Choosing High Quality Tenants
To thoroughly screen and select the best possible tenant, you have to be sure to talk to references. At Legends Realty, we require written references before we approve a tenant. Applicants that can provide positive written references will turn out to be organized, responsible, and considerate of a property manager’s time. Ask for written references and follow up with the landlords or managers who wrote those letters if you have any additional questions.
If you have an applicant who is too young and inexperienced to have landlord references but otherwise passes your screening requirements, consider asking for a co-signor, such as a parent.
Establishing a Lease Term
It’s not always easy to find a tenant who is willing to lease a property for 12 months or more. This is an age of short attention spans and mobile workers. If you find a tenant who is willing to lease your property for more than 12 months, you should strongly consider the application. Long term tenants provide a solid leasing period, and there will be less wear and tear on your property as well as fewer turnover costs. You won’t have to pay to advertise the property again, or to get it cleaned and repaired. You won’t have to spend time showing it and screening applications every year.
Prepare for the end of leases so you can get a new tenant in place as soon as possible. If you want to protect your rental income and achieve market rent at all times, talk to a property manager. Your property manager will understand the market and advise you on the best times of year to get a good, long term tenant.
Setting the Right Rental Price
Everyone wants to earn as much as possible on their rental home. If your market is experiencing low vacancy rates and there’s little active competition for properties, you can increase what you’re asking. However, you need to be flexible, especially in markets where demand for rental properties is low. Regular rent reviews can ensure you’re earning what you should.
When you provide an outstanding home that’s visually appealing, you’ll also have an easier time gaining market rent. Tenants are willing to pay for properties that are attractive, safe, and comfortable.
These three things need to be considered before you sign the lease and move in a tenant. If you have any questions about the leasing process or anything pertaining to Orlando property management, please contact us at Legends Realty.