With more people renting these days, it is essential that landlords feel confident in the tools and resources they have to work with for scanning renters and for assessing the financial histories of possible tenants. Without the right methods in place, there is a greater risk associated with rental arrangements, which may mean landlords lose out on money and the possibility of loyal tenants. Here are five helpful landlord resources to help you safeguard your rental agreements this year.
1. Free Screening Tools
Many online resources allow landlords to run free background checks on potential renter candidates. Using these tools, landlords get a clearer idea of a renter’s financial history and what their tenant’s history was in the past. Analyzing the reports generated from these resources makes it easier for landlords to avoid awkward conversations like disputing credit reports of potential tenants, and helps landlords make informed decisions about who they choose to rent to. You can also utilize tools like a free eviction check to get more information on rental history.
2. Online Contract Makers
For landlords who take extra precautions to ensure that all parties understand the terms that apply to their lease agreements, creating an online contract for tenants to sign can significantly help. You can create professional contract templates or download preexisting ones to format your lease agreements. You can also search for potential clauses to include in your lease or rental agreement. Browse online for templates or look at preexisting documents that you can download. Some of these are free to download; others, you subscribe to access the documents.
3. Ad Marketing Services
Suppose you want your rental properties to be advertised to a particular income level or area. In that case, you can hire marketing services to handle these detailed aspects of advertisements. Marketing agencies understand how to target audiences and craft ads so that they are received by those that match the profiles you’ve specified.
Your marketing agent might offer suggestions for maximizing your outreach such as posting photos of your renovated space to gain added interest in your properties; this way, you have more tenants to choose from.
4. Vacation Rental Websites
Vacation rental websites are a practical resource for landlords bringing in extra money throughout the year. There, you can post your rental listings and find short-term renters willing to rent out your units as vacation rentals or short-term stays. Short-term stays have become wildly popular in the last five years, making it an excellent method for earning more in 2022.
You can also find short-term stay websites outside of vacation rentals if you feel your rental business can establish a better brand identity in markets that are indented for traveling professionals or those needing a temporary stay, but not for the purposes of an extended vacation.
5. General Renting Websites
Utilize popular rental websites to list your properties. Using these third-party websites, you can address much of the preliminary process for yourself and speak only with renters that are a possible fit for your properties.
You can even set it up so they apply through these major websites so that you can review applications on your own time. This way, much of the stress and responsibility is taken care of for you, so you can focus on reviewing information and picking the best applicants out of the applications you’ve reviewed.
The Bottom Line
In 2022, resources are available to help renters maximize their earning potential. From online templates to third-party resources that do much of the work for you, there is a lot of help for landlords looking to find new tenants. Consider the five suggestions above as you work to improve your earnings as a landlord this year.