Every Brownsburg single-family rental property owner must 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 additional questions are the first steps toward renting your property to a good 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 very 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 having a unique set of wants and needs. Therefore, it’s relevant to develop both an in-depth understanding of your local rental market along with a profile of who you consider to possibly make the best tenant for your specific property. 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?
Through understanding your market and your property in this manner, you could then take the next step to find the right tenant: advertising. Generally, in regards to advertising a rental property, the more targeted your marketing is to reach your ideal tenant, the more successful your advertising is likely to be. Depending on who exactly your perfect tenant is, be prepared to bring your advertising to them. For a lot of people, this means putting your property on multiple rental listing websites. Going online with your advertising is one of the most effective ways to find a new tenant. Whenever combined with various other advertising methods, namely 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 regarding your property right away.
As soon as the phone calls start coming in, your next strategy is to screen each applicant. Although this process may be a bit time-consuming, it is vital 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 aid you in cutting down on the number of unqualified tenants who submit applications. If it follows that they pass the phone test and do send in an application, be certain to perform a thorough background check on every adult who will be living on the property. Furthermore, it’s imperative to collect and contact several references, especially every single prior landlord. A carefully planned screening process can make you narrow your options and bring the right tenant to the front of the line.
Simultaneously, before you interact with any applicants or tenants, it’s relevant to have a clear understanding of state and local landlord laws. Understanding the laws that apply to tenant-landlord situations is significant because it can assist you to avoid accusations of discrimination. Even though you might collect the information you require during the application process, avoid asking questions that will violate a tenant’s privacy. By simply adhering to the Fair Housing Act and additional regulations, you can surely stay out of court and potentially find that excellent tenant in the process.
Lastly, make certain that you use good quality lease documents. Your lease is a legal contract that sets the terms of your tenant-landlord relationship. Your lease must be precisely worded and detailed enough to cover each aspect of your agreement. At the lease signing, make certain 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. When finally 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 Indianapolis Edge. 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.