There are nearly 48.5 million rental units in the United States. Renters seeking them out want to find the right one for them — but landlords also need to find the right tenant for their property.
Therefore, it becomes about balance! Make your property look attractive to beat out the competition, but pick the right tenant.
Finding a tenant can seem like a stressful process, but it doesn't have to be. Follow these tips to get the right one for your place.
1. Hire a Property Manager
When it comes to how to find new tenants, hiring a property manager is one of the best decisions you can possibly make. They know Indianapolis well, will know how to price the rental property and how to make it more attractive than the other places in the city.
Their marketing experience combined with that knowledge of the area will make this a very good decision.
2. Be Clear in Your Description
When it's time to advertise, pick the right places and be clear when describing the rental property. That way, no one's time is wasted if it's not what they're looking for.
It's natural to focus on the good parts when property advertising, but make sure you're honest.
73% of people use online resources to find a home, so focus more on websites than newspapers and magazines.
3. Ask Pre-Screening Questions
Make sure you ask the necessary tenant screening questions. These will vary according to your property and what you are and are not willing to allow, but you should get a good picture of the person that will be living there.
Questions you can ask include:
- Do you meet the income requirements?
- Will anyone else be living here?
- Do you have any pets?
- Do you have references?
- When is your ideal move-in date?
Make sure you don't ask any discriminatory or illegal questions.
4. Check References
You should get references from the tenant's previous landlord (unless it's their first time renting) and employer.
This will ensure they have a stable job with a good income and can keep paying rent, and that they have a good track record.
If they're self-employed, you can choose to accept bank statements and tax records as a replacement.
5. Run Credit and Background Checks
Running credit and background checks is also essential. Make sure you have your potential tenant's consent to do this and then look into it.
If they have a criminal background or terrible credit, they may not be the ideal tenant — and it's better to know before they move in.
Finding a Tenant Doesn't Have to Be Stressful
Finding a tenant can seem like a daunting task but as long as you exercise due diligence, you should find the perfect one. Indianapolis is a big city, and the perfect renter is out there for you.
If you're looking for a reliable and trustworthy property manager in Indianapolis, check us out today.