With over 48 million individual rental units in the United States according to the latest Census data, there are plenty of properties for prospective tenants to choose from. If you want to scoop up some of the highest-quality tenants in Oklahoma City, you'll need to get the tenant placement process right.
There's an art to finding the right tenants for your property and making the wrong decision can lead to a lot of headaches later on. When you have a vacancy, you need to vet your tenants thoroughly and do your best to find high-quality tenants.
Here are the best property management strategies and practices for successful tenant placement in Oklahoma City.
1. Advertise Your Property
Finding great tenants in Oklahoma City starts with a good advertising plan. Make sure that you're advertising your rental.
Consider advertising in a local newspaper, on social media, through pay-per-click (PPC) ads, or with other advertising methods. This will help ensure a large pool of people apply for your rental.
2. Screen Your Tenants
Once potential tenants start applying to rent your property, start screening them. Having them fill out an application form can help you get an impression of a prospective tenant.
Also, make sure that you request background checks, credit checks, and income verification on prospective tenants to look for red flags. This will help ensure you can get a full picture of their financial health and ability to pay rent on time.
3. Don't Skimp on the Interviews
Next, it's a good idea to conduct in-person interviews to get a better feel for the person and where they're coming from. You'll be able to ask questions face-to-face and learn more about their rental history and their character.
While an interview shouldn't be the only thing you should consider, it can be a big help in choosing the right tenant.
4. Focus on the Long-Term
When choosing tenants, focus on the long-term rather than just the short-term. Take the extra time to find great tenants in the first place so that you can avoid difficulties and frustrations later.
Do your best to choose a quality tenant in the first place and to maintain good relations with them. Doing so will allow you to foster tenant loyalty and make it more likely that people will decide to sign another lease with you.
5. Create a Great Lease Agreement
When placing tenants in a property in Oklahoma City, make sure that you're clear on lease terms. Get a lawyer to help you draft a lease agreement to ensure that you and your tenant are on the same page.
Be sure to create a rental agreement that you're fully satisfied with. Ensure that it will protect you and help you and your tenant maintain good relations.
Mastering Tenant Placement
If you want to master tenant placement, have a clear process in place. Be sure to advertise your property and screen your tenants carefully to ensure they'll be a great fit.
If you're leasing a property in Oklahoma City, consider hiring expert property managers to help. PMI OKCity Local is part of a nationwide chain that leads the property management industry but is family-owned and operated.
Need help managing your investment property? Contact us today to learn more about what we can do for you.
