How to find good renters for your real estate investing business


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When you are running a real estate investing business that focuses on rental properties, a key to success is identifying good renters. It is also one of the toughestĀ things to do as landlord. Finding responsible tenants who will care for your property and pay their rent timely can be challenging.

To attract good renters, offer them a house in good condition for a fair price. The rent you can command will reflect the location and the condition of the property. Upgrades and repairs can encourage good renters to submit an application.

While preparing the house for rent, get to know the immediate neighbors, share your business card or flyers with them. Making a friendly connection with those who live nearby will help them feel more vested in the success of placing a good tenant. They will view you as a landlord genuinely interested in their neighborhood. They can become your greatest marketing asset thanks to their word of mouth endorsement to friends and families seeking a house to rent.

Carefully consider your marketing efforts, the tools you use to advertise influences the quality of applicants you receive. Use the right venues for your advertising. In addition to the newspaper, consider online tools such as Craigslist and Facebook. Both sites allow you to share photos, which can give you an edge when potential applicants see the attractive property.

It is very crucial to screen your potential tenants carefully before handing over the keys. Find a rental application template online which you can modify as needed to address any restrictions you may have regarding visitors, household number size and pets. The application should include notification that by signing the form they are authorizing you to contact employers, references and former landlords.

Once you narrow down to your final list of potential renters, gather key information you need from them to help you in your final evaluation. While it may be time consuming it is important to take the time to verify their employment and speak to their former landlords or apartment complexes. This can help you uncover any potential red flags regarding how they will handle your property. You should consider including a fee with the application to cover the costs of a background and a credit check.

These tips can help you find renters that have good character and who will properly take care of your property they are temporarily renting. If you would like additional insight on how you can locate additional properties and other ideas, our HomeVestorsĀ® Development Agents can assist you. Their training reflects the 15 years of experience we offer to franchisees seeking to grow their real estate investing business.

 

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