Being in the real estate market as an investor requires different skills and resources to ensure that your investment will pay off in the long term. While your rental house or apartment may be all set and ready to receive tenants, it can be challenging to find good tenants who will pay rent on time, take care of your property and cooperate with you if needed. Even worse, many landlords end up in problematic relationships with their tenants trying to fill out vacancies due to improper screening processes. Before placing your property for renting, here are some smart and simple ways you can find a tenant right away whenever you have a vacancy on the horizon.
Advertise Your Rental Property
Whether your current tenants have given their notice or you’re planning to place your property for rent, you need to assess how you will advertise your property to prospective renters in the area. If you already have the information about your specific rental market, create a rental advertisement to share in online listings with the essential information. You should include high-quality images of the rental property, the number of bedrooms and bathrooms, the date of availability, and the rent price alongside your contact information. Make sure Ensure Start the listing with a unique property description that stands out and catches the reader’s attention.
Publish Your Rental Ad Everywhere
Nowadays, you can choose different ways to manage your properties and find tenants. However, each method comes with its advantages and drawbacks that you need to evaluate accordingly before deciding how to move forward. For those who live in Arizona, Mesa property managers recommend combining several methods to gather more traction. For instance, publish your rental ad on social media and use property management tools to keep track of all contacts and day-to-day tasks or meetings. However, sometimes it’s best to spend an additional fee to guarantee an upstanding service and take some worries off your shoulder when dealing with prospective tenants.
Keep A Waiting List
At any point during your incursion as a real estate investor, some people may approach you to learn more about your properties, only to be left disappointed because you didn’t have anything available for them at the moment. When that happens, never forget to ask if they can leave their phone number or email for future reference if you have any vacancy in the short term. Have this waiting list at hand the moment you’re certain your house or apartment will be open for renting again and contact everyone there to let them know. Even if these contacts don’t end up prospering into a new lease contract, it’s an effective way to spread the word around about your property.
During the screening process, you must be aware of your obligations to potential renters. While you can base your final decision on who to rent your property based on some personal criteria, you cannot illegally discriminate against someone based on the Fair Housing Act. Regardless of whether they end up not being the right fit for you or drop the application process, you must have a basic understanding of this law and what it entails for you as a real estate investor.
Host A Rental Open House
Answering prospective renters’ inquiries and organizing home tours after general screenings can be an excellent way to find tenants right away. You can either schedule individual showings or set a date for an open house to meet these potential tenants. You should show them your property’s selling points and have a clear idea of what is your criteria for the screening process and possible negotiations for things like move-in dates or pets. This is the perfect opportunity to have some first impressions on the people interested in your property and ask some broad questions about their background, so always be upfront about the screening requirements and policies, and be prepared to properly answer questions from them.
Always make sure to be throughout with your screening. However, even if a prospective tenant can look impeccable on paper, you should also listen to your gut when searching for the perfect renter. Signing the lease with the first person that walks through the door may cost you a lot down the line if you’re not careful. Being clear and assertive on your policies and requirements, alongside showing a willingness in negotiating certain terms, are vital skills you’ll need as a successful real estate investor if you want to build an amicable long-term relationship with your future renters.