We have all been in a bind at some point in life and had to make a life-changing decision in a short amount of time; however, when it comes to one of the primary necessities of life; shelter. The place you call home, where you decide to live, plant your roots, start a family, or build a new life. It's not a position a person wants to find themself in. Looking for a home in a hurry is hard. However, looking for a rental property in a hurry is even more challenging. As a rental property owner in Orlando, if a prospective tenant says they can move in tomorrow or within the next couple of days, you should be concerned. You may be sitting there thinking this is fantastic, I just hit the jackpot, however, if your prospective tenant is looking for a house in a hurry. It would be best if you let them pass on your Orlando rental property. And this isn't to say your prospective tenant isn't in an actual bind, and they genuinely do need to move tomorrow. But the majority of the time, that is not the case. In this topic, we will cover why a tenant will need to move into your rental property in a hurry.
My Landlord is Selling The Property. I Need To Move In Right Away.
We hear this one all the time as an Orlando property management company in Central Florida from prospective residents. The majority of self-managing rental property owners, landlords, and property managers are not just going spring this on a tenant that they or the owner is selling their property. And that they need to move out right away. At the bare minimum, a quality landlord would give them a 30 days notice to vacate or a 60-day notice of non-renewal depending on the lease agreement terms. No reason needs to be provided by the landlord to the tenant. However, when we request previous rental verification, we see landlords expressing that the tenants need to move out because XYZ reason; hence, in the tenant's mind, "The landlord intends to sell the property."
We don't want to be cynical, but these things should come to mind as a self-managing landlord when considering a prospect looking for a new home in a hurry. It is 100% possible you, the owner of their said residence, is selling the property out of nowhere because you are in a bind. You may have a great relationship with each other, and they are just trying to move quickly. However, the likelihood is slim.
The majority of the time, the previous landlord told them, "Hey, I'm selling the property you need to move out." And what they mean is they were tired of being a landlord with the tenants' placed and the shenanigans they have had to go through alone as a self-managing rental property owner. So if your interested prospect doesn't want to provide you with their prior landlords' contact information and the property they are residing at isn't on the market. And they give no additional prior rental verification, dig more to get clarification. The time it takes for you to qualify your tenant correctly, doing your due diligence will save you more time and money than accepting a prospect that can move into your rental property tomorrow.
I Have The Cash To Move In Tomorrow, But...
As a landlord and self-managing rental property owner, you must have your tenant qualifying criteria locked in place. It's written stone like the Ten Commandments. Non-negotiable, it is what it is. Your prospect may have $50,000 cash and show it to your face, but you need to stand by your criteria. If your prospective tenant does not want to go through the screening process or they, say they make $X a month and show you a business account holding of $250,000. But their credit is absolute garbage, with seven outstanding collections, and their personal bank statements have $2,000 in their account. But it can't be verified. You'll likely hear some story. It could be 100% true; people go through situations. Self-employed businesses go out, divorce happens, college loans back up, credit card payment missed, people lose jobs, and life happens. As long as you have your criteria in place, you should have smooth sailing. Just don't accept a stack of cash and have them move in the same day.
My Current Property Is Uninhabitable.
At a showing, you'll have some perspective tenants that absolutely love your home and will run home to apply. Then there are the lingerers' that will hang around and inspect every inch of your rental property. Opening and closing cabinets, wiggling handles, pulling draws out, even going so far to pull out their flashlight to inspect. We don't mean their phone flashlight, but a personal flashlight that the prospect for some reason was carrying around with them all day at showings. These are likely the prospective tenants that will instantly claim your property is uninhabitable the moment they move in. They will expect your 1970 rental property to turn into a new construction home magically. Every rental property needs to be rent ready if it is going to be an income-producing home. If you need a rental property rent-ready checklist, this may be a useful tool. But during this showing, if they complain about their previous landlord and claiming their current residence is uninhabitable. Requesting repairs for your property you're currently showing them. Consider this as a signal and warning sign of what that tenant would be like in your rental property. Now your tenant may have a slumlord; however, it's more likely a sign that they're a problem tenant and most likely will not have a positive, verifiable rental reference from a previous landlord.
Final Thoughts: "I need to move into your rental property tomorrow!"
Being a landlord or rental property owner, you want to have responsible tenants living in your property. Having responsible tenants will directly contribute to your success. Suppose you have a prospect wanting to or needing to move in tomorrow? You can be pretty confident that they are not the most responsible of tenants.
When it comes to one of the primary necessities of life, making sure you have a roof over your head is at the top of the list. If they've waited until the last minute to find a new place to live, you may want to hold off on that prospect. Tenants should be looking for a new place to live at least 60 days before their lease expiration date. In Florida, industry-standard will require a tenant and/or the landlord to provide a 60-day notice to vacate or notice non-renewal. Check your lease agreement and ensure you are providing proper notice. It's never ideal to find yourself in a bind, and finding a rental home in a hurry is almost impossible. If you are a landlord or rental property owner, looking for resources on all things property management. Please don't hesitate to reach out to us at The Listing Real Estate Management, subscribe to our YouTube channel, and be sure to like us on all social media platforms. It truly helps us out, and we appreciate each and every one of you for your support. Cheers!