Houston is the fourth most populous city in the nation, but you might be struggling to find tenants to stay in your rental property. There are people out there who want to rent. Sadly, not all of them are great tenants.
To decrease vacancy rates and increase income amounts, consider tenant placement. Keep reading to learn the do's and don'ts of placing tenants.
Do Market Your Property
Building a marketing strategy to find tenants is essential. Create a listing of your rental and make it available on different platforms so that you reach the widest possible audience.
Try to target specific groups of people that you want in your units. For example, if you have room for families, you'll want to focus your advertising efforts on websites where families are looking for a place to live.
Don't Ignore Red Flags
If you find tenants through your listings, don't ignore red flags. It's better to wait for the right tenant than to rent to a tenant that displays offputting behavior.
Lying, being abusive, and stealing are common red flags to look out for. If a tenant has been evicted from a previous rental property, they might not be trustworthy.
Do Screen Tenants
Tenant placement services will screen prospective tenants for you. This is the best way to learn whether or not a tenant displays red flags.
In addition to getting a background check, you can ask possible tenants questions about their criminal background, employment status, credit history, etc.
During a tenant interview, ask them how they plan to pay rent. Define their source of income and find out how much they make in a year. Tenants can lie about this information, which is why it's best to get a background check.
You can also contact their previous landlords to ask them questions about an applicant.
Don't Forget a Move-in Inspection
If you think you've found a tenant that will provide you with everything you need, don't forget a move-in inspection.
Complete a move-in inspection with your tenant. This should be done every time a new tenant moves in.
Walk through the property with the tenant and make note of existing damage. You can also explain how appliances work at this time. A tenant that knows how to take care of the unit will keep it in good condition.
When you take inventory of belongings and damages with your tenants, they will feel more comfortable moving in. Plus, both of you will know who will be responsible for certain damages when the tenant moves out.
Do You Need Tenant Placement Services?
A rental property management company can provide tenant placement services. To find the best tenants for your rental market, they will advertise your unit, screen tenants, and complete a move-in inspection.
Follow the do's and don'ts in this guide and hire tenant placement services to reap the benefits. Contact our property management team today to learn how we can help you.