Quick, think about the most competitive rental markets in the country! Maybe big cities like New York and Los Angeles come to mind. But a 2022 report reveals that Harrisburg is the second most competitive rental market in America, with 19 people competing for one unit.
This may sound exciting when you're marketing your rental properties. Yet the stiff competition can make tenant placement hard. If you want to find the best tenants, you need to improve tenant placement through a few steps.
How can you start finding tenants in the Harrisburg area? How can you figure out what tenants are best for you? What should the last step in the tenant placement process be?
Answer these questions and you can turn tenant placement tips into a profit in no time. Here is your quick guide.
List Your Property on Many Platforms
The tenant placement process usually begins online. You should list your property on Zillow, Avail, and social media. Write a detailed description that mentions all of the essential features, like how many bathrooms each rental unit has.
Including photographs of the property and rental units is one of the most effective property marketing strategies. Show the outside and inside, as many people make decisions based on the curb appeal of a building.
Screen Your Tenants
In your listings, you should mention how prospective tenants can contact you and what information they should hand over. As soon as you start receiving documents, you should start screening your tenants.
Run credit checks so you know if your applicants can pay for rent. You should also run background checks to see if your applicants are safe and orderly.
You can interview your tenants and ask them questions like, "Have you ever filed for bankruptcy?" It's okay if your tenants have, but it's not okay if they dodge the question or refuse to give specifics. You should avoid applicants who seem rude or condescending to their current landlords.
Collect References
Each applicant should provide at least one reference. The reference can be a previous landlord, employer, or family friend. After you talk to the applicant, you should talk to their references.
Ask them questions about your applicant's trustworthiness and maturity. If they say the applicant is immature, you should not select them as a tenant.
Some people make up references. Do a little research on the people the applicant claims as their references and make sure they are genuine.
Show Your Property
Conducting tours and open houses lets applicants have a detailed look at your property. It also lets you meet them in person and answer any questions they may have.
Spend some time staging your house. You should declutter the rooms and organize the furniture so everything is visible. You should also stage the outside, increasing the curb appeal by planting flowers and cleaning the gutters.
Master Tenant Placement
Tenant placement helps you attract tenants and determine which ones are best for your rental property. The first step is to create informative listings on real estate websites.
The second is to start vetting your tenants. You should collect information about their finances and talk to people who can vouch for them. The final step is to open your doors and let your tenants see for themselves what your property is like.
If you need help with placement, turn to experienced real estate professionals. HomeRiver Group Harrisburg helps landlords find potential tenants. Contact us today.
