How To Find Great Renters
Finding great renters for a residential rental you own or manage can be a challenge.
Picture via Front Door
In a sluggish real estate market, many home owners tend to opt to rent their old places out rather than to sell then. However these accidental landlords often have no idea what is in store for them. Here are some basic tips to find great renters without loosing your shirt.
Tips to Find Great Renters
- Review and know tenant/landlord law. When you offer your home up to the public it is important to know both state and federal laws. Do some research! Familiarize yourself with the Fair Housing Act, which specifies what is constituted as discrimination. The Department of Housing is a great place to start when gathering information.
- One way to attract great renters is to advertise. Cast a great net with using free advertisement sites such as Craig's List or Lycos. However beware of the scams out there. Also consider paid advertisement on sites such as Renters.com and RentMarket.com When placing the ad make sure to include the number of bedrooms, bathrooms, and amenities.
- Take some photos inside and outside the property. Great renters typically like to be familiar with the property before seeing it.
- Show your home at it's best. To find great renters make sure your home is tour ready the second you fill out the ad. Make sure your home is free from clutter, repair, and ideally personal items.
- Screen the tenants carefully. To find great renters be sure to pull credit reports, verify employment and income, check rental references, and scrutinize past problems very carefully.
- Use a rental application including a policy sheet. Find a great rental application for your renters. Make sure it conforms to state laws and print out a copy of your rental policies.
- Require the deposit and first month's rent be paid by cashier check or cash.
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