With a growing population, the demand for a place to live has risen. However, tenants aren’t going to just pop up out of nowhere! If nothing is done, your property may sit there unattended for large periods of time with 0 profitability. In fact, if you owned the property under a bank loan, you may even be earning a loss. Unless you plan on selling the property off soon, it’s advisable to find tenants to earn some rental income. Here are a few methods you can use to find tenants and make them stay.
The most important thing when selling, renting or giving any service, is making sure people know about it. You may have the best apartment room with the lowest price, but if no one knows about it, no one is gonna approach you to be a tenant. Advertising is very important when finding a tenant. You can advertise using money or by your own hands.
For example, you can advertise your property by posting about it on social media. It could be in a Facebook group, Whatsapp group, Instagram group or any other social media. On the other hand, you could also spread your rental service to others by mouth. If your social group is big enough, don’t be surprised if your friend’s cousin’s friend is interested in being a tenant. A “For Rent” sign may also find you some tenants. There could be people walking around looking for an apartment without looking online, and this is an easy way to advertise yourself to them. This could be dependent on your location as an apartment with a “For Rent” sign has a much better chance of finding a tenant when near a university or office building.
If you’re willing to pay a slight fee, you could also try finding tenants in the newspapers or rental websites. This is the easiest way to find tenants albeit with a higher cost.
2. Customer Service
Now, that you have found a possible buyer, it is important that you convince the buyer to take that last step and take the offer. This can be done by having good customer service. When the tenants are asking a question, be polite and answer the truth. Instead of dodging the question, it may be better to tell the truth, as the tenant would rather know the truth and may choose to take the property anyway. It would also be best to answer as soon as possible if they asked online or through the phone.
3. Quality and Price of the Property
Finally, it is important that the price of the property matches the quality of the property. You could check the market price or hire an appraiser to get the appropriate rent. A vastly overpriced apartment lot will get no tenants. However, it should be noted that many factors may lead to a higher value house. Things like location, furniture, nearby utilities, cleanliness, and other factors may lead to an acceptable higher price.
4. Hire an Agent
An alternative to all the above is to just hire an agent. An agent will do all the above for you. All you need to do is pass the property to the agent and he will find the tenants for you and keep in contact with the tenants. With the cost of a small fee, you can save a lot of time and headache by hiring an agent to find a tenant. On this note, we at RentGuard can assist here.
5. Final Words
Now that you have found possible tenants, it is important you screen them before continuing. This is because not all tenants are worth the effort. They may run off without paying, destroy the property, cause too much noise, or be a criminal. As a landlord, you will have the responsibility to the property, so it is also your responsibility the tenant will not hurt or be hurt by others.
90% reader will continue read: