Real estate can be a very profitable business. However, you must get good tenants that will pay on time. There are a variety of strategies you can employ.
Use Rental Agency
Some landlords like to use rental agencies. In exchange for 50% or a whole month’s worth of rent, they’ll find a tenant for you. They’ll do almost all the work, including attracting applicants and showing the property. This can be a nice method, although some would argue that fees are steep.
Online Ad
There are rental sites like Zillow, Craigslist, and cozy where you can create an ad and attract applicants. Be sure to mention any special perks your property has like a pool. Avoid the urge to write a long essay and keep the ad brief.
Social Media
Twitter and Instagram can be used to find tenants. However, the best social media site for this purpose is Facebook, with its marketplace feature. You can list your rental property there and include a short description and pictures. The marketplace gets plenty of traffic.
Offer Incentives
If it’s running close to the end of the month, you can try offering a discounted rate. Or offer a free TV or washing machine. Some landlords like to give out gift cards to Home Depot or a similar store to new tenants.
Good Customer Service
Besides being helpful and friendly, do your best to provide prompt answers. People expect constant communication these days. They’ll want their phone calls, emails and texts answered on time.
Remember, it’s a competitive marketplace out there. If you don’t respond, people will simply go somewhere else.
Advertise in Newspaper
In certain markets, a newspaper might still be a good way to advertise. Remember that the circulation on Sunday is often far greater.
For Rent Sign
This is very simple but it works. Put up a “for rent” sign. Include your phone number and maybe how much you are asking for. Since people passing by will see it, it will cost you nothing.
Screen tenants
Don’t accept anyone. Check their credit score, criminal, and employment history. Call their references. If it doesn’t sound like they’re a reliable person, pass on them. You’re putting yourself at a big financial risk if you accept a bad tenant.
Being a landlord can be very profitable. However, you must have a solid strategy to find tenants.