For potential landlords, envisioning what it would mean to benefit from a nice and steady income can sometimes be clouded by concerns over finding the correct renters. The right tenants are consistent, easy on the property, and invested in a mutually beneficial rental situation. Potential landlords need not worry, with proper planning and preparation, finding great renters can be easily achieved. Following are some of the best ways to land ideal tenants for a stress-free landlord experience.
Keep the listing clear and concise. Know what makes that ideal renter choose your property over other options in this market, be it amenities, property attributes, or other factors. Do keep in mind, patience is key in the search for great tenants and often takes some extra work. Ferguson Property Management shows the property as often as is needed to find a qualified tenant. And lastly, spell out in your listing what tenants will need to know, to avoid attracting renters who are looking for something different. Every market is unique, and our professionals can help you highlight the features of the home that will attract local renters.
Know who is renting and how to reach them with your property listing. Being informed on the renters market will help you identify the cream of the crop in the potential tenant pool. Get the word out on and offline. If you need advertising assistance, Ferguson Property Management provides marketing with professional signs, digital photography, listings on our site, and other rental sites that are popular with our local market. And when it is time to narrow the applicant list, Ferguson’s exclusive AppScore scoring system ensures only the best tenants are placed in your home.
Know the laws. Your search for the ideal renters must always be legal, and your decision can never be based on criteria such as family status or age, in addition to discriminatory biases against race, gender, or country of origin. For additional help, you can read up on theFair Housing Act which specifically outlines what constitutes illegal discrimination against qualified tenants, or get in touch with us at Ferguson Property Management to help in your search. Ferguson knows how to determine tenant eligibility within completely legal criteria such as rental history and credit checks while avoiding any discrimination pitfalls that would leave a landlord exposed.
Know that the market is tight so you can and should ask for competitive but well-priced rent and strong lease agreements without hesitation. If getting the highest competitive price possible for your property requires some number crunching, it is often recommended potential landlords combine the market value of the home, rent control laws, and the cost of similar rentals in the area to determine the price. For even more help on calculating just the right amount, see our blog on “Factors to Consider When Determining How Much to Charge For Rent.”
Know your property is move-in ready. Have the property cleaned and repaired before you list. Responsible renters who are in a “ready to move in” status will respond to the right marketing quickly, decreasing the amount of time the property will sit without generating income.
Know your rights as a California landlord, you have many of them. For example, in this state, you can charge an application fee as long as it is around $52 and covers your out-of-pocket expenses exclusively. You can also require tenants to obtain and maintain renters insurance while they are under the terms of their lease here, whereas in many states you cannot. Ferguson Property Management can help you navigate rules such as these and keep you one step ahead of requirements so being a landlord is stress-free and financially beneficial.
Always keep in mind that using a property management service saves time and money in finding and retaining the best tenants while helping avoid any gaps in occupancy. Ferguson Property Management never charges a fee until your property rents. We understand you have questions, we encourage you to GET A QUOTEor download our FREE guide, “Should I Become a Landlord?”