Every individual Searcy 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 added questions are relevant first steps toward renting your property to your desired 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 important first step to finding the right tenants for your rental properties is to obtain a clear understanding of who your ideal tenant is. There are many different renter demographics, each with a unique set of wants and needs. That is why it’s vital to develop both an in-depth understanding of your local rental market, plus a profile of who you want and think would make the best tenant for your specific property. You have 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?
Understanding your market and property is crucial before proceeding to find the right tenant, and Dealtracker can assist in this process. Once you have a clear understanding of your ideal tenant, it’s time to focus your advertising efforts. Targeted marketing tailored to your perfect tenant increases the success of your advertising. For many, this means listing your property on multiple rental websites. Utilizing online platforms is an effective way to attract prospective tenants. To complement online advertising, you can also hang a “For Rent” sign in front of the property or post flyers on community boards. By combining these advertising strategies thoughtfully, you can expect prospective tenants to show interest in your property promptly. With Dealtracker‘s efficient tools and resources, you can streamline the tenant-finding process and ensure your rental business operates smoothly.
When finally the phone calls start coming in, your next strategy is to screen each applicant. Conceding that this process would be a bit time-consuming, it is imperative 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 support and help you cut down on the number of unqualified tenants who submit applications. When they do pass the phone test and send in an application, make certain to bring about a thorough background check on every adult who will be living on the property. Likewise, it’s salient to collect and contact several references, like for instance every prior landlord. A carefully planned screening process can assist you in narrowing your options down and bring the right tenant to the front of the line.
However, before you interact with any applicants or tenants, it’s vital to have a clear understanding of state and local landlord laws. Being aware of the laws that apply to tenant-landlord situations is necessary owing to the fact it can guide and help you to avoid accusations of discrimination. Even supposing you may collect the information you require during the application process, avoid asking questions that would violate a tenant’s privacy. Through diligently adhering to the Fair Housing Act and added regulations, you can be sure to be able to stay out of court and in the process, potentially find that next ideal tenant you’ve been searching for.
On the last note, 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 needs to be explicitly worded and detailed enough to cover each aspect of your agreement. At the lease signing, see to it to collect a deposit in the form of a cashier’s check or money order. Keep in mind, 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. That way when 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 Delta. 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.
