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Real Estate Investing: Renting and Renters: Finding Tenants

One of the fears that many first time investors have is "where will we find tenants? What if we can't find any one to rent the property?" Of course there is always the possibility that it will be difficult to find a tenant, but in general, if you have selected a well located property, prepared it nicely, and are asking a reasonable rent, you should have little or no problem finding acceptable tenants. You may, actually, have more problem choosing a tenant rather than finding one.

Before you begin marketing the property, make sure that it is in a marketable condition. Nothing will turn off a potential tenant faster than an unkempt, dirty house. If you have tenants presently in the property, make sure that they are aware that it must be available--in good condition--for showings. Don't take their word that it is clean or you will run the risk of a big surprise to you and your prospective tenant. See the home for yourself before you make appointments to show it to someone else!

Come up with a coordinated plan for when you are going to begin marketing the property and where. If you have had success with a specific method, use it again. The following are some ways that landlords have found to be effective:

Marketing the Property

Word of mouth

The easiest and least expensive way of getting the word out. Let friends, family and co-workers know about the property. If you have already had the property rented, start with the tenant that is moving from it. They often can give you a good "lead."

Advertising

Newspaper classified advertising generally works well, since it is the first place that most prospective tenants look when they are trying to find a home to rent. Describe the property colorfully but honestly, state the amount of the rent and any basic rules (for example, "no pets) in the ad. It will save a lot of wasted time not showing the property to those who will not qualify.

Signs on property

These are especially effective if the property is on a heavily traveled road, but also are effective because neighbors will call people they know who are looking for a rental.

Bulletin Boards

Many grocery stores, universities and libraries have bulletin boards that will allow an individual to place a notice offering property for rent.

Internet

Your Internet provider may offer free classified ads. If they are available, use them.

More information

Although there are numerous books on Real Estate investment as it relates to rental property, if you only get one it should be Landlording : A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves. It is probably the most extensive handbook available and covers virtually every aspect of long term Real Estate investment.

 

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