Our company, YMP Real Estate Management, owns several multifamily apartment complexes and over 4,000 units. A question I’m often asked is, what are the best ways to find quality tenants.

Here’s what we do: we pay apartments.com and different websites. Let’s just use Florida as an example. There are 1,000 people moving to Florida every single day, so the demand is there and there are a lot of people looking to rent. We pay a monthly fee to advertise on the different websites, and it’s been very successful for us.

Renting properties can be very lucrative. Here’s more on how you can rent properties you own. 

First, you must inspect and repair the property to ensure that it is in excellent condition. Make sure to deal with any repairs, from leaky faucets to structural issues. A well-maintained property allows for higher rent and attracts better tenants.

You must also do a deep and thorough cleaning of the property and consider staging it. A clean, well-presented property appeals to prospective tenants and can be rented out more quickly.

Before you commit to renting the property, be sure to have a firm understanding of local laws and regulations. This includes landlord-tenant laws. It’s necessary to familiarize yourself with local laws and regulations governing rental properties. These laws cover lease agreements, security deposits, eviction procedures, tenant rights, and property maintenance requirements.

From there, the next step is to make sure you have all the necessary licenses and permits required to rent out property in your area.

It is critically important to set the right rent price, and to do so you need to engage in the proper market research. To do that, analyze similar rental properties in your area to determine a competitive rent price. The danger of overpricing is that you can deter potential tenants, while underpricing can result in financial loss. While you’re doing this, you should also consider and factor in all expenses, including mortgage payments, property taxes, insurance, maintenance costs, and potential vacancies. This way, you can ensure that the rent covers your costs and provides a profit.

Now it’s time to market your property. First, create a listing. To do this, you should write a compelling property listing with detailed descriptions and high-quality photos. Highlight key features like location, amenities, and unique selling points.

Next, you may want to consider advertising. Luckily, there are multiple platforms you can use to advertise your property. Online rental sites, social media, local newspapers, and community boards can help you reach a broader audience.

Once you have some potential tenants, it’s time to screen them. This starts with the application process. You should develop a thorough rental application that collects essential information, including employment history, income, and references.

It’s always a good idea to conduct background and credit checks. This is the best way to ensure the prospective tenant has a reliable financial and rental history.

You might even want to conduct interviews with the potential tenants to assess their reliability and suitability. A face-to-face meeting can provide additional insights into their character.

While you’re doing this, it’s time to draft a solid lease agreement. Make sure that the lease agreement complies with local laws and covers all necessary terms, including lease duration, maintenance responsibilities, rent amount, payment due dates, security deposit, and eviction terms. This agreement needs to be clear and detailed to prevent misunderstandings. Both parties should fully understand their rights and obligations.

Finally, before the tenant moves in, collect a security deposit before the tenant moves in to cover potential damage or unpaid rent. Ensure the amount complies with local laws. Also, be sure to set up a reliable rent collection system. Consider online payment options for convenience and to ensure payments are made on time.