Every Bixby 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? And, how can you reach them? Take note of these questions because they can lead you to the first few steps of renting your property to a great tenant. Couple those questions with good strategies and you’ll be giving your property the good tenant it needs!
The first step to finding the right tenants for your property is to define who your ideal tenant is. Best to jot down notes on current renter demographics, since they all have their own wants and needs. In line with this, it should only be right for you to build an understanding of your local rental market, so that you can come up with a profile for who you think the best tenant is, especially for your specific property. When thinking about your property, think about a tenant’s perspective of it. Who could be potential renters in your area? What might interest 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. For the most part, when it comes to advertising a rental property, the more targeted your marketing is toward your ideal tenant, the more advantageous your advertising is likely to be. Always be available and ready to advertise to those you’ve determined to be perfect tenants. Typically, most people will put up their properties on different rental listing websites. Advertising online is an excellent way of getting your property into the hands of a new tenant. When joined with other advertising, for instance, hanging a “For Rent” sign out front or posting a flyer on a community board, getting prospective tenants to call on your property shouldn’t be a problem.
Following a series of phone calls, the next strategy should be to individually screen the applicants. However long the process might be, it’s crucial that the screening starts 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 way, you can sift out the unqualified tenants who submit applications. After the phone test and application, perform a thorough background check on every adult who will be living on the property. Also, it’s crucial 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. 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. By adhering to the Fair Housing Act and other regulations, you won’t have to worry about court appointments, or about transparency when your next great tenant comes along.
Lastly, ensure the quality of your lease documents — they must be worded properly. 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. When the right tenant comes, they won’t have a 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 Tulsa. 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.