Any property you acquire should be a valuable asset. Owning a rental property can be a lucrative source of income. Imagine, monthly earnings from your tenants. That would be a big help, right?
However, rental properties require factors to be implemented to make it successful. One of the most important things to consider is finding great tenants. They should not bring ‘headaches’ to you or your business.
So, here are some tips on how you can find great tenants for your property:
- Great tenants deserve a great property. Whenever you’re going to show your home or property for possible tenants inquiring, make sure your property is of great quality, well-ventilated, clean and comfortable. In short, the property must be in good condition.
- Screen your tenants. This must be a required one. Of course, you may want to be sure that people who are occupying your property are trustworthy and of ideal credibility. There’s nothing wrong with inquiring about their credit reports. You can also ask their previous landlords for rental references. Verify they can afford the monthly payments by checking their current job and salary.
- Deposit and advance payment must be collected. This must be a requirement. Many homeowners have experienced problems from their tenants and were left hanging. When there is no agreement signed, you may have a hard time getting the exact amount of rent from your tenants.
- Learn how to advertise. Online advertisements today are great ways of posting your properties for rent. From traditional method of printing and posting fliers, technology today has opened better and more modern ways of promoting your property. Many websites where you can post your ads are free. Just make sure that you’ll add an enticing description to make it more interesting to the public. A few examples are Craigslist, Rentals.com and RentMarketer.com.
- Hire a tenant placement service. Well, if you’re too busy and find it too hard to advertise your property, you can hire a tenant placement agency. They can take care of everything for you. Remember, you only pay them after a tenant has been confirmed.
Background checks and signed agreements will be the most effective ways to find great tenants for your property.