Posts Tagged ‘good tenants’

How To Attract And Keep Good Tenants At A Rental Property

Tuesday, April 19th, 2016

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Real estate investors who own rental property need to focus on securing good tenants in order to earn the greatest positive cash flow. The best way to find good tenants is to set up an advertising campaign that reaches potential individuals throughout the market. Second, only select the best individuals in the area to live at a property by screening applicants. Third, realize that happy tenants are generally good tenants and investors should do everything necessary to address their concerns. Finally, encourage good tenants to sign leases over and over in order to reduce the turnover rate.

Real estate investors who want good tenants to fill their rental property should take advantage of a comprehensive advertising program. Since advertising is the best way to expose property to tenants, investors should spend the money necessary to develop the exposure they need. Those who focus on in print advertisements, real estate classified websites, and develop a strong social media presence, should be able to connect with tenants throughout the community. In the end, investors should continue this advertising program throughout the course of their investment, setting aside a bit of positive cash flow every month to pay for this campaign.

Real estate investors should set up a tenant screening process in order to only accept good tenants. Those investors who have standards should stick to them in order to end up with individuals who pay the rent on a monthly basis. While it is easy to start accepting any individual, when vacancy rates are high, it is generally counterproductive, as many of these individuals will default on their rental payments. In most cases, investors should stick with their tenant screening requirements and build up their occupancy at a stable rate.

Real estate investors who have good tenants living on site should do everything they can to keep them happy. Since tenants are the only source of positive cash flow, investors need to treat them like gold. Simply put, investors who maintain communication with their tenants and encourage them to initiate contact will likely end up with a better experience overall. As soon as a tenant demonstrates concerns, it is important to remedy the problem immediately. Those tenants who feel like they are treated with respect have no reason not to pay the rent and will likely offer real estate investors with the greatest cash flow.

Months before a lease runs out, real estate investors should offer good tenants with a new application in order to encourage them to renew their lease. Since repeat tenants are crucial in order to capitalize fully on a rental property, investors should give these individuals a renewal application at least three months before their original lease runs out. In many cases, these individuals will sign this lease and give real estate investors a profitable cash flow for another year or longer.

Real estate investors who search for good tenants and aim to keep them satisfied should be able to earn the greatest positive cash flow with their rental property.

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.

HomeVestors Knows That Rental Property Owners Need To Attract Good Tenants

Friday, August 8th, 2014

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Rental property owners who focus on attracting good tenants and winning them over during a showing should end up with a property that is operating at maximum capacity. 

Dallas, Texas HomeVestors is the nation’s number one home buying franchise and has helped real estate investors purchase 50,000 properties over the years.  The company knows that rental property owners need to understand the proper way advertise and show a rental in order to obtain the highest quality tenants.  Since an investor benefits to the greatest degree when they are able to convince good tenants to join them it is crucial to impress them during a showing.

The only way rental property owners profit is through their tenants and those who put effort into securing good tenants are able to capitalize.  In order to initially attract potential tenants, investors need to have property that is ideally located.  Investors who have still not secured their investment should take their time in this regard and find the best potential property.

The rental property owners who are able to find good tenants will put effort into their advertising program.  Consider advertising in the newspaper and online in order to make potential tenants aware of a rental.  Investors who have the capital to set up a solid advertising program should place their rental in apartment directories, as the majority of tenants search through these before selecting their next domain.

The more potential tenants that rental property owners can expose their property to, the higher chance that good tenants will be found.  When tenants show up to check out a property or initiate contact online, encourage them to fill out a tenant application.  In order to cover the cost of background checks and keep out bad apples, inform them that there is an application fee.  Those who realize that they have little chance of being selected will likely not fill out an application.

When rental property owners are in a position to show their property to perspective tenants, they should make sure that a property is in excellent condition.  A property should be appealing to all five senses and win potential tenants over the moment they see it.  The good tenants are going to do what they can to ensure that they become the next tenants of this property.  The investors who go through all of these processes should find that they are able to capitalize to the fullest, as they have tenants who are paying their rent on a monthly basis.

Rental property owners who follow these steps should be able to attract good tenants and earn the most from their investment.