7 Tips for Placing a Great Tenant in Your Investment Property
If you have recently been googling “How to find a renter for my rental property?” you have come to the right place. In this blog, we’ll give you tips on how to find a tenant that takes good care of your property, pays rent on time, and follows all rules and regulations.
Finding the right tenant for your property isn’t an easy task. These seven tips will help you get the most out of your investment:
1. Market Your Rental Property
Advertising and marketing are an essential part of finding and targeting qualified tenants for your rental property.
- Online Advertising: Use high-traffic rental listing portals such as realtor.com, rentals.com, zillow.com, or rent.com to promote your property. You can also foster an online presence for your property by creating your webpage.
- Community bulletin boards: Pin rental flyers to bulletin boards around town.
- Use Rent Signs: Place a “For Rent” sign in the front yard will get your property even more exposure.
- Word of mouth: Letting trusted friends and family know that you have a rental property available is one of the easiest ways to find reliable tenants.
- Newspaper Ads: Put ads on the printed version of your town’s newspaper.
2. Use a Rental Application
Once you have drawn interested applicants to your properties, it’s time to determine whether the prospective tenants will be a good fit for the property. You can use a rental application form to request detailed information from potential renters.
In your rental application, you set criteria for prospective tenants to be considered qualified or unqualified.
3. Follow the Law
You must treat all prospective tenants equally. State and federal laws prohibit discrimination against tenants based on race, national origin, religion, sex, familial status, or disability.
4. Do Background Checks
The best way to find out whether they will be good tenants is by checking their history. You can use an online site to search the applicant’s employment, credit history, bankruptcies, evictions, and criminal records.
5. Define Your Standards
If protecting your investment is your main priority, you need to define clear standards that you hold your tenants against.
- Set a minimum income requirement. Ideally, you will want to find a tenant whose monthly income is twice or three times the monthly rent.
- Avoid tenants with prior evictions.
- Avoid tenants with prior felonies.
- Look for a good credit score.
- Get references from past landlords.
6. Use a lease Agreement
As a landlord, your main priority is to take good care of your investment. A strong lease sets the terms and conditions for the tenants living in the property. This legal form should include specifications such as who will live there, when rent is due, penalties for late payments, and so on.
7. Hire a Trusted Property Management Company
Have you been googling “ways to find a renter for my rental”? Property management companies deal directly with the tenants. They can save you a great deal of time and money during the entire rental process.
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If you don’t know how to find a tenant, AGP Properties offers professional help with placing tenants.
Ready to get started? Screen your rental applicants with the help of APG. Get in touch with us today to get a free rental analysis.
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