House has been vacant 23 days and every applicant fails one criterion. Which one do you bend
Written criteria on my first house are 3x monthly rent in gross income, 620 minimum score, no evictions in seven years, two years of verifiable rental history. I wrote them before I listed and I applied them to everyone.
Three weeks in I have four applications. Applicant A is at 2.7x income with an 700 score and six years in one place. Applicant B clears income easily at 4x but scores 580 from medical collections and a charge-off. Applicant C is clean on everything except she has been renting from a family member with no paper trail, so no verifiable history. Applicant D clears everything and wants a start date nine weeks out because of a lease she can't break.
Vacancy is costing me about 61 a day. Nine more weeks of waiting for D is roughly 3,800.
The argument for holding the line is that criteria only protect you if you never move them, and the first time you bend you've taught yourself the bend is available. The argument for bending is that a criterion is a proxy for risk, and score is a worse proxy than payment history, and 3x was a round number I picked because everyone picks it.
If you had to relax exactly one of these to fill the house, which one, and what would you require in exchange?
One criterion has to bend to fill the house. Which?
23 votes