How to Find Tenants for Rental Property
One thing that most real-estate investors forget while involved with rental property is figuring out the quickest and best ways to find a tenant. It cost investors money when property sits without ten...
One thing that most real-estate investors forget while involved with rental property is figuring out the quickest and best ways to find a tenant. It cost investors money when property sits without tenants. Understanding different strategies to find tenants is very important. Finding tenants is work, and if an investor does not treat it like a job they will lose money. Implicating all the strategies below will definitely help landlords find tenants.
1. Internet: Posting property on the internet is a good way to get exposure for your rental property. There are a lot of common websites that an investor can advertise property for FREE. There are some services that charge a fee, but free websites like Craig’s list, Kijji, and Backpage work just as well. Investors usually make the mistake of posting the listing only once and never renewing it. Renew your ad every three days to bring it back to the top of the list. Always include pictures; this will lure your potential renters in. With the listing include pictures of the kitchen, bathroom, living room, bedroom, and an overall shot of the property outside. List all amenities, and requirement s for application.
2. Sign in Yard: All Investors want the world to know when they have property for rent, and one of the best ways to do this is with a [For Rent] sign in the yard. Most renters will drive around the area they’re interested in. This is a good way to let renters know your house is on the rental market. Neighbors will also know friends and family that may be looking for rentals in the same area. The more people that know about your available rental property, the more of a chance someone will refer a potential tenant.
3. Word-of-mouth: This is also a great method to get property rented. Be sure to let every person you meet know that you have a property for rent. If that individual is not interested ask if they may know someone who is interested. A referral fee can even be offered to make the deal worthwhile. I found a tenant through word of mouth three years ago, and she’s still there!
4. Real-estate agent: There is good and bad that comes with this method. A real-estate agent can give you great exposure. There is a section on MLS that is dedicated only for rental property. Having rental property in this listing can get your property rented quickly, but it can be expensive. Usually an agent will charge one month’s rent for the service.
5. Newspaper: This method still works, but is quickly becoming ancient history. Most newspapers cost an arm and a leg, mostly because the internet is taking over. The internet is most people’s primary marketing tool, but the more marketing tools executed the quicker your results. Try publishing ads in the smaller papers, the cost is a lot lower.
Consistency is important. Map out a marketing budget for each month and stick with it. It normally takes one to three months to rent a property. Be aware that finding a tenant may take longer. If your property has not rented in three months then something is wrong. Consider dropping your rent amount; sometimes investors charge too much for rent in a particular area, therefore being the reason a property does not rent.
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