Landlords face challenges finding responsible tenants. Background checks and personal recommendations have limitations. Methods to find tenants include dispersal, targeted advertising, referral services, and word of mouth. Discrimination is not allowed.
One of the biggest challenges a landlord faces is finding responsible tenants to occupy their rental property. Background credit checks can provide some insight into an applicant’s level of fiscal responsibility, but they don’t necessarily reveal anything about their cleaning habits. A personal letter of recommendation can attest to a candidate’s personal character, but say little about their ability to pay rent on time. So what would be the best way for a landlord to find a tenant? There are several tried and true methods, but each has its pros and cons to consider.
Some landlords find a tenant by taking a dispersal approach. This means broadcasting the availability of the property to as many potential applicants as possible. Placing an ad in a classified section of local newspapers can generate a number of leads. Posting a flyer in local meeting places such as laundromats, student centers, grocery stores and public libraries can also solicit calls from interested parties. Placing a “Rent” sign on the property itself can also inform potential renters of your availability.
The problem with a scatter approach, however, is that it casts too large a net. The owner’s phone may ring constantly during the advertising campaign. The quality of applicants is likely to be variable, and many of them will become disqualified after learning about the location or rental price or other conditions beyond the landlord’s control. A landlord must be able to find a tenant through this process, but he or she must also be prepared for an onslaught of applicants.
Another way to find a tenant is to use targeted advertising or a referral service. Some homeowners pose specific needs to a site like Craigslist, hoping the answers will be geographically and economically appropriate. As responses are handled electronically, the owner can filter applicants without the inconvenience of phone calls or personal visits.
Some cities have real estate agencies that also manage rental properties. A professional tenant referral service can provide landlords with candidates who have already been screened for suitability. This type of focused search can help busy landlords find a tenant without having to conduct their own interviews or run their own credit or reference checks. The referral service can also work the other way around, connecting potential tenants to a vetted list of local landlords.
Perhaps the best way to find a tenant is by word of mouth. A person with rental properties can approach co-workers, church members, relatives, and friends to inform them of a tenant search. Rather than using a scattershot approach with unpredictable results, a word of mouth approach would generate a smaller list of candidates who already have credible personal references.
Owners should always remember that every applicant has the right to be considered, regardless of race, creed, age, religion, physical or mental disability, sexual orientation or gender. It’s a very important thing to keep in mind when narrowing down a large candidate list. Whichever method the landlord chooses to find a tenant, it must not be discriminatory in any way shape or form.
Asset Smart.
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