Are You Prepared to Rent Your Property?
Whether you are a property manager new to the rental market or a seasoned landlord, being prepared is one of the best things you can do to ensure a successful rental. Here you will find key steps in being ready to sign off on a new tenant.
Understanding of Local Rental Laws
Knowing your local laws, both city and state, is going to be the most time-consuming. But, having a thorough understanding of landlord-tenant laws can and will save you money down the road. Breaking the law because you didn’t know is a costly error that can be easy to avoid. This knowledge can start with the Federal Fair Housing Act. Your city and state websites (.gov) will be the next stop in finding both your city and state landlord-tenant laws. You will also need to find local resources that can help you stay up-to-date on any recent changes that may impact your leases, current tenants, and screening process.
New Tenant Checklist
Taking the time to create a customized checklist for your property can help you stay organized when meeting with potential tenants, getting the property ready to rent, and keeping your team organized. This checklist can include the paperwork and money you need the tenant to provide but also the housekeeping things you need to do to make sure the property is ready for them to move in!
Pre-screening the tenant is likely to happen when the potential tenants come to look at the property. Some of these screening questions can also be asked over the phone or via email depending on the method they are using to contact you. Having clear expectations for the potential tenant can save you time when showing the unit and processing applications. Some questions to ask can include:
- Do you have pets?
- Do you have kids?
- Do you smoke?
- Will you have any roommates?
- When are you wanting to move in?
- Why are you moving?
- Have you ever been evicted?
- What is your monthly income?