Whether you’re a newcomer to the short-term rental market, or are a seasoned property manager for corporate travel, chances are you’ve heard the horror stories. Costly evictions, destroyed property, travel nurses from hell…the list goes on and on.
Sure, these stories receive the most attention, but the truth is that millions of private landlords rent out millions of houses daily. The trick to renting out your property? Finding reliable tenants.
Unfortunately, finding the best temporary tenants can be a difficult process, especially in the short-term market. While there’s no official protocol for landlords to follow, there are secrets that only the pros know. To help reduce stress and save sanity, consider the following tips on how to rent your property.
The Advertising Process
In the past, attracting tenants to rent your property generally meant posting a newspaper ad or sticking a “For Rent” side in your front yard. And waiting. While these methods may attract the attention of some renters in certain areas—heavily populated cities, for example—how are you supposed to reach remote professionals?
The advent of sites like Craiglist.org and other digital service providers have simplified and expanded the pre-rental process for many landlords, and enabled them to reach a wide variety of audiences.
But things have evolved.
Today, dedicated, solutions-based companies put in the legwork for landlords. These companies work tirelessly to match landlords with pre-vetted renters. Some even go the extra mile and work to showcase your property with customized online listings.
The Screening Process
Traditionally, placing ads was only the first part of the rental equation. The next step involved pre-screening tenants, in attempts to qualify the tenant before taking the next proverbial steps. Landlords generally established their own criteria—credit history, gross monthly income requirements, good references—in hopes of accurately judging tenants.
Ideally, this process was intended to sort out the bad apples. But it wasn’t foolproof.
By trusting corporate housing experts, landlords are provided with peace of mind. These companies provide landlords with references and the necessary information to ensure that tenants are pre-vetted. Many corporate housing providers even require employers to run background checks so their employees—your occupants—are pre-screened before they rent.
The best even allow landlords to submit their preferred background check forms, so that all their requirements are met.
The Rental Process
As a private landlord, one of your primary concerns is receiving rent on time. It’s the bread and butter of your business. So rather than track down an individual renter, why not rely on a dedicated team to do it for you?
When listing your property with short-term housing providers, your occupant’s employers become your clients. This not only increases accountability for your renters, it ensures that rent is paid on time, every time. Rather than relying on traveling professionals to pay their bills, you’ll be dealing directly with a dedicated team of experts. Plus, professionals are often insured through third-party service providers, so that nothing comes out of your pocket, should something happen to your property.
Travelers Haven’s Partner Network reduces vacancy and increases visibility. For more information, click below.
