Tips on renting out a condo

[Anonymous]

We're renting out our 2 bedroom/2 bathroom condo and moving to a SFH at the end of May.

Any tips for finding quality tenants? Where are the best places to advertise?

We'd like to host an open house in the beginning of May, and plan on having interested tenants will fill out an application. We'll screen each candidate's credit history and will also check references.

Thanks for any tips/recommendations you can provide!

[Anonymous]

Where do you live? Check with your county regulations. For example, in Mont County you need to register your place through their licensing board - basically just sending a check. Bone up on renter/landlord rights.
I've advertised on Craigslist. I like meeting each candidate in person so I can get a feel for them versus an open house. Plus it would be a pain to run all those credit checks.
When I get their name I usually run it first through the Maryland Court Records (it's free) and you would be surprised by what you find.
Also, I don't respond to anyone of craigslist who doesn't write me in full sentences or only says stuff like, "Is it still available?"

[Anonymous]

I advertised on Craigslist.I also like to meet potential renters in person.I went with my feeling/intuition the 2 times I rented.
Both times my renters needed to establish their credits, and I gave them the chance.They haven't disappointed me yet.

[Anonymous]

I'm not sure how good the rental market is this year. I haven't had any luck with my condo this spring, which is totally atypical.

[Anonymous]

My church has a message board. I've been renting that way for eight years.

[Anonymous]

OP, are you going to get a management company or do it yourselves? If you go with a management company, the one we used - Nomadic Real Estate - was tied in to the State Dept. and Embassy circuit. We had four rentors in a row from various embassies. All stayed for several years each. Definitely worth their fee.

[Anonymous]

Hi, OP here - thanks for all the recommendations. We're planning to meet all potential renters, and are just doing the open house so we can show the condo to most people on the same day. (We have a toddler who we'll plan on being out of the house with Grandma that day, so it seemed easiest).

The condo is in the 22046 zip code of Falls Church, the McLean HS school district.

We also thought a military family might be a good option for us. Anyone ever advertised thru one of their sites? I like the last poster's suggestion re: the State Dept. and Embassy employees, but I'd imagine most of them would want to live in DC or Arlington, yes?

Thanks!

[Anonymous]

Craigslist is good. If your condo is priced right, you'll get a good renter ASAP.

[Anonymous]

Just use Craiglist. The embassy and military people are aware of it and look there also.

There are tenant screenign services that will do a credit report for $20-30.

Remmber you can't quite "pick" your tenant based on factors other than financial ability to pay. Fair housing laws.

[Anonymous]

We've been renting our condo out for a couple of years now. We actually prefer to meet potential renters one-on-one so that we get a feel for them. We always advertise first by asking friends and family if they know someone who needs a place, then through university alumni housing boards.

We have the applicants run the credit history for us (everyone gets a free annual credit report) and have them supply a recent pay stub or offer letter. We also verify past rental references and employment, so we get a signed statement from the renter that allows their employer or past landlord to talk to us.

[Anonymous]

If you want to target the military population, try militarybyowner.com

[Anonymous]

Do you have to pay to list on military by owner? Not OP, but we have a condo to rent in Bethesda that I think could be attractive to the Naval Medical Center people.

[Anonymous]

Do individual appts. I have been renting out a condo for years. The one time I had several prospective renters come at once, it was a mess. they begin to point out problems to each other and annoy each other...it's much better to speak to each tenant individually. It's your main chance to get a sense of them. I do a credit check only on my selected applicant, and only on occasion. It's not that useful.

[Anonymous]

Separate appointments. Rent on "gut" and not what the credit score tells you. Hire an attorney to draw up a lease for you. Best $ I ever spent. Included strict provisions for selling while tenant was living there, and use of condo for smoking, cooking with aromatics, etc.

[Anonymous]

Anonymous wrote:If you want to target the military population, try militarybyowner.com

+1 and do Craigslist - I was suprised by how many qualified tenants I got on there.

I also signed up for the "Landlord Protection Agency" on the advice of another poster here. Cheesy, but I spent some time reading the forums and I think it contributed to me getting a good tenant. On the advice of an agent friend, I only accepted credit scores of 700 or higher. People said I was crazy that renters wouldn't have those, and many didn't, but I found one that did and all I do is collect a check. No drama so far and its been 2 years.

I also recommend pre-qualifying or prescreening tenants on the phone. Let them know before you set up an appointment you are doing a brief prescreening.

1. How much is your HHI?
2. How is your credit?
3. Do you smoke?
4. Pets?

Depending on the answer to these questions, you may not even want to show them the place. If you elect to use stringent criteria, you will have to say no to A LOT of people - I probably talked to 70 people on the phone and only showed the place to 2 and only took 2 applications. More work up front but less work down the road.