5 Tips to Finding the Best Renter For Your Property
To find quality tenants, landlords need to look for potential renters in strategic ways. Thankfully, there are many different options available to help them in the process. To find the best renter for your property buildings, here are five tips to utilize as part of your search.
1. Advertise Using Rental Sites
When you use rental sites to post your listings, you not only extend your outreach to more potential renters, but you also have the option of filtering criteria that prevents poor candidates from contacting you in the first place. Many of the popular rental listing websites allow the landlord to select requirements for further contact. They can even choose to hire an agent and considerably avoid interacting with interested parties until it’s time to make a final decision. These requirements include background checks, their rental credit report, and the need to submit an application before proceeding to property viewings. These initial steps help to keep away those that are unfit to rent your property. For example, if you require that an interested party submit a credit check before scheduling a showing, those with poor credit are more likely not to apply and waste their time.
2. Look for Skilled Workers
If the people responding to your listings lack the financial history to rent your place easily, consider if they may have a skill that can benefit your property in exchange for discounted rent. Your future renter may not be able to fork over a few grand in first month’s rent, but they can tell you how much paint you need to spruce up the two-bedroom upstairs, how to remove mold to avoid getting shut down, or how to make authentic custom furniture now that Pier 1 stores are closing. See if you can create a deal with your renter.
3. Rely on Instinct
In some cases, you might not find the perfect renter on paper. If after your efforts it seems that your options remain limited, use your instincts to decide who is the most suited to rent your property. It is certainly possible that a person is financially responsible and capable of making regular monthly payments despite any debt and collections you’ve spotted in their paperwork. Sometimes all you can do is give a seemingly kind and responsible person the chance to prove themselves to you.
4. Use “For Rent” Signs
Not all potential renters limit their search to online listings. If you’re looking to rent your property sooner rather than later, “for rent” signs are a great way to attract those passing by who are looking for a place to live. This is a popular approach in big cities because of the amount of lag time that is involved in the application process with online listings through rental sites. Using this approach, you can still insist on background checks, credit checks, and paystubs to make sure that your potential renter is a good fit.
5. Ad Placement Sites
Ad placement sites allow you to connect with people specifically interested in what you’re offering, for example, Newark apartments for rent is a good option. Landlords will be able to connect with potential renters who are actively invested in the search. Landlords also have the convenience of posting within their ads, specifically what they will and will not tolerate from their renters. This way, those less qualified are put-off from responding to the ads from the start.
For landlords, the search for quality renters is a game of cat and mouse. Make the most of the chase by getting all of the essential information first, before you consider individual situations. The best thing that you can do for your property is to process the finances of all applicants and consider the characters of those you are considering welcoming into your properties.