Finding great tenants is one of your most important tasks as a landlord. Bad renters can cost more money than they bring in and lead to more headaches than you probably care to have. And when evictions are rising in the United States, that makes this even more important.
But if you put a good tenant placement policy into place, you can increase your chances of finding great renters. Follow the tenant placement tips below to learn how to optimize your process.
Advertise Properly
The first part of finding great tenants is attracting the right type of people. Quality tenants have many options, so they typically reach out to the rentals that meet their expectations.
You can attract those people if you advertise your rentals properly. For instance:
- Take professional photos
- Describe the amenities
- Discuss the neighborhood features
Renters use these things to filter their searches, so be as accurate as possible to gain the attention of the most people.
Create Screening Procedures
It's important to understand the people living in your home. The last thing you want is to accidentally rent to a group that causes problems. Although you can't eliminate the possibility of this happening, you can reduce the chance with careful tenant screening.
Some common checks you can run to reduce property owner risks include:
- Credit check
- Income verification
- Eviction history
Check References
Tenant background checks won't always tell you everything there is to know about a potential tenant. Everything can look good on paper, but there may still be red flags you won't see if you don't dig deeper into things.
One way to learn about these things is by asking for references. A tenant may have had constant problems with a previous landlord but not have eviction records or other history. Get landlord and personal references to learn about these things.
Use Great Lease Terms
You want both the tenant and landlord to have favorable terms in the lease. You can't just throw in a ton of random requirements for tenants and expect them to sign. On top of that, the local laws may limit what you can include.
Look for the common lease terms in your area and come up with something similar. Run any new lease terms by a lawyer to ensure they are legal for your area.
Work With a Placement Service
You'll need to deal with many applicants in today's housing market. There are many renters, so you'll need to dig through many details and run many checks to ensure you properly vet each candidate.
It's possible to make mistakes in this situation. Working with a leasing service to handle the heavy lifting is an excellent way to optimize your placement process. Look for services in your area to help with tenant placement.
Take Tenant Placement Seriously
Great tenants will be one of the things that makes or breaks your landlord experience. Without qualified renters, you risk signing a lease with an unreliable tenant who causes headaches. Use the guidance above during tenant placement to properly vet your applicants properly.
Do you want a reliable partner to help you run your tenant screening process and find great renters? At Precision Realty & Management, we offer tenant screening services alongside our many other rental property management solutions. Contact us to hear how we can help.
