Having quality, long-term tenants in your rental property is the most essential aspect in the success of your real estate business. Working hard to find a good tenant will give you a good return on your investment and help with collecting rent on time, whereas settling for a bad tenant can be financially straining, or results in an potential eviction which lets your property sits vacant.

As a landlord, knowing how to find tenants is crucial. Even if you hire a real estate agent or a rental property manager to do it for you, you should know what it takes to find tenants as property owner.

Here are tips on how to find tenants for your rental property from the experts at MTD Properties.

The Internet and Social Media

Using online marketing tools is one of the most effective ways to promote your rental property and attract potential renters. By posting your rental listings on popular online platforms, you can reach a wider audience and make it easy for interested renters to schedule virtual tours or even attend open houses remotely.

Hosting a few in-person open houses can also help local prospects see the space firsthand, especially if the property is near popular amenities like parks and grocery stores. To create a stronger connection with new renters, share details in the listing like the expected move in date, how many bedrooms and bathrooms, and provide a sample lease agreement upfront.

Most individuals are aware of social media's marketing potential when handled effectively. Reaching out to your social media networks can have a significant impact. Your listing should include key property details and high quality photos of the rental home or apartments to help you find renters and qualified tenants.

People from your immediate circle will see your listing, and your connections will help you reach new audiences by sharing it. You can get hundreds of people viewing your listing by repeating this process a few times.

To find renters and a qualified tenant, you only need one individual to be interested in your rental property. Asking your friends to spread the word about the property listing you created can be helpful when trying to maximize its reach. The more people you can contact, the better your chances of finding a quality tenant. With word of mouth and social media efforts combined, you'll be able to find a good tenant quickly.

Ensure that your rental property listing abides by the non-discriminatory federal fair housing laws to avoid legal complications.

Create Appeal in the Property

Scheduling potential tenants when other applicants are viewing your apartment, house, or unit is one approach to increase demand and attract renters who are ready to cover rent.

It's a natural instinct to want what other people want. As a result, when candidates see other individuals examining your unit, it can potentially increase demand.

Listing your rental on popular rental sites can also help attract more attention. List important features like natural light, proximity to attractions, or free amenities. You can also place your listing on community center's bulletin boards or local newspapers to find more interested tenants.

The goal isn't to get more rent or start a bidding war, though that may happen occasionally; it's to encourage potential clients to move forward quickly.

Hire a Property Manager or Leasing Agent

Experienced rental experts know the property market like the back of their hand. In addition, by virtue of their networks, they might have a ready list of great tenants with clear background checks and good payment histories—prospective renters looking for housing in the area and ready to fulfill their rental obligations, including a security deposit.

When exhibiting the property, a reputable property manager will advise on the appropriate rental pricing to set for your property. They can recommend renovations or upgrades that will make your property a stand-out in the neighborhood. 

A property manager also has the resources to conduct thorough tenant screenings on all rental applications, including potential tenant credit checks, credit scores and credit reports, criminal background checks, previous rental history, any prior evictions and eviction history, and can find a reliable tenant fast for your rental property.

Property managers are also aware of the fair housing act and local laws, keeping both you and your tenants legally compliant through the tenant screening process. A property manager helps you avoid any red flags and protects your investment. They can draft lease templates, conduct background checks, field maintenance requests, and handle multiple properties at once.

MTD Property Management is dedicated to paying close attention to the needs of both owners and residents. MTD has established client loyalty through constant proven outcomes, backed by cutting-edge equipment, considerable knowledge, and expertise. 

Select a Tenant With a Good Credit Score

Landlords want to find a tenant who pays rent on time. If renters cover their bills on time, there's a good chance they'll cover their rent payments on time. There is a fee for obtaining a credit check, and some landlords also require their applicants to cover the credit check fee.

A renter's low credit score is a risk and shows poor financial responsibility. Check their credit history and run a full credit report on potential renters to ensure that you secure great tenants who are able to pay rent. These pre-lease precautions protect you down the line.

There are two steps to check a interested renter's finances:

1. Confirm the income:

• You should look for a good tenant with a monthly income that is at least three times the monthly rent.
• Request a copy of their pay stubs.
• Confirm their employment, length of work, attendance record, and monthly earnings by calling their employer directly.

2. Get a credit report:

• Do they have a track record of paying bills on time?
• Examine their debt-to-income ratio.
• Consider how much debt they have.
• Look for evictions, civil judgments, or bankruptcies in the past.

Generally speaking, you want your tenant's income-to-rent ratio to be three times the month's rent and to have a minimum credit score of 650. Background checks like these ensure that you'll have on time payments and lessens the likelihood of property damage and late payments.

Get Ready for Property Showings

Tenants are aware of their needs and will arrive at a viewing eager to ask questions. Prepare to have answers about waste collection dates, electricity suppliers, and key terms of the lease agreement. Ensure you have the details of everything on your property. Make a property viewing checklist to ensure no details are overlooked before potential tenants arrive.

Finally, make it easy for the possible tenant and next renters to attend the showing of the home by ensuring there is ample parking and easy access.

Meet and Interview Prospective Tenants

We recommend requesting that interested tenants contact you by phone or email to schedule a showing as a part of the application process. This way, you can communicate with the prospective tenant to see if they have a genuine desire for the property. At the showing, you can meet with potential tenants in person.

This will provide you with an additional opportunity to ask pre-screening questions and obtain further information. Finally, you want to see if this person appears trustworthy, mature, and dependable.

Conduct Tenant Screening

Screening tenants is one of the most important steps a landlord can take to protect their rental property. Start by collecting landlord references from previous landlords to verify rental history, including on-time payments and the rent amount they paid. You’ll also want to set a minimum credit score requirement to assess financial reliability.

Personal references and references from previous landlords can provide additional insights into a tenant’s character. When reviewing applications, compare qualifications like income, credit, and rental history to choose the best fit for your property.

Always clarify lease terms, the expected move-in date, and payment requirements such as the security deposit and first month's rent. Don’t overlook the initial impression during the application process—it can reveal a lot about how a tenant might behave as a resident. Proper screening ensures your current tenants remain in a stable, respectful community.

By setting clear screening requirements and using the same application for all prospects, landlords in small towns can better compare financial situations and contact info to make an informed decision when accepting applications and selecting their next renter or new tenant for the desired move date, improving search results overall.

Use Rental Listing Sites

Nearly every age demographic group uses online resources such as rental listing websites to find a rental house.

Landlords who use a rental listing website benefit from dramatically improved marketing exposure. They also save time and money by reaching out to prospective tenants more quickly to fill a vacant home. Many rental listing websites are available with optional features to help you find tenants, such as tenant screening and automated rent collection.

Consider Hiring a Reputable Property Management Company 

MTD Property Management is one of the best management firms in the area. Our extensive services and online interface help landlords and tenants live more relaxing, stress-free lives and maximize returns on their investment properties.

MTD now serves a broader portfolio of Chicagoland properties managed by a team of more than ten seasoned experts.

To learn more about our services, please contact us at inquire@mtdpropertymanagement.com or visit our MTD Property Management website.