Proper tenant placement sounds easy in theory, but choosing the wrong renter can cause headaches and legal trouble. Landlords always hope to select the best applicant for their rentals, but you can do better than hope.
Ensuring a smooth tenant placement means understanding what to look for and using the right resources. Here are some insider tips on finding and placing tenants you can rely on.
1. Place the Listing on Multiple Platforms
You want to reach the widest audience possible, which means listing your property on as many platforms as possible. After all, some renters only use one or two websites to find apartments or houses for rent. Finding tenants means casting a wide net.
Understand your target audience. Are a large percentage of your renters college students? If so, promote your properties on student housing websites.
2. Watch Out for Red Flags
The tenant screening portion of an application is designed to find the best candidates for your property. It also helps to weed out people that may not make a good fit.
In some cases, you might find information during the background check that could serve as a red flag. For instance, they might not make nearly enough income to cover rent and other living expenses, or they may have past evictions. Maybe you speak to their prior landlord and learn they've caused issues in the past.
Search for red flags, but be sure to follow landlord-tenant law to ensure you're being fair.
3. Create a Quality Listing
To reduce the time a rental unit sits vacant, it's crucial to create a quality listing. You must ensure that you use high-quality photos and write a professional ad.
The listing should talk about important details, such as key features, property amenities, available move-in date, number of bedrooms and bathrooms, etc.
Marketing in itself is a full-time job, which is why many investors and landlords choose property management services, which include marketing, advertising, and property viewings. A professional property manager can help bring a listing to life.
4. Create an Unforgettable Showing
A crucial part of the tenant placement process includes nailing the showing. First impressions matter when it comes to rental properties. Tenants want to feel like they could easily make this space their own.
Whether you choose to stage a property or not, you can still "wow" the interested applicants. Make sure the place is clean and bright. Be ready to answer questions about the unit, the property, and the area.
Mention all the highlights of the rental during the showing. Point out features such as new carpets, stainless steel appliances, air conditioning, walk-in closets, etc.
Again, a property management company can perform professional showings for you, helping you to secure that ideal tenant.
Make Tenant Placement Easy
These tenant placement tips will help make your job easier and reduce the time a property sits vacant. The sooner you can rent out an apartment or house, the sooner you can bring in more rental income.
Need help with tenant placement here in Baltimore? HomeRiver Group Baltimore can find you the ideal tenant. To learn more about our property management services, send us a message today.