Guide to Finding Great Tenants For Your Rental Property

Any seasoned investor can tell you that a vacant rental unit is very expensive and sometimes can cost them annual rental income. That's why property managers use a variety of marketing tactics to fill the vacant rental units fast. 

So make sure to read through this quick guide that is made for real estate investors to find good tenants faster.

1. Use Great Looking Signage.

One of the most cost-effective ways to attract interest in your property is to create a great "For Rent" sign. Quick tip, make sure to use the recommendations of professional realtors, and do not forget to install a sign next to the street so it is visible to a high number of people.

2. Leverage Existing Network.

Take advantage by talking with your network of friends and family members to create free and low-cost advertising. When sending them emails about your property, be sure to include some photos of the rental units along with a compelling description of its features.

3. Send Postcards.

This technique is quite old but is still very useful. People who will receive a postcard from you will have a vested interest in finding a responsible tenant for your property, and may also take the chance to recommend a friend to move closer. Also find great places where you could leave your postcards like grocery stores, cafes, and community centers, if you are close to the university, don't forget the admissions office.

4. Search The Internet.

That includes most social media platforms like Facebook, Instagram, Twitter, LinkedIn, YouTube, TikTok. And don't forget that you should re-post your listing multiple times, as most of the professional property agents do. Make sure to use targeted keywords and your neighborhood location, then you're likely to get a great number of people coming to your website. You should also create short video tours of your rental units and post them on YouTube, also making the video part of the website and pointing to social media accounts. 

Once you find your tenant, follow these steps to assess if he/she might be the right one to live in your community.

Talk to their previous landlord.

This sometimes can provide better information than a credit report, but you need to do a bit of digging, but at the same time you should check credit reports also as it will determine if the potential tenant will pay their rent on time. Just as important as the tenant who pays their rent is the tenant who will take care of the apartment, as the cost of handing over an apartment that has not been taken care of can easily outweigh the difference in stable rental income versus recurring late payments or even a few missed payments.

Try to meet with tenants family members

Often when a person comes to look at the apartment he does bring their partner or children with them, so it is important to get to know everyone who will be living in the apartment. A lot can be said about a potential tenant by the behavior of children. If they are wild and naughty, they are more likely to damage the apartment and the parents are unlikely to become responsible tenants.

Check their car

This is kind of the obvious, but some people miss this. Because the way the person maintains his car can tell a lot about him. If there is a pile of rubbish on the floor inside the car, this is most likely what the apartment will look like in a few months. If the car looks like it will soon fall apart mechanically, the person probably won't be the most financially stable or responsible tenant.

If you are a property investor make sure to leave a comment with your personal experience on finding and screening tenants.