After our renovation of the Willoughby Ridge Condo, we had to properly market it. We were considering the route of advertising it through an agent, but we had different requirements that were not as easily matched up. Unlike a property you were looking to sell for the best market price, we were trying to match a well-appointed property with a tenant that would take care of it. This is a very different process, as you have to screen for additional criteria other than simply if a resident can afford the rent. During this process, we had to fine tune our marketing to match our ideal resident. We accomplished this by submitting our gorgeous property photos with targeting marketing content specifically designed to catch a prospective resident’s eye and encourage them to engage.rnrnFrom there, we assembled our resident screening system, which provided a comprehensive review of all applicant’s employment history, rental history, references, and character review during the property walk through. We took detailed notes regarding each applicant and assembled packages that were later reviewed by the owner. What we found is that most prospective residents didn’t get through our prescreening questions, which determined quickly and effectively whether those residents could afford the rent, had pets, or could follow through with a simple set of instructions. The pre-screening was perhaps one of the best processes to ensure no one was wasting their time. The additional screening helped to weed out anyone who would not serve as a great match. It also allowed us to share our expectations for any prospective residents so that they could know beforehand as well.rnrnWe put in the work for this particular rental because we were laying the foundation for future rentals. Having the systems made the process so much easier. It also gave us feedback to follow up with campaigns to prospective tenants we wanted to engage with and help us flag those who had difficulty following through.
How did the FortuneBuilders team and resources help you to accomplish this deal?
The experience gained from the FortuneBuilders Master program allowed us to not only successfully renovate this rental property, but it also allowed us to systematize the process for properly screening tenants, documenting leases, and establishing clear lines of communication with both owners and tenants. The last thing that we would want is to fix the place up for it to be destroyed a short time later. Training and experience have allowed us to formulate and document our processes so that we would attract our ideal tenants entice them to stay for the long term.