Over 35% of Hawaiian households rent, which is higher than average in the United States. But wherever you're based as a landlord, the tenant placement process can be complex.
If you are thinking about renting, you may be asking, "What is tenant placement?" Tenant placement is the process of renting your home from start to finish. And it involves a lot of steps.
Despite the growing amount of renters, the tenant placement process can be complex. There is a fine line between finding quality and spending too long on the process.
There are some ways you can perfect the tenant placement process and avoid bad tenants. Read on for the top six ways!
1. Strategize Your Marketing
Good quality rental marketing attracts good quality tenants. Provide all the detail in your advertisement — including pictures, location, amenities, and cost.
Make sure photos of your property are well done. You can even get imaginative and do a video or drone tour! Just make sure your property also matches the images when they come for a viewing!
Also, consider where your property is being advertised. Advertising online will give you a broader reach.
2. Recognize Red Flags
Do not ignore the red flags of prospective renters, no matter how nice they are! Red flags can include first-time renters, complainers, and frequent movers. You may also get mystery tenants who do not provide many details or identities.
3. Screen Prospective Tenants
The next stage is to screen prospective tenants to make sure they are suitable for your property. There are federal, state, and city guidelines you need to follow. And also, for your benefit, do not skip any steps and check details, no matter how great the tenants seem!
Screening includes running background and credit checks. You will also look into work backgrounds and rental history.
4. A Detailed Lease
Once you decide on a tenant, make your lease agreement. Make it as detailed and specific as possible; otherwise, you may have problems later on.
If it is not in your state law, you need to put it in your lease; otherwise, you will have a hard time replacing the tenant.
5. How to Replace a Tenant
Sometimes the tenant process does not go right the first time. Or, it may be that the tenant is moving on. Ensure you know what to do when replacing them, as this is also part of the tenant placement.
Rules depend on if it's before or after their lease agreement ends.
6. Hire a Property Manager!
There are many reasons to hire a property manager, including tenant placement. Property managers speed up the tenant placement process. And they increase the likelihood of the perfect tenant placement.
They will ensure you follow all of these steps successfully to find tenants that want, and who you wish to, to stay.
The Perfect Tenant Placement
The perfect tenant placement is hard to find, but these steps will help you achieve it. It may seem time-consuming, but it will save you stress, money, and time in the long run. And a property manager can relieve some of the work.
Contact us today at HomeRiver Group® Honolulu to find out how we can help with your tenant placement.