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How to Rent Your Williston Property to the Right Tenants

Property Owner and Tenants Discussing Terms During A Lease SigningEvery Williston single-family rental property owner needs to get the right tenants into their rental homes. Yet, who are the “right tenants” for your rental properties? And, how can you reach them? Take note of these questions because they can lead you to the first few steps of renting your property to a great tenant. With a few good solid strategies, you can find your property a tenant it deserves.

The first step to finding the right tenants is to first know who it is you’re looking for– your ideal tenant. Get an idea of the renter demographics because they all represent different wants and needs. Hence, it’s crucial to come to a good understanding of your local rental market, so that you can build your own profile of what you think the best tenant is for your specific property. View your property from the perspective of a tenant. Who could be potential renters in your area? What could possibly get them interested in your property?

By understanding your market and your property in this way, you can then take the next step to find the right tenant: advertising. Usually, when it comes to advertising a rental property, the more targeted your marketing is toward your ideal tenant, the more effective your advertising is likely to be. Always be available and ready to advertise to those you’ve determined to be perfect tenants. For the most part, this will lead you to list your property in multiple rental listing websites. If you want to reach a vast field of new tenants, online advertising is the way to go. Used with other modes of advertising like hanging a “For Rent” sign out front, or posting a flyer on a community board, you should be getting calls from prospective tenants about your property in no time.

When the phone calls come, your next strategy is to screen each applicant. Despite it being a time-consuming process, the screening should begin with the first conversation with each caller. Prepare a quick description of your lease terms, expectations, and screening criteria and work it into that initial conversation. This way, you can sift out the unqualified tenants who submit applications. Should they pass the phone test and send in an application, make sure to do a thorough background check on every adult who will be living on the property. Also, it’s essential to collect and contact several references, including any prior landlords. A screening process done well can narrow down your options to the right tenant.

You should also make it a point to know the state and local landlord laws before you engage in any dealings with applicants or tenants. If you want to avoid accusations of discrimination, you have to have a grasp of the laws that guide tenant-landlord situations. While you should collect the information you need during the application process, avoid asking questions that may violate a tenant’s privacy. By adhering to the Fair Housing Act and other regulations, you can spare yourself a date with the court, and you can make yourself appealing to a potentially great tenant.

Lastly, ensure the quality of your lease documents — they must be worded properly. Your lease is a legal contract that sets the terms of your tenant-landlord relationship. Your lease should be clearly worded and detailed enough to cover each aspect of your agreement. At the lease signing, be sure to collect a deposit in the form of a cashier’s check or money order. Either avoid accepting personal checks or have a system in place that will allow you to wait for the check to clear the bank before turning the property over to the tenant. When the right tenant comes, they won’t have a problem completing the signing and payment process to your satisfaction.

If the idea of screening and managing tenants still feels overwhelming after these tips, try hiring a property management company, like Real Property Management Sterling. We take all the daily hassles of rental properties off your plate, including tenant screening, queries, evictions, and so much more. Contact us today if you would like to know more.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

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