Are you new to property management? New Haven, CT, landlords, who want to invest in rental homes, should know a thing or two about the industry before purchasing a rental property. When you lack resources and local expertise, what you thought would be a profitable investment can turn into a financial sinkhole. For instance, you might not know that a rental property that is not correctly managed can sit vacant for an average of 2-3 months. Because Yale University is located in New Haven, a lot of your tenants might be college students. University students are a great source of steady income, but you have to get your property leased before you miss the window of opportunity. Kevin B., an investor from Northampton, MA, found this out the hard way:
“. . . I missed the window this year, and had to wait 3 months before finding a tenant (at $400 less/month!) In this case, I have made this lease end in May, so I will be “back on cycle” for June or July move-ins which are desired due to the academic cycle at Yale. If you’re not rented by June or July, you’ll likely be scrambling in August, Sept, Oct, unfortunately.”
The average rent for a property in New Haven is around $1,500 a month. After three months without rent money, you’re $4,500 or more in the hole! At Real Property Management Southern Connecticut, we want to make the leasing process quick, efficient, and effective! We help landlords place the best possible tenants in their rental properties in the shortest possible time. Our proven strategies keep landlords happy and their properties occupied. Here are our ten steps to faster leasing!
Step #1: Prepare the Home for Rental
Your home will absolutely not rent quickly if it is not “rent-ready.” Prospective tenants do not want to walk through a rental home that is undergoing construction, needs a new paint job, or isn’t clean enough to be leased yet. Our professional team members will help you re-key your home, install a lockbox, and give you advice on any repairs that may be needed to help your unit rent faster. You don’t have to do it all yourself! Whether your home needs a new paint job, a new floor, or just a new microwave, our team of professionals is here for you to help prepare your home for tenants.
Step #2: Set the Proper Rent Rate with a Free Rent Analysis
The rate you charge for rent is incredibly important. If you set the rent too high, you risk your property sitting vacant for a long period of time. If you set it too low, you risk losing money in the long run. We will offer you an expert evaluation to help you decide on the best rental price for your property that will maximize your income and reduce vacancy days. Since the members of our staff live and work locally, they are familiar with the greater Connecticut area and can assist you in setting a competitive, yet affordable, monthly rent price.
Step #3: Advertise Extensively and Use Technology to Our Advantage
It’s not enough to put a “For Rent” sign in the front yard. We advertise on 80+ popular websites, our website and several other outlets in the Connecticut area. We have text/call-enabled yard signs to allow applicants to get information, view pictures, and schedule showings 24/7.
Step #4: Property Management New Haven, CT: We’ll Answer Inquiries Promptly
When prospective tenants call to find out more about your rental home, we’ll answer all of their questions and direct them to their next step. Our customer service is unmatched by any other company out there.
Step #5: Show Your Property
It takes a lot of time to schedule showings and walk people through your rental home. That’s why at Real Property Management Southern Connecticut, we don’t expect you to do it. Any of our experienced leasing agents will happily schedule and show your rental property to possible tenants. We’ll highlight all of its unique and attractive aspects and showcase the best features.
Step #6: Collect Applications
It’s essential that every person who is interested in renting your property fill out an application. An effective, comprehensive application should include at least the following information:
The Applicant’s Contact Information:
- Full legal name
- Social Security or Driver’s License Number
- Cell phone number
- Email address
Due to privacy laws, you have to very careful about how you store contact information in property management. New Haven, CT, landlords need to be sure to keep it confidential and secure.
- Where they are currently living
- Where they’ve lived for the last five years
- Names and contact information of their past landlords
You should call past landlords and find out if the tenant paid their rent on time, if they ever had to be evicted, and if they left any physical damage in their wake.
Employment history and proof of income:
- Where they work now
- Past jobs they’ve had
- If they have ever had any extended periods of unemployment
- Names and contact information for their current and past employers
- A recent pay stub, W2, or employment offer (tenant’s income should be at least 3x the rent)
Call their employer and be sure they are legitimate. Find out how long they’ve been working there and double check that information with what your applicant is telling you.
Smart real estate property management owners ask for permission from the tenant on the application to contact previous landlords, employers, and acknowledgment that you will be performing a background check on them.
Step #7: Thorough Tenant Screening
You want qualified, reliable tenants to rent your unit. Our tenant screening process sets us apart from other property management companies. In addition to an extensive rental application, we also conduct criminal background checks and credit checks on every tenant over 18 years old. We do all this while staying in compliance with all Fair Housing Rules and Regulations. When you find a responsible tenant, they’ll usually stay in your rental home longer and help you avoid costly tenant turnover.
Step #8: Select Tenants From the Applications
At Real Property Management Southern Connecticut, we don’t rent to the first tenant who applies. Once we have a good pool of tenants to choose from and they have all cleared the required background checks, we select the best tenant for your rental home.
Step #9: Lease-Signing and Move-In
Before your tenant moves in, we sit down with them and explain all the written rules they are expected to follow while living in your rental home. This is also the perfect time to discuss things like dates for routine property inspections, pest control, noise ordinances, etc. It’s important that your tenant knows that you will be strict and firm about upholding the leasing agreement. Clear expectations early on can help you avoid miscommunications later.
Step #10: Provide Unsurpassed Customer Service
You can hire just about any company for your property management. New Haven, CT, landlords know that when they trust our team of experts at Real Property Management Southern Connecticut, they can expect excellent customer service they won’t get anywhere else. We’ll keep you informed about your property with access to your very own online owner portal where you can see weekly leasing updates and photos of your rental home.
Find out why tens of thousands of property owners choose us to manage their rental property. Put our proven process and expertise to the test! We promise you’ll save time, money, and be happy with our quick and efficient real estate property management leasing process. Give us a call today!