Classified Advertising For Renting

This past month I tried something I haven't done in years, a classified ad! Given a residential property that simply would not get rented I needed to find that one tenant. So I tried an ad. The results of my classified experience were less than satisfactory. Thus the question posed: Is classified advertising for renting residential properties an oxymoron?

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Require Additional Security Deposit

Given the foreclosure and medical bills is it worth accepting this tenant? Depending on employment and landlord verification, the answer may be yes. It is not unusual for us to require an additional security deposit to offset the "higher" risk involved with this type of tenant. Before automatically turning down the foreclosed, medical bills galore tenant consider the above thoughts. Make a business decision that fits your company model.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Screening Tenants With Medical Bills

Medical bills are a very common problem. At last count 47 million Americans do not have health insurance. When you are ill, with no insurance, your options are limited. Most often the individual waits until it becomes an absolute necessity. This is one reason that emergency rooms across the country are always full. When I run the credit reports, these unpaid bills show up and dramatically impact the FICO score. In many cases the individual continues to make appropriate payments on other debits (credit cards, car loans, etc.). So even though the credit score is low and there are unpaid medical bills, it may be a risk worth taking.


Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Foreclosures Make New Class of Tenants

Our standards of yesterday may end up excluding up to 40 percent of your applicants. In order to keep your property rented you may have to modify your rental qualification standards.

Foreclosures are most likely going to set a record for Colorado, and most likely other states. The entire lending situation has created a new class of tenants. Individual tenants recently were homeowners and have now become tenants again. I have made a business decision that a foreclosed individual does not provide as high of risk as in the "old days". So even though this individual has lost ownership of a home, I believe he/she may be a reasonable risk.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Qualifying Tenants for Residential Units/Conclusion

Contact the current and previous landlords for a reference. Be careful that the "landlord" you reach is not their friend or relative posing as their landlords. When you are talking with these individuals try to get them to verify current rent or the exact address rather than you providing that to them.

Evaluation of the tenant should be based on these five criteria discussed. Do not allow your personal likes or dislikes to be your yardstick. Your office policy should define your standards so making the decision becomes a regular routine.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Qualifying Tenants for Residential Units/Part 4

Longer term employment is a good sign of stability. Getting such information in large companies can be slow. We have found that the immediate supervisor is often willing to confirm the necessary employment verification. The applicant can provide you with his/her pay stub, thus confirming income level. Establish an office policy on how much income is necessary to qualify for renting the property. That level of income varies from one landlord to another.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Qualifying Tenants for Residential Units/Part 3

The criminal background check has now become a normal standard of care for a property manager. You will need an office policy on accepting/rejecting those individuals with felony or misdemeanor convictions. You should consult your attorney as to the pros and cons of this issue.


Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single-family homes and properties in Denver. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peters's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.