Attracting Tenants ??

Question

After you have already bought the house and everything how do you attract possible tenants to your house and get them to rent it out?

Anthony Wick · Answer

Account Closed  After I do everything that James Wise said for advertising, I do the following with an interested tenant. Also, I find the most tenants through Facebook Marketplace, but I also find these are the most tire kickers that don't get back to me. They like to click the "is this available" or "interested" button, and then ignore your reply.

• 1.What is your preferred move in date?
• 2.What is your monthly salary?
• 3.Have you ever been evicted?
• 4.Have you been convicted of a felony?
• 5.Who would live here?
• 6.If you like the property, are you willing to fill out an application for a credit, criminal, and eviction history report? It is at a cost of $40 per adult tenant.

For Tenant, prior to scheduled showing:

For Tenant, if they are interested in signing a lease:

• 1.Fill out preliminary hard copy application.
• 2.Verify application for 3 times monthly rent income (call employer), pay stubs, no felony, no evictions, at least 1 year on job.
• 3.Query in State Courts Online system.
• 4.Query Facebook, searching for anything “negative”.
• 5.Query County Assessor website that they live in, looking for homes owned/foreclsoures in process.
• 6.Contact prior landlords (last two if possible).
• 7.If applicant passes preliminary screening, send online application ($40 fee) via website MySmartMove.com.
• 8.Review screening for 600+ credit score (B class property), on time payments, debt to income, eviction and criminal history.

For Prior Landlord(s):

• 1.How long were they tenants at address?
• 2.Did they always pay rent on time?
• 3.Is there a copy of the rent records to obtain?
• 4.Did they, or is it anticipated, that they would get their full damage deposit back?
• 5.Did tenant give notice to vacate, or are they breaking their lease?
• 6.Would you rent to them again?

For Employers:

• 1.Do they currently work for you?
• 2.What is their position?
• 3.How long have they worked for you?
• 4.What is their current salary?
• 5.Is continued employment likely?

Tim Herman · Answer

Account Closed everybody starts their search online. Check out the competition. Zillow and craiglist. Price it right you are going to be posting on these sites. Take high quality pictures. Determine your rental criteria: credit score, evictions older than  years or no evictions, etc. Prequalify when the tenants call. No need to show the property to unqualified tenants. I use an open house and let all the qualified tenants walk through at the same time. If they like the property I have them go to a web site(pick your favorite) and do a background and credit check. I pick the highest qualified according to my criteria and meet with them to sign the lease agreement. They have to pay the deposit with certified funds.

James Wise · Answer

Advertise the rental. Fairly simple & cheap. Do the following & you'll have no issue renting it out assuming you've priced it appropriately.

• Facebook ad
• Zillow ad
• Trulia ad
• Hotpads ad
• Craigslist ad
• Yard sign
• Instagram ad

James Wise · Answer

The reach on all of those sites is far enough that you should have no issue leasing out your property without spending money to boost the FB & IG posts.

Account Closed · Answer

@Jonathan Watt I am definitely going to check out cozy!

Account Closed · Answer

I use Craigslist only (and it's free)! I keep the ad very simple with a bulleted list of features. I also renew the ad a few times per day as well as have professional photos taken to showcase the property and stand out from most of the competition. (I generally get top-of-the-market rents in my area as well). I've had 3 vacancies this past year, and filled all of them using this method in about 1-2 weeks max.

Tim Herman · Answer

Account Closed BP have state specific leases under the tools section. If you are a pro you get them for free. Another source is the state bar association in your state. Get a copy and study the agreement. You fill out the lease with the rent, deposits, any fees or any other additions you want. Some landlords have the tenants initial each page of the agreement and sign the back. page. If not included with the lease you will need a separate walk through that will be signed by both parties.

Account Closed · Answer

@James Wise how much would it usually cost to run advertising?

Account Closed · Answer

@Tim Herman thank you for the insight but what are the actual procedures as far as getting them to sign all the right paperwork and as far as that goes ?

Michael Tempel · Answer

All great comments.   I will add spend extra time on photos and streamlining the application process.

In this market free services will likely be sufficient.

Attracting Tenants ??

Most Popular Reply