The Do's and Don'ts of Tenant Placement: Expert Tips for Landlords

Finding ways to increase your income is always something landlords consider. Your income comes from tenants paying their rent, so the best solution is to keep your units occupied.

Another solution is to find better tenants. You can outsource your tenant placement to achieve these goals.

Tenant placement services help you in many ways. However, there are several things every landlord must know about this service.

Continue reading to learn about these things.

Steps to Do With Tenant Placement

Tenant placement is a process involving several steps. First, you use it to locate tenants. Secondly, it requires screening the tenants.

Here are several things you should do with tenant placement duties:

Screen Your Tenants

Tenant screenings are always critical when choosing tenants. A tenant screening includes multiple steps, including checking a person's credit. It also involves looking at their criminal history and past landlords.

When you rent a unit to someone, you're trusting them with your real estate investment. Screening your tenants helps you select the best ones before signing tenant leases and handing over the keys.

Look for Red Flags

Learn the red flags to detect before screening tenants and watch for them. An example is a tenant who moves often. If you see multiple addresses for a person, it could be a sign they will move out quickly.

Require a Tenancy Agreement

Always have a tenant sign a lease and make sure it protects you. The lease locks the tenant into a contract and protects you in the arrangement.

Hire a Property Management Company to Help

Many landlords outsource this part of their businesses. Outsourcing is easier and provides the best results in tenant quality.

Steps to Avoid

Of course, you must avoid a few things during tenant placement. Here are the top things you shouldn't do:

Renting Just to Fill a Unit

You might be desperate to fill vacant units. As a result, you might rent to anyone just to fill the unit. Unfortunately, this is never a good idea, as it might cause more problems than you think.

Skipping Critical Steps

You should also avoid skipping steps. For example, if someone you trust refers a tenant to you, you might skip the screening. While it might turn out fine, skipping critical steps is always something to avoid.

Handling the Work Yourself

You might be good at handling scheduled maintenance and property inspections. However, you might not be good at running tenant screenings and selecting tenants.

The solution is to hire it out. Handling the work yourself can result in problems if you don't have the right tools or knowledge to handle tenant selection.

Outsource It: The Best Solution

Outsourcing some of your duties can lead to quality results. When outsourcing your tenant placement duties, you might find better tenants and see an increase in your income.

Are these the goals you want to achieve? You can by hiring the right company.

Avalon Realty & Oaktree Management, Inc. in Las Vegas is a full-service property management firm. We are experienced and have a reputation for providing quality services. We can help with tenant placement and much more.

Reach out today to learn how we can help.