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GETTING TENANTS FOR INVESTMENT Real Estate

 

Now, do you have any units that are vacant? If so, need to rent them as this is money for mortgage, taxes, insurance, repairs, etc. First, look over the unit. Is it clean, need repairs, painting, carpet usable, etc? Once the apartment will show well, you need to advertise it. Neighborhood papers usually are inexpensive for advertising and will reach those in the area who most likely be interested in renting in that community. You may consider letting your other tenants know and perhaps offer a 'referrer fee'. (Credit something towards their rent, give them a small check, etc. Providing , of course, the person is accepted and moves in). You could advertise an 'open house' perhaps on the week end or evening (when most people look at rental units), stating description of unit, hours to come, location, etc.

Do you have an application for the prospect to fill out? How are you handling credit and criminal checks?
What about background check - employer - income - personal reference- rental reference? Does your application cover legally your doing a credit and criminal check? Some areas, require this be covered on the application.

Also, as you are trying to rent your vacant units as soon as possible - you need to evaluate your current tenants. Look at the rent history - if they are behind or late quite often - speak with them. Letting them know what you expect - what is acceptable etc - see what can be worked out. If they are bad tenants in the sense of lots of complaints, unit not kept clean, etc. - again , you may want to talk with them first

Now its time to make money!

We've discussed getting units ready to rent. Now step back and look at the real estate. Does it need to be 'cleaned up', halls painted, and few bushes, flowers planted? You see, sometimes with a minimum amount of money, we can give it some 'curb appeal'. First impressions are important to prospects, plus it shows the current tenants you care - you are taking care of the real estate and expect the same from them.

As you accept applications for the real estate, if possible talk with the people. Begin your evaluation now!
Again, be sure to check out carefully before you decide to rent. If can be expensive, time consuming and difficult at times to evict. So be careful who you do accept !

Good luck -- you're on your way!

Finding Tenants For Your Property

Do you have an application for the prospect to fill out? How are you handling credit and criminal checks? What about background check - employer - income - personal reference- rental reference? Does your application cover legally your doing a credit and criminal check? Some areas, require this be covered on the application..

Page uses these keywords: tenant, landlord, investment

Reference: GETTING TENANTS FOR INVESTMENT Real Estate

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