Every single Delta single-family rental property owner has to be able to get the right tenants into their rental homes. But who are the “right tenants” for your rental properties? And where might you find them? These simple questions are the necessary first steps toward renting your property to an excellent tenant – and hopefully, one who plans to stay in the home for a long, long time. In fact, by using a few tried-and-true strategies, you can more quickly and easily find the tenant you want.
The salient first step to finding the right tenants for your rental properties is to have a very clear understanding of who your ideal tenant is. There are many different renter demographics, each possessing a unique set of wants and needs. Thus, it’s essential to develop both an in-depth understanding of your local rental market along with a profile of who you consider to make the best tenant for your specific property. You need to look at your property from the perspective of a tenant. Who are the renters in your area? Which of them do you think would find your property appealing, and why?
By thoroughly understanding your market and your property, you can then take the next step to find the right tenant: advertising. As a general rule when advertising a rental property, the more targeted your marketing is to your ideal tenant, the more successful your advertising is likely to be. Depending on who you consider your perfect tenant is, be prepared to bring your advertising to them. For numerous people, this denotes posting your property on several rental listing websites. Going online with your advertising is one of the most effective ways to find a new tenant. When you execute it combined with other advertising methods, like hanging a “For Rent” sign out front or posting a flyer on a community board, you should have few problems getting prospective tenants to call on your property right away.
After the phone calls start coming in, your next strategy is to screen each applicant. Though this process might be a bit time-consuming, it is really important to start your screening process with the very first conversation you have with each caller. Prepare a quick description of your lease terms, expectations, and screening criteria and work it into that initial conversation. This will greatly help you cut down on the number of unqualified tenants who submit applications. In situations when they pass the phone test and do apply, make sure to carry out a thorough background check on every adult who will be living on the property. Equally, it’s relevant to collect and contact several references, specifically prior landlords. A carefully planned screening process can help you narrow your options and bring the right tenant to the front of the line.
On the other hand, before you interact with any applicants or tenants, it’s essential to have a clear understanding of state and local landlord laws. Appreciating and understanding the laws that apply to tenant-landlord situations is really critical on the account that it can actually help you to avoid accusations of discrimination. Even though you must collect the information you need during the application process, avoid asking questions that can clearly violate a tenant’s privacy. By carefully adhering to the Fair Housing Act and other regulations, you can certainly stay out of court and potentially find that next best tenant in the process.
Last but definitely not the least, guarantee that you use good quality lease documents. Your lease is a legal contract that sets the terms of your tenant-landlord relationship. Your lease has to be very clearly worded and detailed enough to cover each aspect of your agreement. At the lease signing, ensure to collect a deposit in the form of a cashier’s check or money order. Either avoid accepting personal checks or have a system in place that will certainly allow you to wait for the check to clear the bank before turning the property over to the tenant. So in case you have selected the right tenant, they will have no problem completing the signing and payment process to your satisfaction.
If the idea of screening and managing tenants still feels overwhelming after these tips, try hiring a property management company, like Real Property Management Now. We take all the daily hassles of rental properties off your plate, including tenant screening, queries, evictions, and so much more. Contact us today if you would like to know more.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
