You just closed the deal on your rental property, meaning now it’s time to find the perfect tenants. We know how much work you put into picking the perfect rental, so the last thing you want is to watch it sit empty. The good news is: you don’t have to! With a few simple tips and tricks, you’ll have renters moving in before you know it.
Read on to learn how to find tenants for your rental property.
Use Your Resources
When it comes to finding the ideal tenant, knowing how to market your property is half the battle. It’s 2020, meaning hanging a few flyers around town isn’t going to cut it (although it can’t hurt). If you want to have your pick in terms of who you’re going to rent to, you need to cast a wide net. Take a look at some marketing resources you need to take advantage of:
- Social Media – Most cities have Facebook groups where you can list your rental. Colleges and certain professions (like flight attendants or traveling nurses) often have groups like this as well.
- Housing Websites – There are several reputable rental websites that can advertise your rental. Plus, many also act as a resource for potential tenants who need a roommate.
- Friends and Family – Sometimes word of mouth is the best way to let people in your community know you need a tenant. As an added bonus, tenants you find through this method already have built-in references. Score!
Do Your Homework
The last thing you want is to rent your property to someone who isn’t going to pay rent on time or who is going to start a feud with your neighbors. To prevent this nightmare scenario from occurring, you need to do a little digging on anyone who wants to rent from you.
We suggest running a criminal and eviction background check, requiring a minimum credit score, and asking for references. Taking these measures will drastically reduce the odds of having someone shady move in.
Run the Numbers
As a landlord, vacancies are the enemy. Allowing your rental to sit empty even for a few months is going to cost you a pretty penny. To reduce the time your property isn’t bringing in income (which is why you became a landlord in the first place), you need to charge appropriate rent prices.
If you’re asking too much, your rental will likely stay unoccupied. If you ask too little, you might not make enough to cover your mortgage or other related expenses. Exploring the listing price of similar properties in your area is a good way to start finding that magic number.
Hire the Pros
The good news is: you don’t have to find tenants on your own. In fact, there’s an entire industry dedicated to helping landlords like you. Hiring a management company will not only help you find tenants, but they can also handle things like:
- Collecting rent
- Responding to emergencies
- Tackling maintenance issues
- Handling tenant complaints
- Pursuing evictions
Although management companies are another expense to add to the (seemingly never-ending) list, many are more affordable than you think. Plus, time is money, and you don’t want to waste your precious time driving across town every time your tenant needs a lightbulb changed.
You’re Ready to Start Renting
Not only is your property amazing, but you have all the qualities of a reliable landlord. Who wouldn’t want to be your tenant? Now that you have all the information you need to find the perfect renters, it’s time to put your property on the market. We can’t wait for you to hand over the key!