Every Bridgeport single-family rental property owner needs to get the right tenants into their rental homes. Still, who are the “right tenants” for your rental properties? Where are these people located? Trying to answer these practical questions is the first step you can take towards finding a great tenant to rent your property. Then, with a few good time tested strategies, you can land yourself a quality tenant.
The first step to finding the right tenants is significantly important: determine who or what the ideal tenant is. Inform yourself of the current renter demographics so that you can get a clear idea of what are the different wants and needs of the various tenants. As such, it’s imperative that you get a good understanding of your local rental market and develop a profile for the best tenant for your specific property. From a tenant’s perspective, look at your property. Is there a target demographic in your area? Why would they want to choose your property over others?
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. Bear in mind your profile for your perfect tenant, and be willing to advertise to them at a moment’s notice. Normally, listing your property in different rental listing websites is the way to go. Online advertising is a key method for finding a new tenant. Add other ways of advertising, namely, hanging a “For Rent” sign out front or posting a flyer on a community board, your property should be receiving attention from prospective clients before you know it.
When the phone calls come, your next strategy is to screen each applicant. Though a lengthy process, the screening is very important and it should start with your first conversation with your caller. 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. Should they pass the phone test and send in an application, make sure to do 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 rigorous screening process, though demanding, can help you narrow your options and get the right tenant.
Also, prior to any interaction with applicants or tenants, educate yourself 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. You can avoid going to court and find yourself a great tenant by adhering to the Fair Housing Act and other regulations.
As a conclusion, be very specific and comprehensive with your lease documents. 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. If 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 Southern Connecticut. 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.