Your tenant is your most valuable asset, and that's one of the most important lessons you need to learn as a landlord. However, the process of tenant placement isn't always easy, as you always have to ensure you're finding the best fit for your rentals. You want to find responsible tenants that are likely to pay their rent on time and care for your property.
So how do you optimize the tenant placement process? Start with these insider tips to find the best renters in the Northern Virginia area.
Create Compelling Ads
As a property owner, you face a lot of stiff competition in terms of rentals. You have to reach those quality tenants before your competitors do.
The current market is sending many would-be homeowners toward rentals, meaning the renter pool is bigger than ever. This benefits landlords, as they have more renters to choose from. That said, you still need to go through a selection process.
You need to attract tenants with compelling ads that help renters visualize your property and see the benefits. Renters should see themselves in your rental units and want to sign a lease with you.
Tenant placement services make the whole process easy. Our Virginia property management services bring your listing to life with clear floorplans, HD pictures, virtual tours, and more.
Understand the Laws
Screening tenants is a vital part of the placement process, as you need to make sure the interested individuals will treat your property with respect and pay their rent on time.
At this stage, it's important that you're familiar with the legal protections tenants have. For instance, both landlords and tenants are protected under the Virginia Residential Landlord and Tenant Act (VRLTA).
You need to understand the laws regarding application fees, written leases, security deposits, and more.
Perform Background Checks and Credit Checks
Once you're familiar with tenant/landlord laws, you can screen tenants with confidence. First, you'll want to look for certain red flags, such as applicants that move often and first-time renters with no rental history.
You'll also want to perform a background check and credit check. You must use a Consumer Reporting Agency (CRA) to do so, as stated by the Fair Credit Reporting Act.
One of the biggest benefits of using tenant placement companies is that they handle the tenant screening, ensuring you find the best applicants and taking much of the stress off of you.
Outline Your Expectations in the Lease Agreement
The next step is the tenant placement agreement or the lease agreement. Make sure you outline all of your expectations clearly, including the price of rent, all your rules, late payments, maintenance requirements, inspections, and so on.
Communication is an important part of successful tenant placement. If you outline all of your rules and expectations, you reduce the chances of incurring damages and renting to the wrong applicant.
Tenant Placement in Northern Virginia
Tenant placement can feel like a daunting task, but it doesn't have to be with the right property management group on your side. Use these tips to make the entire process easier.
Do you need a tenant placement company? Allow us at HomeRiver Group to assist you and make the most of your rental through Northern Virginia property management. Call us or send us a message today to get started.