Posts Tagged ‘find tenants’

How To Find Tenants And Retain Them

Wednesday, February 10th, 2016

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Real estate investors who own rental property need to find tenants and retain them in order to earn the greatest profit.  The best way to capitalize on tenants is to purchase rental properties that are located in growing regions, as they often fare the best.  While a great location will give an investor plenty of tenants to work with, they must also advertise their rentals throughout the community.  These investors should filter through potential tenants and only select the best individuals in order to earn the greatest cash flow.  In the end, investors who treat tenants with respect should be able to retain them and collect a consistent profit.

Real estate investors should focus on being able to find tenants before even purchasing an investment and ultimately choose the most ideal region to invest in.  The regions that offer real estate investors with the greatest profit potential often have an improving economy and population growth.  These two factors increase overall demand in a certain area and living conditions become more expensive.  Those investors who purchase rental property in these types of regions should find that they are able to keep their property full of tenants.

Real estate investors who want to find tenants need to advertise their property in a multitude of ways.  One of the best ways to advertise rental property is by simply placing a For Rent sign on the front of the building.  Those investors who are located in a populated area won’t likely have to do much more, as the overall desirability will bring tenants in with ease.  In addition, consider advertising a rental property in rental directories and rental classified ads, both online and off.  Investors who are looking for even more potential tenants should consider reaching out to them on social media networks, as one can develop a personal relationship before signing a contract.

In order to find tenants who are going to offer an investor with profit potential, a screening process must be utilized.  With that said, those investors who have plenty of tenant applications will be able to employ a stricter tenant screening process.  At this point, investors should determine various markers regarding which tenants they will accept and which they will turn away.  This will make it easy to select the best tenants based on a large number of factors, like criminal history, employment history, and rental history.

Those who find tenants who are beneficial to a property have to put everything they have into retaining them in order to continue collecting positive cash flow.  First of all, make sure tenants understand that they are important and respond to any concerns they might have.  Second, stay up to date on maintenance in order to keep a property attractive and functional.  Third, offer tenants who regularly pay their rent on time with some sort of reward in order to continue to encourage this behavior.

Investors who are able to find tenants and keep them at a property should be able to earn a profit on a monthly basis.

Asking questions with these tips in mind will help save real estate investors thousands.  For more ideas related to real estate investing, call or visit us a Homevestorsfranchise.com.  We are the nation’s number one home buying franchise with over 15 years of experience.  Our company has a vast assortment of real estate investment and real estate franchise opportunities available to help you grow your real estate business.  Come see us for more information.

How To Find Tenants Without A Property Management Company

Thursday, October 2nd, 2014

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Creating a comprehensive and well thought out marketing plan helps investors find tenants without much hassle.  This is why drawing up a good marketing plan should be the first step an investorpursues.  Investors can either choose to find tenants on their own or hire property management professionals to do the job for them.  The latter option is often the simplest, but it does come with its fair share of costs. Consequently, investors who wish to perform this task alone should follow these steps.

In order to find tenants, it’s advisable for investors to strive to purchase rental properties in busy and densely populated regions. Even still, there is a great deal of work that investors have to put in before tenants will come knocking at their door. Investors should first ensure that a rental property has a clear ‘For Rent’sign. After this, a comprehensive online and offline marketing plan should ensue. Taking advantage of popular advertisement channels, such as Craigslist,is a good start. Newspaper advertisements can also be effective in attracting tenants to a particular rental property.

Additionally, finding tenants can be made easier if the process for applying for a rental is inviting. While at the same time, investors should come up with ways to sieve out the chaff in order to avoid bad apples by asking for a non-refundable application fee. The application process that is required to find tenantsshould allow investors to get an idea of whom they are dealing with. Conduct reference checks, acquire background information and unveil the credit histories of all prospective tenants.

Current tenants may also play an active role in enabling investors to find tenants. To motivate current tenants to assist in finding new prospects, an investor can offer incentives such as a reduced rental rate. Other ideas that investors can pursue in order to find tenants include, obtaining the best amenities on the market. Maintaining a clean swimming pool and adding a workspace for tenants are some of the simple amenities that give tenants a reason to secure a lease.  Remember that most tenants have their eyes open for more than merely a space to live.

Finding tenants can be less time consuming if rental properties are reasonably priced. Investors need to consider what other rental properties in the area are charging and then set an attractive price for their rentals.  Those who understand that pricing their rentals appropriately will result in tenants who decide to stay for years will be able to earn the greatest profits.

Favorable pricing, creating rapport and providing great amenities are all required in order to find tenants.

Asking questions with these tips in mind will help save real estate investors thousands.  For more ideas related to real estate investing, call or visit us a Homevestorsfranchise.com.  We are the nation’s number one home buying franchise with over 15 years of experience.  Our company has a vast assortment of real estate investment and real estate franchise opportunities available to help you grow your real estate business.  Come see us for more information.