Support

The Think Tanck: Being a Landlord — Part Two


This weekly column is written and sponsored by D.C. real estate agent and Kalorama resident Jeffrey Tanck. He can be reached at [email protected].

Now that you’re properly licensed and insured, its time to find a great tenant for your rental. Your mantra here should be, “You never get a second chance to make a first impression.”

Just like dating, most renters encounter their future home online — and you have about two seconds to compel your prospect to swipe right, so to speak. Like your Tinder profile, the listing for your rental should shine.

Invest in professional photography. Camera phone photos won’t cut it.

Have a floor plan made of your space and post it online and list the approximate square footage based on the measurements. The more information you can provide to potential tenants, the more invested they will be when they contact you to set up a tour.

Your listing should clearly articulate the amount of the rent, the security deposit, minimum lease term, your pet policy, which utilities are included and which ones are the responsibility of the tenant and what fees are involved with the application and move in.

There are many great places to find tenants: Craigslist, community listservs, housing offices of universities, human resource departments and online listing sites like Trulia, Zillow and Pad Mapper. These same sites are also great places to research what comparable properties are getting for rent.

When pricing your property, what you pay per month to carry it is irrelevant. Of course you would like to cover your costs and make money — but the market sets the price and you might not be able to cover all of your costs at this point.

Set a price for your rental that is in-line with available properties in the same general condition and location as your own.

When it comes to showing your property to potential tenants, consistency is key. You need to treat every prospect the same. Offering different terms, conditions or deal structures to different prospects could violate fair housing laws. DC has 19 protected classes and you need to be familiar with them.

Having an open house is a great way to show the property to the most number of people in the shortest amount of time. It can also help create a sense of urgency among the potential tenants if the open house is well attended. You can also schedule individual appointments as needed.

Once you have an interested prospect, you need to vet them.

Again, consistency is key. Each applicant needs to be treated the same: Same application, same fees, same everything. To ensure compliance with Fair Housing laws, you must use the same criteria for vetting all applications.

Having a comprehensive application is important, as it is the document that contains the information needed to begin making a decision. The lawyer that you retained (remember them?) might offer an application and screening service. If you prefer the DIY route, there are several forms available online.

In addition to the application, you should have the tenants screened for credit history, past evictions and criminal convictions. Several credit reporting agencies as well as online services offer this product.

Be sure to call references and verify that the information provided on the application matches the details on the screening report. You’re establishing an important financial relationship with a stranger: you need to do your homework.

Once you have decided on your tenant, you’ll need a great lease.

Again, your lawyer might have a lease you can use. There are also many generic forms online — but make sure that whatever lease you use is in compliance with the laws of the jurisdiction where your property is located.

If your property is in a condominium or cooperative building, there might be a lease supplement or addendum that is required. Check with the building’s manager for this. You’ll also need to provide a copy of the building’s house rules to your tenant.

The building manager will also generally require a copy of the fully executed lease before your tenants move in. In a cooperative apartment, your tenant might be required to sit for an interview with the Admissions Committee.

Phew, we’re almost there — but this is bleeding into Part 3! In the final installment, we’re going to cover managing your property and touch on the recently revised Tenant Opportunity to Purchase Act (TOPA), which was just updated for the first time in decades.

Recent Stories

photo by angela n. You can talk about whatever is on your mind – quality of life issues, a beautiful tree you spotted, scuttlebutt, or any random questions/thoughts you may…

From an email: “We have an upcoming free yoga weekend event happening at Reunion 4/6-4/7: Join Reunion Hot Yoga in Park View, DC for a free weekend of yoga Saturday…

Sweet City Ride

Thanks to Mandi for sending: “1930 Oldsmobile? That’s just the best guess of someone who knows nothing about cars but faithfully attended the Iola Car Show with her dad every…

Photo by Julian Ortiz Ed. Note: If this was you, please email [email protected] so I can put you in touch with OP. “Dear PoPville, Man in Ovi jersey headed towards…

Calling all bookworms, thrill-seekers, supporters of the arts, and ping-pongers at all skill levels! Sign up for Paddlestar Galactica, the ping-pong tournament supporting 826DC’s youth writing programs.

826DC is a local nonprofit that offers free writing programs, homework help, and publishing opportunities for DC students ages 6-18, in our Columbia Heights writing center and in learning spaces across the city.

Paddlestar Galactica helps keep writing education 100% free and accessible for all of our students! It’s also extremely fun.

This year’s games will be Saturday, April 27th, 1 PM to 4 PM at SPIN DC. It’ll be a chaotic afternoon of ping-pong, costumes, terrible Battlestar Galactica puns, and good cheer. We’d love to have you join us!

Read More

Submit your own Announcement here.

Well-Paid Maids, the only certified living-wage cleaning service in the DMV, has added a new service to its online booking menu: office and building cleanings.

This includes offices, building lobbies, shared amenity spaces and more throughout D.C., Arlington, Alexandria and more.

Unlike so many other cleaning services, you can feel good booking Well-Paid Maids to clean your office or building. Cleaners get paid a starting wage of $24 an hour. Plus, all employees are offered health, dental, vision and life insurance; 24 paid days off per year; 100% employer-paid commuting costs; and more.

Read More

Submit your own Announcement here.

Vakili Band at Pie Shop!

Three band rock n rolll lineup at DC’s Pie Shop! Vakili Band with “if you know, you know” DC rockers, Lot 18, and the many minds and songs of artist Kind of Christine.

“If you love Vakili Band like we

×

Subscribe to our mailing list