Every Falcon single-family rental property owner needs to get the right tenants into their rental homes. However, who are the “right tenants” for your rental properties? How do you get a hold of them? 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 significantly important: determine who or what the ideal tenant is. Best to jot down notes on current renter demographics, since they all have their own wants and needs. Significantly, you embrace an understanding of your local rental market so that you can develop a profile for the best tenant for your specific property. When thinking about your property, think about a tenant’s perspective of it. Who are possible tenants 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. Your perfect tenant is out there waiting for your advertising to draw them in. Usually, this means setting up your property on various rental listing websites. Availing of online advertising is a very good way to reach new tenants. When integrated with other advertising, for example, like hanging a “For Rent” sign out front or posting a flyer on a community board, it won’t be hard for your property to get attention from prospective tenants.
After the phone calls and conversations, your next strategy should be to screen each applicant. Though a lengthy process, the screening is very important and it should start with your first conversation with your caller. Prepare a quick description of your lease terms, expectations, and screening criteria and work it into that initial conversation. This helps filter out the unqualified tenants who want to 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 significant 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.
Also, prior to any interaction with applicants or tenants, educate yourself in state and local landlord laws. Understanding how these laws interact with tenant-landlord situations is very relevant, especially to avoid 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. You can avoid going to court and find yourself a great tenant by adhering to the Fair Housing Act and other regulations.
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. 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 Colorado. 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.