How to Find a New Tenant for Your Property Part 1
If you have recently purchased a rental property, congrats!!! You are now on a path to greater wealth and financial freedom. Now lets get you some qualified tenants to help you start generating income. At first this seems like a daunting task, but I assure you it is not difficult by any means.
Hopefully you have estimated your target rent desired, so now lets verify your target by looking at your rental market area. You can do this by looking up the asking rent prices for similar sized places with the same bedroom and bath configuration.
Here are some sites to assist you.
https://www.facebook.com/marketplace/
Pro tip: If you happen to have a friend in real estate, like an agent, ask them to reassure your target price. One of the keys in real estate is using professionals and operating systems to make your life easier.
Once you have determined a market number you can always tweak it up or down (as long as you still meet your required cashflow) to affect:
# of tenants’ rental demand for the property
Quality of tenants
Time it will take you to get someone in your property
Next post your property online and stick a For Rent sign in your yard and or window for maximum exposure to car and foot traffic.
www.facebook.com/marketplace
The number of pics you post are probably the number one factor to have the most listing views, but that only grabs their attention. Quality pictures keep their attention. On your ad, post specific and vital information to not waste your time talking to unqualified people or renters who do not fit your standard. Ensure to post at a minimum
· Requested rent price
· Deposit amount
· Pets yes or no
· Required credit/eviction check/criminal background checks
If your property is in a high demand area market area or a cheap area, you will be busy responding to calls and emails. Grab a notebook and keep people’s info/story to have an idea who is who. We like to use the open house approach as it is one of the most efficient ways, we have found to get a place rented. Post the times in your ads and print out multiple application forms to handout as the people arrive. If you expect a lot of traffic you can even, ask for a $10-$50 application fee that will pay for your time and screen out people who are not serious.
Next is the screening-