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How to Rent Your Georgetown Property to the Right Tenants

Property Owner and Tenants Discussing Terms During A Lease SigningEvery Georgetown single-family rental property owner needs to get the right tenants into their rental homes. Who are the “right tenants” for your rental properties, though? Where can you find these people? Ask yourself these questions, because the answers just might lead you to take the first few steps towards renting your property to a great tenant. And, using good strategies, you can certainly get your property the tenant that it needs.

The first step to finding the right tenants for your property is to define who your 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. In line with this, it should only be right for you to build an understanding of your local rental market, so that you can come up with a profile for who you think the best tenant is, especially for your specific property. From a tenant’s perspective, look at your property. Is there a target demographic 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. Bear in mind your profile for your perfect tenant, and be willing to advertise to them at a moment’s notice. 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. 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.

Your next strategy after you’ve finished with the phone calls is to screen each applicant. However long the process might be, it’s crucial that the screening starts 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. In doing so, you can screen out the unqualified tenants who submit applications. After the phone test and application, perform a thorough background check on every adult who will be living on the property. Also, it’s relevant to collect and contact several references, including any prior landlords. A thorough screening process can narrow down your options, helping you choose the right tenant for your property.

Make sure you understand the state and local landlord laws; you will need to know those things before you interact with applicants or tenants. You have to know how to handle tenant-landlord situations in accordance with the law so that you can 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. By adhering to the Fair Housing Act and other regulations, you can keep yourself out of court, and you can be sure that a great tenant is coming your way.

For the last point, be sure that your lease documents are extensive and thoughtfully worded. 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. The right tenants will have no issues 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 Bluebonnet. 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.