Every Homewood single-family rental property owner needs to get the right tenants into their rental homes. Who are the “right tenants” for your rental properties, though? How do you get a hold of them? Ask yourself these questions, because the answers just might lead you to take the first few steps towards renting your property to a great tenant. With a few good solid strategies, you can find your property a tenant it deserves.
The first step to finding the right tenants is to identify the traits you’re looking for in an ideal tenant. Since each of your tenants has his or her wants and needs, it’s wise to understand renter demographics. Hence, it’s crucial to come to a good understanding of your local rental market, so that you can build your own profile of what you think the best tenant is for your specific property. Learn to see your property through the perspective of a tenant. In your area, who might be the possible renters? If so, how could you get them to consider your property?
By understanding your market and your property in this way, you can then take the next step to find the right tenant: advertising. Normally, when it comes to advertising a rental property, the more targeted your marketing is toward your ideal tenant, the more productive your advertising is likely to be. Regardless of who your perfect tenant is, always be ready to pitch your advertising to them. Generally, a good way to do that is to put your property on a lot of rental listing websites. Online advertising is efficient and effective. It won’t be long until a new tenant shows interest. When employed with other advertising, like hanging a “For Rent” sign out front or posting a flyer on a community board, you shouldn’t have difficulty getting prospective tenants to call on your property right away.
When you wrap up the phone calls, follow this up with the next strategy: screening each of your applicants. Even though this process can be lengthy, your first conversation with the call should proceed immediately to the screening process. Prepare a quick description of your lease terms, expectations, and screening criteria and work it into that initial conversation. This helps filter out the unqualified tenants who want to submit applications. Once the phone test and application is done, complete a thorough background check on every adult who will be living on the property. Also, it’s relevant to collect and contact several references, including any prior landlords. A prudent screening process can help you narrow your options to successfully choosing the right tenant.
It’s a good idea to have a solid understanding of state and local landlord laws before you have any dealings with applicants or tenants. You have to know how to handle tenant-landlord situations in accordance with the law so that you can avoid accusations of discrimination. While you should collect the information you need during the application process, avoid asking questions that may violate a tenant’s privacy. By adhering to the Fair Housing Act and other regulations, going to court can be avoided, and a great tenant is sure to be on the way.
In closing, make it a point that your lease documents are well written. Your lease is a legal contract that sets the terms of your tenant-landlord relationship. Your lease should be clearly worded and detailed enough to cover each aspect of your agreement. At the lease signing, be sure 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 allow you to wait for the check to clear the bank before turning the property over to the tenant. The right tenants will have no issues 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 Victory. 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.
