Every Elizabethtown single-family rental property owner needs to get the right tenants into their rental homes. So, who are the “right tenants” for your rental properties? How can you get these people into your rental homes? Take these questions into consideration as your first few steps towards renting your property to a tenant you can trust! Truth be told, there are strategies that you can employ to find the tenant that you are looking for.
The first step to finding the right tenants is to first know who it is you’re looking for– your ideal tenant. Get an idea of the renter demographics because they all represent different wants and needs. It’s significant that you embrace an understanding of your local rental market so that you can develop a profile for the best tenant for your specific property. View your property from a tenant’s perspective. Are there potential renters in your area? What might appeal to them about 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. Typically, when it comes to advertising a rental property, the more targeted your marketing is toward your ideal tenant, the more rewarding your advertising is likely to be. Whoever the perfect tenant may be for you, make it a point that you are equipped to advertise to them. For the most part, this will lead you to list your property in multiple rental listing websites. Availing of online advertising is a very good way to reach new tenants. When integrated with other advertising, for example, like hanging a “For Rent” sign out front or posting a flyer on a community board, it won’t be hard for your property to get attention from prospective tenants.
After the phone calls and conversations, your next strategy should be to screen each applicant. Despite it being a time-consuming process, the screening should begin with the first conversation with each caller. Prepare a quick description of your lease terms, expectations, and screening criteria and work it into that initial conversation. Because of this, unqualified tenants who submit applications can easily be weeded out. Upon passing the phone test and sending in an application, do a thorough background check on every adult who will be living on the property. Also, it’s significant to collect and contact several references, including any prior landlords. A screening process done well can narrow down your options to the right tenant.
You should also make it a point to know the state and local landlord laws before you engage in any dealings with applicants or tenants. Having a good grasp of the laws that govern tenant-landlord situations is crucial, especially in avoiding 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, you can spare yourself a date with the court, and you can make yourself appealing to a potentially great tenant.
For the last point, be sure that your lease documents are extensive and thoughtfully worded. 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. Completing the signing and payment process to your satisfaction will be of no issue, at all, for the right tenant.
If the idea of screening and managing tenants still feels overwhelming after these tips, try hiring a property management company, like Real Property Management Five Star. 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.