If you own a rental property, you need to find a tenant to rent the property in order to make money. This is known as tenant placement. Tenant placement is all about finding the right person to live at your property. Fortunately, a property management company can help you with the four components of tenant placement.
1. Listing the Rental
First, you are going to need to list the rental. If you want to find good tenants, you need to do more than place a sign in the yard that states the property is for rent. You should also court the type of tenant you want actively. That means taking high-quality pictures of your rental, writing a detailed description of the rental, and advertising to the right target audience. It takes skills to attract high-quality tenants.
2. Showing the Rental
Second, once you list the rental, you will get people interested in renting the property. Much like buying a home, most potential tenants will want to be shown the property first. As such, if you still have someone living on the property, you will have to give them notice before showing the place to future tenants. Alternatively, you will have to wait for the property to be vacant.
When showing potential tenants around, it's important to be ready to answer any questions they may have. It is also helpful to have a small informational document about the property to hand out at each showing.
3. Reviewing Applications
Once potential tenants look at the property, they will submit applications to be considered. As such, it's important that you are able to review each application. You are going to need to ensure your review process meets all state and federal fair housing rules. In addition, you will want to run background and credit checks, check references, and review their rental history. It's imperative that you do your due diligence to ensure you are attracting high-quality tenants.
4. Accepting & Rejecting Applicants
After you review the applications, you will have to accept or reject the applicants. You will have to reach out to each applicant and let them know if you are rejecting their applicant. If you are accepting their applicant, you are then going toned to onboard them. You will need to get them to get renter's insurance. Then, you will need to collect the deposit, first month's rent, and do a walkthrough.
If you own a rental, you will need to find high-quality tenants for occupying the rental. A property management company can help you with tenant placement. Contact a property management company for more information.
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