Every James Island single-family rental property owner needs to get the right tenants into their rental homes. So, who are the “right tenants” for your rental properties? Where are these people located? Take these questions into consideration as your first few steps towards renting your property to a tenant you can trust! Then, with a few good time tested strategies, you can land yourself a quality tenant.
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 a tenant’s perspective. Are there potential renters in your area? If so, how could you get them to consider 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. Generally, when it comes to advertising a rental property, the more targeted your marketing is toward your ideal tenant, the more profitable your advertising is likely to be. Regardless of who your perfect tenant is, always be ready to pitch your advertising to them. Typically, most people will put up their properties on different rental listing websites. Online advertising is efficient and effective. It won’t be long until a new tenant shows interest. When employed with other advertising, like hanging a “For Rent” sign out front or posting a flyer on a community board, you shouldn’t have difficulty getting prospective tenants to call on your property right away.
Following a series of phone calls, the next strategy should be to individually screen the applicants. 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. As a result, unqualified tenants who submit applications can be determined quickly. 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 vital to collect and contact several references, including any prior landlords. A meticulously executed screening process can help you narrow your options to the right tenant.
Don’t delve too deep into interactions with applicants or tenants until you are well versed in state and local landlord laws. Your knowledge of the laws that are pertinent to tenant-landlord situations is vital in order 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. By adhering to the Fair Housing Act and other regulations, going to court can be avoided, and a great tenant is sure to be on the 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. Completing the signing and payment process to your satisfaction will be of no issue, at all, for the right tenant.
If the idea of screening and managing tenants still feels overwhelming after these tips, try hiring a property management company, like Real Property Management Distinguished Care. 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.
