Every Cedar Park single-family rental property owner needs to get the right tenants into their rental homes. Yet, who are the “right tenants” for your rental properties? Where can you find these people? These questions can serve as the first steps that lead you to rent your property to a great tenant who will hopefully stay in your home for a long time! And, using good strategies, you can certainly get your property the tenant that it needs.
The first step to finding the right tenants for your rental property is to get a good grasp of what an ideal tenant is and isn’t. The different renters represented in the renter demographics all have varying wants and needs. Therefore, it’s wise for you to gain a deeper understanding of your local rental market, and then build a profile of your ideal tenant for your specific property. View your property from the perspective of a tenant. Who are possible tenants in your area? What could possibly get them interested in 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. Usually, when it comes to advertising a rental property, the more targeted your marketing is toward your ideal tenant, the more effective 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. If you want to reach a vast field of new tenants, online advertising is the way to go. Used with other modes of advertising like hanging a “For Rent” sign out front, or posting a flyer on a community board, you should be getting calls from prospective tenants about your property in no time.
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. In doing so, you can screen out the unqualified tenants who submit applications. Upon completing the phone test and receiving the application, conduct a thorough background check on every adult who will be living on the property. Also, it’s essential 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.
Make sure you understand the state and local landlord laws; you will need to know those things before you interact with applicants or tenants. If you want to avoid accusations of discrimination, you have to have a grasp of the laws that guide tenant-landlord situations. 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 can keep yourself out of court, and you can be sure that a great tenant is coming your way.
Ultimately, guarantee that your lease documents are thorough and clear. 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. Once you’ve found the right tenant, completing the signing and payment process to your satisfaction won’t be a problem at all.
If the idea of screening and managing tenants still feels overwhelming after these tips, try hiring a property management company, like Real Property Management Longhorn. 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.
