Each Greensboro 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 simple questions are significant first steps toward renting your property to a nice 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 first step to finding the right tenants for your rental properties is to get a very clear understanding of who your ideal tenant is. There are many different renter demographics, each with a unique set of wants and needs. Consequently, it’s salient to develop both an in-depth understanding of your local rental market as well as a profile of who you think would actually make the best tenant for your specific property. You must 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 just understanding your market and your property accordingly, you may then take the next step to find the right tenant: advertising. Normally, in terms of advertising a rental property, the more targeted your marketing is after 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 lots of people, this implies putting your property on numerous rental listing websites. Going online with your advertising is one of the most effective ways to find a new tenant. When you combine this with some advertising, for instance hanging a “For Rent” sign out front or posting a flyer on a community board, you shouldn’t have any problems getting prospective tenants to call on your property right away.
Immediately when the phone calls start coming in, your next strategy is to screen each applicant. Even though this process could be a bit time-consuming, it is significant 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 to cut down on the number of unqualified tenants who submit applications. In the instance they pass the phone test and do send in an application, make sure to execute a thorough background check on every adult who will be living on the property. Additionally, it’s necessary to collect and contact several references, particularly all prior landlords. A carefully planned screening process can help you narrow your options and bring the right tenant to the front of the line.
Concurrently, before you interact with any applicants or tenants, it’s salient to have a clear understanding of state and local landlord laws. Figuring out the laws that apply to tenant-landlord situations is principal since it can aid you to avoid accusations of discrimination. Despite that, you can collect the information you want during the application process, avoid asking questions that could possibly violate a tenant’s privacy. By conscientiously adhering to the Fair Housing Act and other regulations, you can positively stay out of court and in the process, potentially find that subsequent ideal tenant you’ve been looking for.
On a final note, ensure that you use well worded lease documents. Your lease is a legal contract that sets the terms of your tenant-landlord relationship. Your lease needs to be exactly worded and detailed enough to cover each aspect of your agreement. At the lease signing, also make 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. So 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 of the Triad. 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.