Every Spokane Valley 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? How do you get a hold of them? Take note of these questions because they can lead you to the first few steps of renting your property to a great tenant. Then, with a few good time tested strategies, you can land yourself a quality tenant.
The first step to finding the right tenants is to identify the traits you’re looking for in an ideal tenant. The different renters represented in the renter demographics all have varying wants and needs. It’s significant that you embrace an understanding of your local rental market so that you can develop a profile for the best tenant for your specific property. Learn to see your property through the perspective of a tenant. Who are possible tenants 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. Generally, a good way to do that is to put your property on a lot of 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.
When you wrap up the phone calls, follow this up with the next strategy: screening each of your applicants. Even though this process can be lengthy, your first conversation with the call should proceed immediately to the screening process. Prepare a quick description of your lease terms, expectations, and screening criteria and work it into that initial conversation. Because of this, unqualified tenants who submit applications can easily be weeded out. 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 crucial 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.
You should also make it a point to know the state and local landlord laws before you engage in any dealings with applicants or tenants. 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.
Ultimately, guarantee that your lease documents are thorough and clear. 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 Spokane County. 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.