The Ultimate Guide on How to Find Tenants for Your Rental Property

You've recently bought an investment property and you're excited to start renting it out and earn a passive income. But unfortunately, finding quality tenants is a lot easier said than done.

Even if you live in an area that has a high demand for rental properties, you still need to market your house and get the word out that it's for rent. Otherwise, it'll sit vacant and will end up costing you money each passing month instead of providing you some extra income. 

Here's everything you need to know about how to find tenants for your rental property.

Use "For Rent" Signs

It might seem obvious to put up "for rent" signs at your property, but it's something can be overlooked in the age of digital marketing. However, it's important to catch the attention of people walking or driving by your home because you never know who might be looking for a place to live. 

Not only will they see that your house is available to rent, but they will actually be there in-person and can form an opinion on how it looks. They can also drive around and see what else is in the area to give them a better idea of if it's a good fit. Then, they can give the renter's number a call or visit their website to see additional pictures of the interior of the home. 

Advertise on Rental Sites

The number one way to attract tenants is to advertise on rental sites like Zillow or Trulia. This is how tenants look for properties, and if yours isn't listed they will never know it exists. 

The more you include on rental sites, the better. Potential tenants want to have as much info as they can before reaching out to get a viewing. Include quality pictures of the inside and outside, and make sure the photos are free of clutter and personal items. It's best to work with a professional photographer that can really highlight the qualities of your home.

You should also include rent price and what's included in rent (HOA fees, utilities, etc.), pet policies, square footage, floor plans, and what maintenance will be provided, if any.

Post Properties on Social Media

If you have a social media account, consider posting pictures of your properties online. You can post your property to local real estate or rental pages on Facebook and you might find locals interested in renting the property.

You can also post pictures on your own pages to see if any friends or acquaintances are interested, or may know someone that is interested in renting your property.

Advertise on Craigslist

Posting properties on craigslist is one of the easiest ways to attract tenants. It's free and easy-to-use, and people looking for properties often check out craigslist before any other renting sites.

When posting an add on craigslist, be sure to include all of the same information that you'd include on other rental sites. This helps people differentiate your listing from scam posts that often flood craigslist.

Work with a Property Management Company

The best way to find quality tenants is to use a property management company because not only will they do all of the above for you, but they have a ton of experience finding tenants and know how to market properties. 

A property management company will market your property, conduct home viewings with potential tenants, create tenant applications, screen potential tenants, and write the property lease. That is a lot of work for an investor with no experience to try to do, so there's no question that hiring a property management company will save you both time and money in the long run.

How to Find Tenants: Quality Matters

When thinking about how to find tenants for your rental property, it's easy to forget that finding quality tenants is more important than quickly filling a vacancy. Yes, having a vacant property can be costly, but having a bad tenant move in and destroy your property or miss rent payments is a lot worse. By taking the time to attract quality tenants, you will be much better off. 

Here at Professional Real Estate Management and Investment Services Inc, we have all the tools to attract quality tenants to your rental property. We will handle screening tenants, the entire application process, and will deal with collecting deposits and rent every month. We also have an established reputation in the Pinellas County area and generate hundreds of calls from prospective tenants each month.

There's no doubt that managing tenants is one of the most difficult parts of renting out a property, and that's why we'll handle those duties for you. Contact us today to learn more about our property management services and how we can help make your life as an investor much less stressful.

Florida Real Estate Investment: 3 Things You Should Consider Before Investing

Florida is one of the most popular states for people looking to invest in real estate, and for good reason! Florida's housing market and economy are strong and it's a beautiful place to live. But when deciding on a Florida real estate investment property, there are some important things to consider.

If you want to make the most out of your Florida investment property, make sure you consider these three factors.

1. Determine Your Investment Goals

The first and most important thing you need to think about is what your ultimate investment goal is. This will drastically change what type of property you're looking for and which regions you should consider.

Is your goal to buy a Florida property and hold it for the long-term appreciation value so you can sell it for a big profit down the line? Do you want to buy a property with the main goal being to rent it out or use it as an Airbnb property to make profits right away? Are you looking to buy a property that you'll end up living in after retirement? 

These are questions you need to ask yourself before starting your search for a rental property. For example, if you hope to buy a property and rent it out until you retire to Florida, your priority should be looking for a property that you love and want to live in. But if you don't plan on living in the house or unit, you should mainly be focused on the home's value and whether other people will want to live there.

2. Compare the Value of Different Regions

Each region in Florida has something unique to offer, and it's up to you to decide what you value the most. For example, Miami has a unique and vibrant culture unlike anywhere else in the country. People of all ages and backgrounds live there and the city attracts millions of tourists each year making the economy very strong.

The Tampa Bay area is another great region of Florida that you should consider. The city of Tampa is growing in popularity and has a lot to offer when it comes to affordable housing, exquisite restaurants, exciting music venues, and unique neighborhoods.

Just outside the city, you'll find Pinellas County, which includes popular cities like Clearwater and Dunedin. These cities offer beautiful beach homes and houses just a stone's throw from the nearest shore. The residents in the Pinellas County area like to say "we live where you vacation", and it's true! Investing in an area with a ton of tourist activity is always good for the investor.

There are tons of other regions in Florida to consider, so be sure to do your due diligence and take a closer look at what each city has to offer.

3. Compare Individual Property Value

When investing, you're going to have to make some tough decisions while narrowing down your search for the perfect rental property. You might find a property that you really love but it costs a fortune and might not appreciate in value as much as a property that you aren't as interested in.

When looking at individual properties, you need to consider a few different things:

  • Current asking price
  • Property taxes
  • Quality of neighborhood
  • Market trends
  • Surrounding businesses
  • Quality of the property itself

Each of these factors either adds or takes away value from a property. For example, you may find an affordable property in an up-and-coming neighborhood, but it's in need of some serious renovations that'll cost you a fortune. You have to weigh those costs against what you think the value of the home will be in the future. Once you determine that value, you can compare to other properties that have caught your eye and decide which one offers you the most short or long-term value.

Make the Most Out of Your Florida Real Estate Investment

If you're considering a Florida real estate investment property, you're on the right track. Because of Florida's massive economy and strong housing market, you're already setting yourself up for success. But it's important to determine your investment goals and consider what each region of Florida has to offer before making a decision.

Here at Professional Real Estate Management and Investment Services Inc, we strongly believe that Pinellas County has the most to offer real estate investors. With award-winning beaches, top-notch public schools, an always-growing economy, and an influx of new local businesses, Pinellas County is the perfect place to invest in.

If you're ready to invest in your future, we're here to help. Contact us today to learn more about our investment services!

Increase Your Profits: 9 Factors to Consider When Buying a Rental Property

Investing in a rental property can be scary because if you choose to invest in the wrong neighborhood, you could substantially limit your short-term and long-term profits. But with the proper research and knowledge of the area, you can find a great deal on a property that will make you a ton of money going forward.

Taking the extra time and effort to research a property can make a huge difference in your investment, so don't cut corners here.

With that being said, what factors should you consider when buying rental properties? 

Keep reading to find out!

1. Neighborhood

The neighborhood you choose to invest in is the most obvious factor to consider. By looking closely at a neighborhood, you can see what type of tenants you will attract to your rental property. Some neighborhoods are filled with families, some are popular among young professionals, and some are for low-income individuals. 

You should also consider what could lead someone to rent a house in the area. For example, if you invest near a university, the majority of interest will come from college students. This can pose some problems as you may have more vacancies over the summer, and you'll also have more turnover each year.

Your safest bet is to invest in single-family homes in middle-class areas.

2. Job Market

The job market can speak volumes about the local economy and the quality of the rental properties you're looking at. Higher job demand and growing employment opportunities means more professionals looking to move into the area. This bodes well for you as an investor because it means fewer vacancies and allows you to increase rent prices to meet demand.

Also, if you hear about a popular or large business moving into the area, you can bet on a lot of professionals flooding in as well. Jumping on the opportunity to invest in a property near a popular business can pay off big time.

3. Property Taxes

Property taxes are a huge factor to consider because they will really bite into your monthly profits. However, it's important to note that high property taxes doesn't always mean you should avoid that particular property. Some residents with higher property taxes are well worth it and will earn you enough to offset those taxes. But there are also properties that carry a high property tax but don't offer enough value to be worth it in the end.

The best way to consider property taxes is to just look for properties that you like and that meet your requirements, and then see what you'd be paying monthly towards taxes. Then, weight that cost against the value of the property and you can make an educated decision from there.

4. Crime

One of the first things you should look for when researching a property to invest in is the crime rate in the surrounding area. No one wants to live somewhere with a high level of crime, and the people who do rent in those areas probably won't stay long. This can really drop the value of your property and also cause longer vacancies which costs you a ton of money.

Be sure to research crime levels in the local area. However, if you notice a neighborhood that used to have high crime levels is decreasing at a fast pace, it might be worth a look. The area could be on the come up, which means you might get a great deal on a property that's about to shoot up in value.

5. Schools

If you're looking to invest in a family-sized home, schools should be one of the first factors you consider. Families often look for homes that are zoned for high-quality schools, so this factor alone can really increase demand and reduce vacancies.

You can research online for local school grades to learn more about which ones families will be interested in living near.

6. Local Businesses

The local businesses in an area can speak volumes about the quality of the property you're interested in. Do you notice a lot of fast-food restaurants, chain businesses, and low-quality supermarkets? That's never a good sign of an up-and-coming area. 

But if you see a lot of small, unique businesses such as nice coffee shops, high-end restaurants, and organic grocery stored

7. Future Development

If the area you're looking at has a lot of construction going on, or there are new properties being zoned in the area, it can be both a good and bad thing for your investment. On one hand, it shows that there is a lot of growth in the area which means more people will be flooding in. Also, if new businesses are being built, that's always a good sign for investors in the area.

On the other hand, if new homes are being built, it could mean more competition when it comes to finding quality tenants. 

8. Number of Listings in the Area

The number of listings in a neighborhood can tell you a lot about the local demand. If there are no listings, it means that neighborhood is probably in high-demand which bodes well for you as an investor, because you can charge more and have shorter vacancies.

If there are a ton of listings for the neighborhood, it could signal that the neighborhood is in decline and people aren't looking to move there. However, it could simply mean that it's the end of a renting cycle so people have recently moved out. 

9. Average Rent Price

The money you make off monthly rent payments is a big part of your investment returns, so you need to make sure the average rent price in the area is what you're looking for. If the average rent price is pretty low, it's not necessarily a bad thing, however. For example, if you find a property in an up-and-coming area for a cheap price, investing in it and betting on higher demand in the future can really pay off.

On the flip side, neighborhoods with a higher average rent price can seem really appealing, but they also might cost significantly more and carry a higher property tax. 

So it's all about weighing the average rent price against the other factors we mentioned above to find the best value.

Consider These Factors to Find the Most Profitable Rental Property

If you're interested in investing in real estate, you know that the key to higher profits lies with the rental property you choose to invest in. That's why it's important to do your due diligence when researching investment properties by considering these factors. 

No one understands these rental property factors more than Professional Real Estate Management and Investment Services Inc. We have nearly two decades of experience in the Pinellas County area and we're eager to share our knowledge with you so you can find the most profitable rental properties. Contact us today to learn more about our services!