Any Frisco single-family rental property owner has got to be able to find and 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 issues are essential first steps toward renting your property to a suitable 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 crucial first step to finding the right tenants for your rental properties is to have a clear understanding of who your ideal tenant is. There are many different renter demographics, each obviously possessing a unique set of wants and needs. But it’s critical to develop both an in-depth understanding of your local rental market and, additionally, a profile of who you decide may make the best tenant for your specific property. But remember 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?
By attentively understanding your market and your property in this light, you surely can then take the next step to find the right tenant: advertising. Normally, concerning advertising a rental property, the more targeted your marketing is direct to 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 many people, this entails putting your property on certain rental listing websites. Going online with your advertising is one of the most effective ways to find a new tenant. If combined with other methods of advertising, in particular 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 the phone calls start coming in, your next strategy is to screen each applicant. Despite that this process could be a bit time-consuming, it is relevant 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 really help you cut down on the number of unqualified tenants who submit applications. Just in case they pass the phone test and do send in an application, see to it to carry out a thorough background check on every adult who will be living on the property. Indeed, it’s vital to collect and contact several references, particularly each prior landlord. A carefully planned screening process can foster and help you to narrow your options and bring the right tenant to the front of the line.
Furthermore, before you interact with any applicants or tenants, it’s very important to have a clear understanding of state and local landlord laws. Perceiving and understanding well the laws that apply to tenant-landlord situations is critical, considering that it can help you avoid accusations of discrimination. Even though you will collect the information you need during the application process, avoid asking questions that might violate a tenant’s privacy. By mindfully adhering to the Fair Housing Act and other stated regulations, you can stay out of court and potentially find that next desired tenant in the process.
And finally, safeguard that you use good quality lease documents. Your lease is a legal contract that sets the terms of your tenant-landlord relationship. Your lease has got to be clearly worded and detailed enough to cover each aspect of your agreement. At the lease signing, make sure to collect a deposit in the form of a cashier’s check or money order. But do remember, 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. It’s so that 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 Focus. 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.
