You’ve decided to put your landlord hat on and want to rent your place. Congrats – an exciting and hopefully fruitful journey awaits!
So, how do you find the “perfect tenant” from here? First of all, “perfect” means different things to different people. And there are things that you definitely can do... and definitely cannot do to ultimately secure your ideal renter.
As you kick the search into high gear, keep these five tips in mind:
1) Abide by the laws. No, you cannot demand that your renter be 6’3”, have curly hair and make $10,000,000 per year. There are very specific guidelines in terms of what you can and can’t ask for and the Virginia Fair Housing Office should be your source for the latest guidelines.
2) Market and market some more. Niche sites (e.g., MilitaryByOwner), big-time real estate sites (e.g., Zillow), grassroots efforts (e.g., bulletin boards) and everything in between can be effective depending on who you want to land in your home.
3) Get the 411 on your prospective tenant(s). This should include checking their references, a credit check and a background check at an absolute minimum.
4) Require renters insurance. This is a surefire way to protect your home from renters’ damage... while also protecting their belongings, too.
5) Hire a property manager. A top-notch property manager does all of the above and so much more. There can certainly be a lot of legal lingo to navigate as well as serious questions that may arise throughout the rental journey. You don’t have to do it alone and the stress may be squashed by simply reaching out for professional assistance.
To kick your property management efforts into high gear, give Arlington Realty Property Management a buzz today at 703-836-2525 or email mypropertymgr@gmail.com.
