Every Frederick single-family rental property owner needs to get the right tenants into their rental homes. Still, who are the “right tenants” for your rental properties? Where are these people located? These questions can serve as the first steps that lead you to rent your property to a great tenant who will hopefully stay in your home for a long time! And, using good strategies, you can certainly get your property the tenant that it needs.
The first step to finding the right tenants is significantly important: determine who or what the ideal tenant is. Get an idea of the renter demographics because they all represent different wants and needs. 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. View your property from a tenant’s perspective. Who could be potential renters in your area? What could possibly get them interested in 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. Usually, when it comes to advertising a rental property, the more targeted your marketing is toward your ideal tenant, the more effective 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. Normally, listing your property in different rental listing websites is the way to go. 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.
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. In doing so, you can screen out the unqualified tenants who 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 essential 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.
Don’t delve too deep into interactions with applicants or tenants until you are well versed in state and local landlord laws. If you want to avoid accusations of discrimination, you have to have a grasp of the laws that guide tenant-landlord situations. 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.
As a conclusion, be very specific and comprehensive with your lease documents. 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. Once you’ve found the right tenant, completing the signing and payment process to your satisfaction won’t be a problem at all.
If the idea of screening and managing tenants still feels overwhelming after these tips, try hiring a property management company, like Real Property Management Prime. 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.
