In our last post, we discussed how to get a property ready to rent. From cleaning the unit to determining rent prices, a lot of your work as a landlord happens during the preparation stage. Once you have prepared your unit and you have a plan in place, what comes next? At this point in the process, it is time to enact your marketing plan and get ready to accept applications from interested parties. Check out the following tips for managing the next major stage of renting out a property.
Start With Outstanding Marketing
Now that your property is in great shape and you are ready to start accepting applicants, it is time to market your property. Check out some tips for avoiding major marketing blunders, and get your property listed across the web.
Using an online marketing tool that allows you to syndicate one listing out across dozens of sites will save you the most time. Marketing is a critical stage in the rental process. Proper marketing will allow you the best chance of finding an ideal tenant for your property. The more interested parties you have, the better pool of applicants you will have to choose from.
Show The Property
When you garner interest in the rental unit, it is time to show your property. Most people will want to see the rental before they take the time to fill out your application. Not only will this give them a better idea of whether or not your property will meet their needs, it also helps renters weed out any scam properties.
During this stage, you can handle the property showing one of two ways. You can schedule individual property showings for interested parties or you can run open house style showings. For open house style showings, you can simply tell interested parties that you will be holding an open house for the property on a specific date for a three-hour window and knock out all your showings at once.
The method that works best for you will depend on the market you are located within. If you live somewhere with a high demand, it might be better to use an open house showing style to prevent you from wasting too much time with showings. If you live in a market with very little demand, you might be able to personally show the property to each interested party.
Direct Interested Parties To Your Application
Once you have shown the property, it is time to direct anyone still interested in the rental to your online application. Using a simple online rental application will allow you to handle a larger number of applicants while keeping organized. You can easily email or text interested parties after the showing and ask them to fill out your rental application.
Make sure your rental application provides you with relevant information that will help you with the pre-screening process. It is a good idea to brush up on the Fair Housing Act before you begin weeding out interested parties.
Request A Tenant Screening
After you have looked over the applications, use your pre-set qualifications to determine who you would like to move on to the next round of the application process. It is important to not skip over a thorough tenant screening process. Use a tenant screening process that integrates with your application to ensure things run smoothly and efficiently.
During the tenant screening process make sure you get a report that includes a background check and a credit report. If you want to be extra precautious, run a screening that also includes eviction history.
Decide On Your Tenant
Using the reports you garner from the tenant screening process, you now need to determine who you will accept as your tenant. While it can be tempting to try to fill a vacancy as quickly as possible, hold out for a tenant that meets your requirements. Allowing a tenant to move in who doesn’t make the income you know is necessary or who has a horrible credit score can actually cost you more money in the long run than a vacancy will.
Reflect On The Process
Once you have your rental unit filled, take the time to reflect on how the process went. If you hit any major road bumps along the way, figure out a way to change your methodology so the next vacancy goes smoother. This is particularly true if you are new to landlording. It will take time to figure out the best way for you to turn over vacancies, and you will need to learn how to work within your specific market.
Create A Smooth Process With Free Landlord Software
The good news is that for landlords in the modern age, the process of renting out units does not need to be as time-consuming or as complex as it once was. With the advent of free landlord software, landlords are able to take control of their properties without the need for paying huge fees to property management companies. While you will still be investing time into the process, you won’t need to waste hours of energy weeding through paperwork, deciphering people’s handwriting, and figuring out how to screen tenants on your own.
DISCLAIMER: Turbo Tenant, LLC does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.