Date Posted: 2012-07-30 08:58:04
Site Posted: Myproperty.ph
As a first-time landlord, one of the first hurdles you have to clear is finding a tenant. It may sound like a simple job, but the knowledge of having a complete stranger live in your property makes things a bit complicated. Add to this the idea that there are some months when rentals move much more slowly than others, and you might be looking at a property that has the potential for investment return but is just costing you the longer it sits there empty.
Find the right tenants for your rental faster and more easily using the following tips:
Think about the kind of tenant you want to have. If you own a condo or apartment for rent, are you looking for a single renter, or will you allow a couple? Would you prefer your rental to be pet-free? After answering these questions and others related to your preferences, have a look at your rental and see if it reflects your choices. This will allow you to adjust your rental according to the type of tenant you want to have; for instance, if you’re open to having a couple live in your rental unit, you might want to replace the single bed with a double or queen-sized one. In addition, knowing the kind of tenant you want will also make it easier for you to create an ad that will attract that specific type of tenant.
Craft a detailed advertisement. Highlight the features of your property, but be careful not to write anything misleading. Aside from the address of the property, make sure to include information such as the amount of rent, the length of the lease, the size of the rental (including the number of bedrooms and bathrooms) and if the property comes with any furniture and appliances. Don’t forget to include pictures of the property, as well as other relevant information like its proximity to malls and restaurants, as well as how easy it is to access public transport from the rental.
Know where to advertise. Once you’ve put together your ad, choose where to place it. Having it posted in a newspaper classified ads section is good, but you can reach more people in a shorter amount of time by taking it online with social media sites like Facebook and real estate portals like MyProperty.ph. If your house for rent is within a subdivision, put a for-rent sign that bears your name and contact number. Ask permission to put up signs that lead from the village’s gate all the way to your property.
Offer incentives. Everyone responds positively to incentives, so if you can afford it, why not offer free Wi-Fi or basic cable? For tenants who are willing to pay a year’s worth of rent, tell them that you can give them a small discount. This kind of deal can easily weed out renters who are just looking for a low-priced rental, and can keep you focused on those who can actually bring you great return.
Provide deterrents. One of the things that make tenant-searching take longer is when you waste time on those who don’t qualify. You can keep this from happening by announcing ahead of time that you would prefer tenants that can give you documents like proof of employment, as well as references from previous landlords. Statements like “no pets” and “indoor smoking not allowed” can also help cut to the chase.
Once you’ve attracted a lot of potential tenants, make sure to screen them properly and ask them for the necessary documents. To ensure that your rental is profitable, you have to not only keep it occupied but to keep it occupied with good tenants who will pay rent on time and will take care for your property.
Jillian Cariola, Writer
(cover image by Philippe Ramakers)
Recently Posted Properties from Around the Web:
