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.