Best Strategy for Finding Tenants?

3 Replies

These times definitely cause problems for a lot of people and it can be a pain to find a good tenant. But good tenants are out there and you must remain vigilant. The best way to find prospective tenants is of course by placing advertisements on as many platforms as possible. Let people know that you have rental units available, online and by word of mouth. I have a friend who keeps sending prospects my way because he had an ad online for one of his properties. Once he filled it, prospects would then ask him if he knew of anywhere else. 

Assuming you get a few prospective tenants, you'll then want to vet them to ensure you don't have a serial evictee on your hands. What I usually do when placing an ad is clearly outline my Tenant Qualifying Criteria (you know, things like: a decent credit score, no prior evictions, no criminal convictions, etc.). When a prospective tenant calls based off any ad, I'll again go over those criteria with them. And I'll go over it once more when they show up to sign and fill out the application. If someone knows they have an eviction on their record, they likely won't go through the whole process and pay the $25 application fee. 

Really, the key is to get the word out that you have an available property. Online platforms are where most everyone goes to find them. Google "apartments for rent in [your city]" and see what pops up at the top. Then do what you can to get your ad on those sites.

Good tenants come to you- we don't even put signs in the yard any more. We have the property professionally cleaned, list it on our website and have it syndicated to the usual sites- zillow, apartments.com, etc. Don't waste your time with FB or CL, you'll only run in to renters looking for "private landlors," for a good reason. 

Screen thoroughly and don't make exceptions. Call all of the references. Run their credit, do a background check. Don't negotiate anything on your lease.

Trust me, dealing with a crappy tenant for a year or more is way more expensive than a month of vacancy. Crappy tenants drain your bank account, time, energy and peace of mind- at that point, who cares about money?

Originally posted by @Daniel A. :

These times definitely cause problems for a lot of people and it can be a pain to find a good tenant. But good tenants are out there and you must remain vigilant. The best way to find prospective tenants is of course by placing advertisements on as many platforms as possible. Let people know that you have rental units available, online and by word of mouth. I have a friend who keeps sending prospects my way because he had an ad online for one of his properties. Once he filled it, prospects would then ask him if he knew of anywhere else. 

Assuming you get a few prospective tenants, you'll then want to vet them to ensure you don't have a serial evictee on your hands. What I usually do when placing an ad is clearly outline my Tenant Qualifying Criteria (you know, things like: a decent credit score, no prior evictions, no criminal convictions, etc.). When a prospective tenant calls based off any ad, I'll again go over those criteria with them. And I'll go over it once more when they show up to sign and fill out the application. If someone knows they have an eviction on their record, they likely won't go through the whole process and pay the $25 application fee. 

Really, the key is to get the word out that you have an available property. Online platforms are where most everyone goes to find them. Google "apartments for rent in [your city]" and see what pops up at the top. Then do what you can to get your ad on those sites.

 Awesome advice! Thank you. 

I am thinking about buying an apartment and a Condo over here in Austin. A little nervous to pull the trigger due to the tenant situation.