If you recently purchased a rental property here in Waco, TX, congratulations are in order! You have taken the first step towards a lucrative investment, that when managed properly, will increase in value for years to come. While there are numerous challenges both new and seasoned landlords face, there is one concern that is at the forefront of every property owner’s mind regardless of their years of experience… Finding the right tenant for your rental home.
While there are no guarantees when selecting a tenant, there are still various ways to minimize your risk and exposure by limiting the chances of renting to a problem tenant. Remember, long-term vacancies, late payments, destroyed property, and evictions can cause your Waco rental home to cost you money each month, defeating the purpose of taking on this investment in the first place. Here are 4 simple and proactive tips to keep in mind:
Know the Law
The Texas Fair Housing Act and the U.S. Fair Housing Act make it illegal to discriminate the sale, rent, and/or financing of any dwelling, based on race, color, national origin, religion, sex, physical or mental disability, or familital status. The only exception is within housing developments that are for individuals that are 55 and over (where age and familial status can be taken into consideration).
Advertise and Market Strategically
There are numerous ways to advertise your Waco rental property, such as creating an online listing, placing an ad in the newspaper, using social media, or designing a poster for a university common room or community lunch spot. The key is to be detailed in your description of the property, targeting your audience and marketing where it matters most (for example, families may use the local library, whereas college students may gather at the local cafe).
Conduct a Thorough Background Check
A tenant background check can include a criminal background check, a credit report check, a list of eviction history, and even an employment check. Landlords can choose to run one or all of these screenings, but they will need a signed consent from the tenant in order to proceed. Failure to conduct any check can prove detrimental.
Avoid Renting to Family or Friends
Though it may seem ideal to rent to family or friends, more times than not it proves to be less than spectacular. It is important that you are able to separate business and pleasure so that if payments aren’t made, or the property is in disarray, you can move forward with the appropriate course of action without having to navigate unnecessary drama or hardship.
As a locally owned and operated Property Management company here in Waco, TX, tenant screening and selection is just one of the many comprehensive services we offer. With over 30 years of experience, and an ever-growing, fully-satisfied landlord base, our focus is maximizing the return on your investment. Contact us today to learn more: 254-651-0576. We look forward to hearing from you!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
