cards/garage door openers in a drawer inside
    Note: Only do this if you have received certified funds ahead of time

Mark this task as complete when done.

Property ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

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Check-In with Tenant later in the day with a text/call to:

  • Build rapport
  • Ask how the move-in is going
  • Ask whether the property is in the condition they expected
  • Remind them to complete Move-In form and email back within 7 days

Mark this task as complete when done.

Property ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

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Replace fire extinguishers to prepare for the next Tenant/Tenant-Buyer.

They have limited lifespans and it is probably cheaper to just buy new ones than to have them serviced.

Mark this task as complete when done.

Property ManagementSolving Tenant ChallengesTenant Move-InTenant Turn-over PreparationTenantsUltimate Nomad ChecklistWeek 45

Previous Presentation

I gave a version of this presentation to Nomads in Fort Collins on May 12, 2016 which is posted here as well.

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

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