how to find tenants

How to Find Tenants: 5 Tips You Need to Know

How to Find Tenants: 5 Tips You Need to Know

As a landlord, it is not always easy to find renters – good renters in particular. Surely, you need to know how to find tenants that will not only fill up your vacant rental property, but tenants that could agree to your terms and are easy to go along with.

Good tenants can make your business flow more stable as this type of renters will not be a problem in terms of collecting rental fees, obeying rules and regulation, and you can avoid conflicts that could arise during the renting period, too—an essential way to protect your investment, as well as save your time and effort.

If you are having a hard time contemplating if what are the ways and how-to on finding worth-to-keep tenants, you can proceed below as we give some tips that you need to know and learn as a landlord, on selecting occupants to your rental house or rooms.

1.    Find Your Own Tenants

This tip could work especially if you are a beginner landlord, who is undoubtedly still building your property’s reputation. Thus, to identify which tenants are suitable, you need to be hands-on in doing the work and sharing the word that you are looking for occupiers.

Word of Mouth

One of the ways you can do this is to share and let your family, relatives, and friends know that you are searching for people who want to rent a space. In this case, the word will spread to others, which can be colleagues or acquaintances of them. If they are interested, you can be sure that they are trusted, as your potential tenants are referrals of your trusted people.

Offering Incentives

It may sound like a bait, but no. Offering incentives to your possible renters can let them feel that they are most likely to enjoy the best perks and advantages if they will move immediately to your vacant rental properties.

Examples of incentives could be discounts, free items such as sofa, or any items that could make them feel welcomed as they plan to move into your space.

Create a Criteria

If you are deciding to find your own tenants, then you should make the criteria for a proper screening. Surely, you have to get their personal information first, as well as discuss the payment system. Make sure to check their background, to avoid being involved in any headaches during the collection of rental money, and to make sure they’re not engaging in any illicit activities.

how to find tenants

2.    Put up Advertisements

Another way to find tenants is to put up a print or virtual ads. In this way, you can reach a wide scope of people in the market that you, your friends, and family can’t reach already.

Newspaper

A newspaper is a simple way to do it. Despite modern technology, there actually are a lot of potential tenants who are still using newspapers. Depending on your location, choose a newspaper house or publication that could highlight the things who will talk about how essential it is to choose your rental property.

Bulletin Boards

Using your creativity, you can create a poster or flyers to give out to people, but posting it on various locations can be an effective way to catch the attention of possible renters.

You can post the flyers on bulletin boards near offices, universities, markets, churches, parks, and many more places that the volume of people going in and out is high.

Create your Website or advertise using Rental Websites

Craigslist is one of the best property listings online to select if you want to reach further potential tenants. This is commonly used and one of the top resources on the web, so it will help you make your rental property more legit and trusted.

In addition to this, there is also a huge selection of rental property websites that you can put up your ads in, which are all easy to access on smartphones, laptops, or tablets.

         Meanwhile, you can also create your own free website, wherein you can put details such as descriptions or photos for a broader look at your properties, discuss the edges and advantages your future occupants could get if they sign a lease.

3.    Social Media

Social media platforms are truly one of the most essential ways to reach thousands of people, or even millions, to find a suitable tenant for you as a landlord. Aside from the advertisement that you can have for free (excluding paid or sponsored ads), there are also features for liking and sharing your posts that could spread out to a larger scale of potential renters.

On Facebook, there’s also an option of joining groups or pages that are formed on your specific geographic areas, which can narrow down the list of your potential tenants, if you want to only accept occupiers around you for faster and better screening.

4.    Rental Agents

If you have multiple vacancies on your rental properties, maybe it is just right to look for a real estate agent. You should know that you have to pay them handsomely as well, but in return, you don’t have to burden the stress of searching for tenants as they will do all the work.

From advertising your properties, reaching out to prospective tenants, screening them, and signing a lease—you can leave it to them then. Rest assured that you will get a good result, considering that you also found a good real estate agent.

5.    Get Help from Property Management Firm

Property managers are similar to rental agents, but there’s a hugely significant difference between them. As your rental agent will complete their tasks after signing a lease and will earn a commission from you for every contract renewal, property managers are there to help you with your daily responsibilities.

To secure qualified tenants, they offer long-term oversight on your rental properties as well and manage repairs with their maintenance crew which is a huge help for you.

Though it can be truly expensive, the advantages are also promising, especially that you know that they are experts in this field.

These are the ways how to find tenants, but whether which tip you will follow, the main goal is to find suitable and best tenants for your vacant rental spaces, so you should still consider which will be the best way for you to reach a large-scale of possible tenants, narrow them down through screening, and pick the finest candidates for you.

how do i know if i have hoa embezzlement

How Do Know If I Have HOA Embezzlement: 8 Ways to Detect and Prevent Fraud, and Theft in HOAs

How Do I Know If I  Have HOA Embezzlement: Ways to Detect and Prevent Fraud, and Theft in HOAs

Introduction: 

How Do I Know If I  Have HOA Embezzlement: Nowadays, it is common among varied homeowners associations or HOAs, whether among condominiums or typical residences to experience fraud and theft. Embezzlers see quite reasons why they choose to target these groups of individuals. Money is one of the core factors why. It is quite amusing to see shocking statistical facts on frauds and thefts among homeowners. 

  • The Association of Certified Fraud Examiners says that around 225 of embezzlers loot more than $1 million. 
  • Organizations with less than 100 staffs recorded 28% of them are fraud victims with an average loss of $154,000.
  • It is estimated that cons can sustain hiding their real identities in an average of 18 months before entrapment. Consequently, another study concludes that embezzlers could escape from the law for about 4 years and 8 months. 
  • It is noted that smaller groups tend to accumulate bigger losses compared to huge organizations. It boils down to the idea that smaller companies have weaker control measures. 
how do i know if i have hoa embezzlement

Ways to Detect and Prevent Fraud and Theft in HOAs

Since this problem is basically existing and hard to control, precautions are necessary. Try to go over these red flags as signals of fraud and theft in HOAs. 

  1. Instead of vendors’ hard street addresses on invoices, you’ll see P.O. boxes instead. 
  2. There are duplications of addresses between vendors and employees or board members.
  3. Amounts of balances go beyond the budgeted sums
  4. On-time transactions become multiple payments to a specific vendor
  5. Contracts that are single-source
  6. Some important documents such as letters and bills are nowhere to be found
  7. Photocopied files are filed instead of original documents
  8. Bank deposit delays
  9. Frequent disappearance on petty cash fund
  10. Payment duplications
  11. Property management employees decline promotions or vacations
  12. The consultation fee is paid without concise scrutiny coming from the board of directors.
  13. A defensive action retaliates from someone once asked about reports on bookkeeping/accounting op your HOA.
  14. There are record paid services but no performances tracked.
  15. Imbalance on the accounts payable and receivable
  16. Notice a staff member or a member of the board who prefers working from home instead of on property management offices.
  17. Problems on drinking, gambling, or drug habits

Looking into the list above, you’ll get an overview of the common signs that a possibility of fraud and theft in HOAs is of great chance. Added to that, spotting an ‘overbuying’ is a common signal too. 

For instance, your accounting staff gets an invoice that shows 80 toilet bowls while the on sight location has 40 completely installed ones in all comfort rooms. Note this one by looking into the person who penned his signature on it. 

Next, you might spot a staff, a manager, or a board member purchase hundreds of dollars worth of supplies to Walmart for instance. Afterward, they returned those items and pocketed the amount of sum. A copy of the receipt is sent to the HOA’s bookkeeper while the original invoice is used to have a refund. 

That is why background checks are not enough to spot fraudsters. In most cases, these cons are veterans when it comes to accomplishing fraud and theft in HOAs. Some are keen enough to pass pre-employment tests that detect theft and fraud personalities. It is best to test your staffs with additional responsibilities that’ll measure their honesty with the job. 

Ways to Prevent Fraud and Theft in HOAs

While it is necessary that you are aware of the red flags of these embezzlers in your organization, it is best to prevent them too. Here are the ways to do it. 

1.Monitor checks and balances consistently

You must see to it that the responsibilities of employees should vary from each other. For example, if you assign a certain person as a signatory for checks, he or she shouldn’t be responsible for gathering and verifying invoices too. It is also the same as tasking staffs to make purchases while appointing other individuals to reconcile bank statements. Make sure to separate the reserve account and the operating account as well with other individual funds. 

2.Get engaged with work

It is important that board members have the first look and hold of inspecting paperworks such as records. Records, supplies, and inventories should be scrutinized and if some discrepancies are spotted, employees should be held accountable for it. Transparency is so important coupled with accountability and being fully aware of the kind of jobs each one holds. It also sends an impact to fraudsters that every move they make is being eagle-eyed by the board members, making them feel uneasy to exercise their scams. 

3.Label accounts properly and update bank records

Bank accounts are the most vulnerable thing that embezzlers target. Therefore, to keep these accounts not easy access for fraud and theft in HOAs, each should be named under the association. Make sure that you should check bank records such as updating signature cards.

4.Board members should undergo training

It is understandable that HOAs do not necessarily appoint board members who are bookkeepers. It is a voluntary job. Therefore, most of them are unaware of the whole scope of professional bookkeeping of managing employees. The best thing to address this issue is to have them undergo training such as inviting an expert in accounting to help them understand the process.  

5. Assign different bookkeepers from time to time. 

The issue of monopoly is smashed if you create bookkeeping rotation roles. A possible fraudster may be prevented from monopolizing control over the organization’s money matters. 

6. Implement audits either announced and unannounced

A CPA or a certified public accountant is essential in updating HOAs’ financial records to detect and prevent fraud, and theft in HOAs. And, it has to be either announced or unannounced so that employees will have that feeling of keeping things in order because they are fully aware that an audit team comes randomly. 

7. Hire fraud experts

It is really not easy to detect cons who are also professional on fraud and theft in HOAs. It is best to acquire a certified fraud examiner. These experts are necessary if the organization feels that an embezzler is roaming around the association. 

8. Invest in purchasing a fidelity insurance

Fidelity insurance is a policy that pays a benefit if a person under contract breaks a law such as fraud and theft. It is of best interest to insure the association which entails maximizing the amount of money in the custody of the HOAs at any moment. 

Conclusion:

Fraud and theft in HOAs have been around for years and it becomes a culture among cons to practicing their expertise on stealing from homeowner associations whether big or small. What is essential is the knowledge of detecting the red flags of these fraudsters and educating the people who are concerned about the organization to prevent embezzlers to succeed. Needless to say, ‘prevention’ is better than, ‘cure.’