Thirty-four percent of U.S. households are renters. That's an enormous pool of people who are looking for a place to call their own.
But placing tenants in a rental property is not always easy. The process is fraught with challenges, from screening applicants to negotiating leases.
You need to know what you're doing, or else you could end up in an unpleasant situation. If you are looking for tips for a successful tenant placement in the Topeka, KS area, this short and simple guide is for you.
1. Advertise the Property to a Wide Audience
Finding tenants for your rental property is the first step. You need to get the word out about what you have for rent.
There are several ways you can do this, such as advertising online, in local newspapers, or by word of mouth. The more people who know about your property, the better chance you have of finding a good tenant.
2. Screen Prospective Tenants Carefully
Screening tenants is essential. You want to make sure that the person moving into your property will be a good fit for you, as well as for the neighborhood.
There are many ways to screen prospective tenants, such as background checks, credit checks, income verification, and more. Ask your potential tenants to provide references from past landlords and employers; these are usually the best indicators of future behavior.
3. Conduct an In-Person Interview
An in-person interview can be a great way to get to know your potential tenants. It's also the best way to get a feel for whether they will be good tenants.
You can ask questions about their rental history and any other relevant details that speak to their character. Verify the information you receive from your tenants so you know the information is accurate.
4. Establish Lease Terms With a Lawyer
A lease is a legal document that outlines the terms of your rental agreement. It should include how long your tenant will stay and what they can do on the property.
Hire an attorney to create your lease and review it before you sign it. You don't want to miss anything in your agreement and end up with unexpected costs later on.
5. Maintain Good Landlord-Tenant Relationships
Don't be a landlord who is difficult or unreasonable. You want to maintain good relationships with your tenants so they are happy and want to stay with you.
This will make it easier for you to collect rent, maintain your property, and avoid legal issues. It will also ease the stress that comes with being a landlord.
Follow These Tips for a Strong Tenant Placement
A successful tenant placement requires careful planning and attention to detail. The above tips are a good starting point for anyone looking to improve their current practices.
The more time you spend on the front end, the less time you will have to spend on the back end. If your tenant placement efforts are successful, it will lead to higher profits and less stress.
PMI Advisory Group is a property management company in the Topeka, KS area that specializes in tenant placement. Contact us today to get started!
