If you’re a landlord with one or more rental properties, you know how important it is to find great tenants. If your tenants don’t pay their rent on time, don’t take care of your property, and don’t treat your neighbors well, you’ll probably think about selling the place as soon as possible because it’s just not worth the headache. So, if you’re searching for great tenants, you need to understand how your actions can affect them. If you offer a great rental space and welcoming neighbors, they’ll be eager to sign a lease with you. In this guide, you’ll find several tips and strategies for finding the best tenants.
1: Know Your Market
You can’t expect to find great tenants if you don’t know what your options are. Conducting some research is the first step towards finding good tenants who will pay their rent on time and take care of your property. How much is a typical rental space in the area going for? What kinds of terms do landlords typically set out in their lease agreements? Understanding your market is just as important as understanding your potential tenants. Make sure you know what the rental rates are, what the best terms are, and how much they will affect your bottom line.
2: Tell Everyone You Know
If you’ve ever tried to sell something on Craigslist or a similar website, you understand how difficult it can be to get the word out about your listing. With this in mind, it’s wise to tell everyone you know about your property and let them spread the word. Your friends, family members, and coworkers are some of your greatest assets because they can help you market your ad to a wider audience.
3: Advertise Online
It’s important to let everyone know about your rental space, but you should also make it easy for people to find your profile online. There are plenty of websites that allow landlords and tenants to connect with each other. Unless you’re an experienced landlord or have a lot of time on your hands, don’t waste your time with Craigslist. Instead, you should check out Facebook groups, forums, and other websites that have a strong focus on real estate transactions. You can even set up a profile on social media sites like Twitter and Instagram to market your rental space in a more digital way.
4: Set The Right Rent Rate
The rent rate you charge for your property is going to be one of the most important factors when it comes to whether or not you have great tenants. If you set the price too high, your tenants will have plenty of options on the market that are significantly cheaper. However, if you drop the price too low, people might assume there’s something wrong with your property. Try setting the rent rate about 10% below the average to attract more potential tenants who will be willing to take a risk on your rental space. You can also use Property Management in Centennial to help you decide this number.