Every individual Mundelein single-family rental property owner needs to find and be able to get the right tenants into their rental homes. But who are the “right tenants” for your rental properties? And where might you find them? These various questions are salient first steps toward renting your property to your ideal tenant – and hopefully, one who plans to stay in the home for a long, long time. In fact, by using a few tried-and-true strategies, you can more quickly and easily find the tenant you want.
The crucial first step to finding the right tenants for your rental properties is to have a clear understanding of who your ideal tenant is. There are many different renter demographics, each owning a unique set of wants and needs. Accordingly, it’s significant to develop both an in-depth understanding of your local rental marketing including a profile of who you deem would make the best tenant for your specific property. You need to really look at your property from the perspective of a tenant. Who are the renters in your area? Which of them do you think would find your property appealing, and why?
By attentively understanding your market and your property in this fashion, you can surely then take the next step to find the right tenant: advertising. Usually, with regards to advertising a rental property, the more targeted your marketing is clearly toward your ideal tenant, the more successful your advertising is likely to be. Depending on who you consider your perfect tenant is, be prepared to bring your advertising to them. For quite a lot of people, this denotes putting your property on more and more rental listing websites. Going online with your advertising is one of the most effective ways to find a new tenant. Once combined with additional advertising, as an example hanging a “For Rent” sign out front or posting a flyer on a community board, you should have few problems getting prospective tenants to call on your property right away.
Whenever the phone calls start coming in, your next strategy is to screen each applicant. Even though this process is indeed a bit time-consuming, it is necessary to start your screening process with the very first conversation you have with each caller. Prepare a quick description of your lease terms, expectations, and screening criteria and work it into that initial conversation. This will make you cut down on the number of unqualified tenants who submit applications. In case they pass the phone test and do send in an application, make certain to work on a thorough background check for every adult who will be living on the property. Moreover, it’s essential to collect and contact several references, in particular, those prior landlords. A carefully planned screening process can aid you in narrowing your options and bring the right tenant to the front of the line.
Then again, before you interact with any applicants or tenants, it’s significant to have a clear understanding of state and local landlord laws. Comprehending the laws that apply to tenant-landlord situations is relevant, given that it can help you to avoid accusations of discrimination. Although you could collect the information you ask for during the application process, avoid asking questions that may violate a tenant’s privacy. By completely adhering to the Fair Housing Act and other regulations, you can stay out of court and potentially find that wonderful future tenant in the process.
And lastly, secure that you use good quality lease documents. Your lease is a legal contract that sets the terms of your tenant-landlord relationship. Your lease must be plainly worded and detailed enough to cover each aspect of your agreement. At the lease signing, be certain to collect a deposit in the form of a cashier’s check or money order. Remember, 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, in any case, 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 Northwest Chicago Suburbs. 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.