Once you become a rental property owner, the excitement of finding a tenant begins. You are ready to find the right person to rent your new property, hopefully turning a profit in a short amount of time. So, now that you own the property, how long will it take you to find a renter? There is no definitive answer. Unfortunately, it can take weeks or even months to find someone you feel will pay rent on time and take care of your property. Learning how to list your property and prepare it for renting will help you to find a renter as quickly as possible.
Pricing Your Rental
An important aspect of rental property ownership is pricing your rental properly. You don’t want to charge too little and not be able to make ends meet or charge too must and push away prospective renters. To find the ideal number, compare rentals in the area. How much do similar properties run? Try to be competitive but recognize any amenities you might offer that others don’t. Make your property stand out so renters will want to call your investment home.
Once you have your price point and the property is ready for rent, you need to start marketing. Social media pages are a great place to start as well as local papers and billboards. Find the best way to market your property in your region. Having a dedicated website for your company can be helpful to having a starting point when it comes to finding renters for your dwelling. Social media plays a vital role today as well. From Instagram to Facebook, you can easily have a page for your company and post photos of rentals as they become available, sharing this information to find potential tenants.
Once you begin to hear from individuals interested in your property, its time to start prescreening. Ask qualifying questions before you bring someone in for an interview. Short tenant screening involving income requirements, credit history, employment, and references will keep you on the right track. With prescreening, you can cut out any potential tenants you feel might not be well-suited for your property. Make appointments with individuals you want to get to know better, showing the property and learning more about the potential tenant before making a decision.
Follow these tips and you will be well on your way to finding the perfect tenant for your new rental investment!