Every Lynden 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? Where can you find these people? Trying to answer these practical questions is the first step you can take towards finding a great tenant to rent your property. 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. Since each of your tenants has his or her wants and needs, it’s wise to understand renter demographics. As such, it’s imperative that you get a good understanding of your local rental market and develop a profile for the best tenant for your specific property. View your property from the perspective of a tenant. Is there a target demographic 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. 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. Bear in mind your profile for your perfect tenant, and be willing to advertise to them at a moment’s notice. Usually, this means setting up your property on various rental listing websites. Online advertising is a key method for finding a new tenant. Add other ways of advertising, namely, hanging a “For Rent” sign out front or posting a flyer on a community board, your property should be receiving attention from prospective clients before you know it.
Your next strategy after you’ve finished with the phone calls is to screen each applicant. Although this process can take time, it’s vital to begin the screening process immediately with the first conversation. Prepare a quick description of your lease terms, expectations, and screening criteria and work it into that initial conversation. This way, you can sift out the unqualified tenants who submit applications. 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 vital to collect and contact several references, including any prior landlords. A thorough screening process can narrow down your options, helping you choose the right tenant for your property.
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. 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 won’t have to worry about court appointments, or about transparency when your next great tenant comes along.
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. If 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 Teyata. 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.
