3 Ways to Find Good Tenants

3 Ways to Find Good Tenants

Many in the United States have still not recovered fully from the shocks of the recession, mainly because it has not ended. Their savings have depleted and a lion’s share of their current disposable incomes is still being channeled to repay the numerous debts that may have accumulated through these tough years. So it is only natural that many would be unable to afford or unwilling to go in for a home loan.

On the other hand, there are many people in the country who do not want to be saddled by the hassles of owning a house especially if they intend to relocate when greener pastures beckon. Renting wins over owning and you have a great chance to make your real estate investment pay back lucrative returns. That is, if you know where to look for tenants.

Browse the Web

You may have placed an ad for your property on Craigslist or eBay or have got it listed with the local real estate agent. You are also probably shooting regular tweets and posting on Facebook to attract tenants. You are making all the right marketing moves.

But with the stiff competition from other landlords, most likely to be vying for the same tenant pool, you need to be more pro-active.

Scour the houses/apartments wanted sections of Craigslist or other sites that put up classified ads. There are many prospective tenants who put up these ads and hope that the landlords will find them. You will miss out on a large chunk of the tenant pool if you do not follow these leads. What is more, most of these people also list their requirements for a property to rent.

These pieces of information will actually help you screen potential tenants and save much showing-around time.

Look in the Classified Columns of Newspapers

Those individuals who are content just to spread the word around about themselves looking for a rental property also place ads in newspapers. The classified column of your local newspaper, especially on Sundays, will be a minefield of genuine leads. You can scan over these columns, mull over the ads, and then get in touch with these people looking for houses and/or apartments to rent.

Visit the Department of Social Services Office

The Department of Social Services (DSS) sponsors the Rental Assistance Program (RAP) that enables very-low-income families to afford houses and/or apartments in the private market. These individuals are provided with RAP certificates and they have to search for their own housing.

If you are willing to take in a DSS tenant, you will be paid a housing subsidy by the government on behalf of the family that rents your property. Your tenants are then responsible for paying the difference between the actual rent amount that you have quoted and the subsidized value. Visit the local office of the DSS and they will be able to direct you to a tenant.

The above are some tips to help you find tenants for your property without seeking the help of a real estate agent. On the other hand, a good real estate agent can help your property become listed on some of the biggest property portals on the Web that will increase the visibility of your house times ten. What is more, real estate agents usually have leads of their own and can help you find the right tenant for your property quicker than you think.

Comments

  1. says

    Hi Steve!

    Nice tip about using eBay. I would image that it would work especially well for advertising vacation rentals by the week.

    Craigslist is my main source for tenants, but I’ve also had some success with advertising with Postlets and Trulia.

    Another great strategy is to connect with large property management companies in the area, and get on their “overflow” list. Sometime they have more applicants than available rental units, and they’ll send you the folks that they can’t help.

    • says

      Genius advice on contacting the property management companies for their overflow! I’ve never heard of a landlord doing this and it seems like a great way to let the leads come to you after you’ve set up the relationships with property managers. Do you pay them any kind of commissions or are they just happy to help the applicant with placement?

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