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.
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.
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.
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.
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.