If you want to be consistently successful in real estate investing, you need to find a solid tenant for your rental property. Finding good renters in Austin is a key to keeping costs low, maximizing income and reducing headaches.
When you have a good renter, you’re more likely to collect rent on time, more likely to renew leases from year to year and less likely to have to deal with headaches such as damaged property.
To find a good renter, follow the rental property tips we list below, which involve a solid Austin tenant screening process.
Know Your Ideal Resident
Finding good renters in Austin is a lot like finding customers for your business. In order to market to the appropriate people, you need to first be able to define your target audience.
From a rental property management standpoint, this means focusing on proven criteria of what makes a renter “good.” A good renter typically has several qualities, and these can be identified during the tenant screening process.
This includes having a good credit score, which shows they pay their debts on time and are more likely to be financially stable; having a “clean” background check, which includes no criminal behavior; and a solid rental history, which can signify they will respect your property and treat it as their own.
Use Online Rental Marketing Platforms, the MLS and Local Agents for Best Results
Among the top rental property tips is to market your property through the various online rental platforms available today. Rental property owners can appeal to a wide variety of potential renters through these platforms, which in the long run can reduce the costs of marketing.
People can easily search through rental property listings by home type, number of bedrooms and bathrooms, location, monthly rental price, amenities and so much more. These platforms often result in you getting applications from tenants who are a decent fit for your property and your needs because of this ability to search and sort.
Have a Solid Tenant Screening System in Place
When you cast such a wide net with your marketing efforts, it can sometimes result in you getting a large number of applications. And while this is certainly a good thing, it also requires you to figure out from these applications which prospective renter might be the best fit for you.
Finding good renters in Austin this way requires you to have a solid Austin tenant screening process in place. Beyond just having this process in place, it’s a good idea to share the criteria with prospective renters before they even apply.
For instance, you might share if you’re looking for a minimum credit score, a minimum number of years of rental history, and whether you’ll require referrals from previous landlords.
By sharing the criteria with prospective renters, you’ll be potentially whittling down your application pool before people even apply, ensuring you only get the highest-quality tenants.
Check References and Previous Landlords
Standard Austin landlord tips will always suggest that you ask applicants for references and contact information for previous landlords. Once you have this information, it’s important for you to thoroughly check the references and documents submitted.
When you contact previous landlords, you should ask them pertinent questions, such as:
- Amount of deposit, and how much was refunded
- If the applicant is the responsible party on the lease
- If there were any additional, authorized occupants on the lease besides the applicant
- If they would re-rent to that person
- If the person fulfilled the lease
- If the landlord has ever given a notice to vacate, evict or had another non-compliance issue
- If they had any known or suspected drug activity or other trouble with the police with the applicant or anyone else living with the applicant
- If the unit was left in good condition, and if there was any property damage
- If they had any pets and/or abided by the pet policy
- Why the tenant is moving
The answers to these questions will help inform you on whether or not the applicant might make for a good tenant.
It’s also important to verify employment by calling the employer that the applicant lists. Unfortunately, you need to pay attention to potential fraud, as some people fake paychecks and pay stubs.
Don’t use any contact information the applicant lists for their employer. Find the phone number for the company that’s listed on its website, for example, and call that number.
This helps you avoid scams from applicants listing the phone numbers of friends or family to give false information.
Partner with a Reputable Property Management Company
Even if you follow all these Austin landlord tips, finding the right tenants can still be challenging. To focus on finding good renters, partner with a reputable Austin property management company.
At 1836 Property Management, we have a team of experts who have been working in the Austin market for years. We have built our solid reputation in rental property management by helping real estate investors realize positive returns.
This is achieved not just by managing properties once they’re rented, but also helping our clients land the perfect tenants for their properties.
Our detailed Austin tenant screening process ensures that all final applicants meet the highest standards.
For more information on how we can help you, please contact us today.
