The Dallas-Fort Worth rental market is booming. That is good for property owners, but it also means greater competition.

Vacancies equal loss of income for your business. Any property owner's goal is to attract high-quality tenants who will pay rent on time and abide by stipulations in the lease agreement.

That is easier said than done. However, there are some tried-and-tested strategies for identifying quality applicants and ensuring they stay longer.

This article covers the best tenant placement practices you can put into place to keep your properties rented with great occupants. Keep reading to learn more.

What Does the Tenant Placement Process Entail?

There are several steps in the tenant placement process. Advertising and marketing are the first major ones. Like with a job application, the wider the pool of good candidates you can attract, the better chance you have of finding one that is the right fit.

The next step is to review rental applications and narrow them down. You will need to run credit and criminal background checks on potential tenants. This involves hiring a third-party agency to ensure that no red flags are missed.

Most tenant placement processes involve checking references as well, to get a sense of the person's character and reliability. You might speak to past landlords, to see if they paid rent on time and took care of the property.

The final phase involves drafting and signing a lease. Both the property owner and applicant can review and negotiate terms. This includes rent, deposits, and other stipulations of the lease (such as whether pets are allowed).

Advantages of Outsourcing Tenant Placement Services

As you can tell from the processes described above, tenant placement can be quite arduous. One of the biggest reasons to outsource is to free up time that you can devote to other aspects of the business.

Also, a professional placement agency will be more effective and efficient at executing every phase. They will have the expertise, experience, and tools to market the property and screen applicants. This expedites filling vacancies and minimizes the amount of time your property stays unrented.

This can help increase your income, but there are other ways that it can save you money as well. Bundling services like marketing, background checks, and lease preparation will be much more economical with a rental property management company than if you were hiring independent agencies to handle each one.

Finally, outsourcing tenant placement ensures that you are abiding by existing laws. It will give you the peace of mind that the applicant's legal rights are preserved throughout the entire process. This shields you from the threat of a potential lawsuit based on even an honest misstep by an inexperienced landlord.

Find Tenant Placement Services Near You

Now that you understand the importance of tenant placement and how it can enhance your real estate business, you are ready to get started. A qualified property manager can further advise you on tactics to attract and place a satisfied tenant.

Since its founding in 2008, Evernest has grown to manage over 16,000 properties for more than 6,000 property owners in the Dallas-Fort Worth area. We offer a variety of services, including marketing, tenant placement, rent collection, maintenance, and more. Reach out to us today to schedule a free consultation.