Best Way To Find Quality Tenants

With so many new buildings popping up daily, the competition in the real estate industry has grown immensely. Whether you have recently completed a construction project successfully or your current renters would like to terminate their lease contract, sourcing for tenants is your top-most priority. Though it sounds like a natural process, it is often overwhelming for landlords to find quality tenants. The longer the property is vacant, the more income the landlord loses. However, there is much more involved than just Tenant Screening and lease signing. Below are a few tips to assist you in maximizing your results.

1. Advertise your property

This is one of the initial steps in the rental process. Come up with a descriptive listing that is sure to attract prospects. Ensure it is well-written with excellent photos that highlight the property’s strengths. Ornamental amenities like a heated pool, a walk-in closet, or a hanging garden are sure to lure more applicants. You can use ‘For Rent’ signs and newspaper classifieds to advertise or adopt new-age strategies like social media and websites. Not forgetting the essential word-of-mouth. Your existing tenants, perhaps, could be a good source for referrals.

Is the property up-to-date?Before you put your unit up for rent, make sure you upgrade all appliances. Especially the kitchen. Shiny stuff is attractive, and no one wants to live in a house built for the 1950s. Make a point to renovate. Replace worn out carpets and moldy wallpaper. A little upgrade goes a long way. Plus, the photos for your listing will look amazing.

2. Set a reasonable asking price

The price you ask for may draw in more prospects or send them running away. It should be affordable for potential tenants and favorable to you. Moreover, consider offering an incentive to keep people interested. For instance, you can give a discount if a client moves in by a set date or a free month’s use of a utility like gas.

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Ensure you check each potential client’s credit score to help you assess their ability to pay rent on time. There are numerous firms and credit bureaus that can assist you in accessing a prospective’sTenant Credit Report.

3. To hire or not to hire an agent?

Hiring a real estate agent will free you from several tasks, such as advertising and marketing. Moreover, they are more adept at the legal jargon associated with real estate. They are familiar with the legal framework surrounding housing laws and civil rights acts. Additionally, a realtor has professional experience and access to numerous resources to help source for tenants. For instance, they can formulate a valid lease agreement as they are interconnected with real estate attorneys. Hiring a good real estate agent ensures you conform to both federal and state laws.

4. Do background checks

If you forego the realtor, make sure you carefully vet each application. This will help you ascertain if they will be good and reliable tenants. Pick from a countless list of companies offering tenant screening services to verify applicants’ employment history, credit score, eviction notices, and, most importantly, their criminal records.

Take Away

As a property owner, you would like to protect your investment. Avoid damaging the profit potential of your rental unit by letting it sit vacant for a long time. Employ professional help from realtors and utilize online resources like MLS (Multiple Listing Site) to get high-quality tenants. Do not settle for less. A lousy tenant may end up costing you and your property big time in the future.