Which Comes FIRST? The New JOB or the New RENTAL HOME?

By
Property Manager with Gibson Management Group, Ltd.

Our area has very low unemployment so when job openings do occur, most employers have to outreach to other areas for new-hires.

 

This often means that would-be new-hires are coming to our area for job interviews several times and looking for suitable rental housing at the same time.  I don’t mind discussing renting options via e-mail or phone, however, actually showing rental property is entirely different from showing homes for rent.

FIRST * the rental property, in a hot rental market, may well be rented by the time the prospect/new-hire will be moving;

 

SECOND * since I don’t take rental prospects in my car, my use as an area “tour guide” is nil so their “drive-time” toview a rental property is not worthwhile for learning about the area; and

 

THIRD * they have no “employer/income” source for their application process except for their current job where they may not have given notice.  This completely stalls the application process until their new job is secured.

 

Would-be rental prospects/new-hires are better served using their time to actually get familiar with the area, learn about the schools and amenities as well as secondary job prospects for spouses or partners..... 

 

Posted by

Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

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Rainmaker
3,332,746
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Good points...prospective renters may not know what chicken or egg..job or home comes first 

Aug 26, 2014 09:44 PM #2
Ambassador
2,665,050
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

None of us want to be used whether for a rental or a sale. especially when the new job is still to be started

Aug 26, 2014 09:57 PM #3
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Anyone in Property Management should take a lesson for you Wallace.  You run a tight ship and have proven excellent results.

Aug 26, 2014 09:59 PM #4
Rainmaker
6,168,877
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Others that handle rentals should consider following your showing policies. Thanks for sharing your experience.

Aug 26, 2014 10:12 PM #5
Rainmaker
1,992,540
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

We understand your pain about being a tour guide ! We have negotiated 1/2 day and full day fees to do "area tours(and show 1-3 rental properties) to POTENTIAL employees(no offer in hand YET). We simply must be stewards of our TIME !!!

Aug 26, 2014 10:12 PM #6
Rainmaker
1,780,453
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

This can be a tricky situation in both getting the job and finding a decent place to live.

Aug 26, 2014 10:58 PM #7
Rainmaker
2,379,270
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Wallace. I see no reason to be an unpaid driver, you make really great sense as to how you run your business. More folks should think the same way.

Aug 26, 2014 11:06 PM #8
Rainmaker
1,276,394
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

If they secure a new HIGHER paying job locally, they should qualify for a LARGER rent home so securing the job should be JOB1

Aug 27, 2014 05:30 AM #9
Rainmaker
806,020
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Rental/Leasing/management business is really tricky, seems that there are more things to watch out for, but I have learned much and enjoyed it myself.

Aug 27, 2014 10:27 AM #10
Rainmaker
3,855,344
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Wallace,  a tour guide I am not! You make complete sense! Enjoy your day!

Aug 27, 2014 08:11 PM #11
Rainmaker
1,405,533
Christopher Lotte
Red 1 Realty - Lithopolis, OH
Central Ohio Realtor, 614-390-9243

Hi Wallace, this is really a great information to share. You really made a great sense.

Thanks for this. Have a nice day.

Aug 29, 2014 12:41 AM #12
Rainmaker
864,177
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Wallace,

I will wear the tour guide hat once in a while, however, my goal is to get paid at the end of the transaction. To increase my chances, I first need to make sure the prospective tenant has a job signed off by the new employer. Then, I send them a list of 10 available homes for rent that fits their criteria. I have them pick 3.  Iwill then ask  why they chose the 3 and only then will I put them in my car. 

Usually on a rental scenario, if we are not careful, we  end up in the red. But we are in this business for relationship. Most my renters look for homes within a year and start searching after 6 month of signing their rental agreement.

Aug 29, 2014 02:18 AM #13
Rainmaker
1,276,394
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Fortunately, our area has many LEASE ONLY residents who will only be here for 2 or 3 years for school or employment; however, they do need to show income so getting the JOB first is key

Aug 29, 2014 04:44 PM #14
Rainmaker
1,317,857
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Every time I give in and work with a renter, I find it was a mistake.  They take up your time, and they go off and rent something without you.  I think I'll have to take a pass on most of these folks.  There is no loyalty.

Sep 27, 2014 01:08 PM #15
Rainmaker
2,934,869
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I have truly always assumed the job was the main thing.

Sep 27, 2014 03:43 PM #16
Rainmaker
2,934,869
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Joan Whitebook Don't lose sleep. Such is life for some folks. :)

Sep 27, 2014 03:44 PM #17
Rainmaker
6,168,877
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
 
I took a few moments to 'like' the comments on your blog to add a little support for the bloggers who are supporting you. I hop that others will do the same.
Sep 28, 2014 01:11 AM #18
Rainmaker
1,381,851
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Hi Wallace,

Great post. Rentals can be difficult no matter the area. I realldon't like working rentals if I can avoid it.

 

Oct 18, 2014 12:39 PM #19
Rainmaker
986,178
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

This is a pertinent question Broker Wallace Gibson at (434) 825-1933, with Gibson Management Group LTD.  to Charlottesville, Virginia.

Dec 05, 2014 03:38 AM #20
Rainmaker
1,105,113
ba`B Ratliff
Robert Ratliff Realty - San Antonio, TX
"Sold with Bob"

Wallace I totally agree with you, let the newbie find their own desired neighborhood and area then I will help them with their renal. We're not a taxi site seeing service. Happy New Years Eve.

Dec 30, 2014 10:55 PM #21
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Rainmaker
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Wallace S. Gibson, CPM

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