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How I keep track of rental applicants for a vacancy

February 5, 2011

Of the calls you receive on a rental property I would say only half are actually interested in renting a property.  The others are what I call “Nosey Neighbors” and “Look-e-Loos”.  The “Nosey Neighbor” is someone else that rents down the street and is curious.  The “Look-e-Loo” is another investor or landlord that is looking for comps.  The other half are interested in the property and keeping track of these calls can be important to helping you rent the property.

During the last couple of vacancies I started keeping a call log or summary sheet for all of the candidates interested in my property.  On my current vacancy I have received over 70 calls over a 3 week period.  I find it helpful to take some notes on who called, their phone number and whatever other information that I could get over the phone.  I write down who has actually looked at the property, who has called back more than once, and other pre-qualifying information that I could get out of them. 

The summary sheet really helps when they call back.  It seems more personal when you can remember the wife’s name or how many kids.  On my current vacancy it really helped because I made some changes to the property after several families had already looked at it.  I was able to call them back and tell them I had changed the bathroom color, let them know it was still available and invited them to come back and view it again.  

The call log also helped in another situation.  I had a vacancy without any notice one week after renting out another property. I pulled up that call log and called everyone that I liked and told them I have another property a few miles from that one.  It was a bit smaller, but $100 cheaper per month.  These are excellent leads as they are currently looking for a place, they already know you, and you might even have an application filled out by them.

Below is a picture of my last call log.  As you can tell, there is not much to it.  I use a basic code system:

  • V – they have viewed the property.
  • App – means that I have an application filled out by them.
  • X – means they told me something already that would exclude them from being a candidate
  • Small asterisk with a circle around it – means that I liked them.

The call log is essentially my notes for the rental process on the house.  Once I get an application and start researching them, then I make all of those notes on the application.  So far it’s working great for me.. – Anyone else have a system for keeping track of all the calls and candidates for your homes?

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