Every serious Lynchburg single-family rental property owner should 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 several concerns are vital first steps toward renting your property to an appropriate 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 essential 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 obviously having a unique set of wants and needs. This is why it’s imperative to develop both an in-depth understanding of your local rental market and also very important, a profile of who you have in mind might make the best tenant for your specific property. 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 heedfully understanding your market and your property in this manner, you can, with confidence, then take the next step to find the right tenant: advertising. As a general rule, regarding advertising a rental property, the more targeted your marketing is around your ideal tenant, the more successful your advertising is likely to be. Depending on who your perfect tenant is, be prepared to bring your advertising to them. For most people, this involves putting 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 strategically combined with other advertising, such as 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.
When, at last, the phone calls start coming in, your next strategy is to screen each applicant. Even though this process can actually be a bit time-consuming, it is necessary 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 get you to cut down on the number of unqualified tenants who submit applications. Once they pass the phone test and do apply, ensure to do a thorough background check on every adult who will be living on the property. Likewise, it’s very important to collect and contact several references, as well as every prior landlord. A carefully planned screening process can help you narrow your options and bring the right tenant to the front of the line.
Also, before you interact with any applicants or tenants, it’s imperative to have a clear understanding of state and local landlord laws. Grasping well the laws that apply to tenant-landlord situations is essential for the reason that it can help you avoid accusations of discrimination. Though you would collect the information you need during the application process, avoid asking questions that could violate a tenant’s privacy. By heedfully adhering to the Fair Housing Act and those other regulations, you can definitely stay out of court and, in the process, potentially find that suitable tenant you’ve been hoping for.
And on a final note, see to it that you use good quality 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, make certain to collect a deposit in the form of a cashier’s check or money order. Always 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. If and 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 Cairn. 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.
