How To Find Good Tenants Quickly
An investment property that sits empty for weeks will burn a hole in your pocket.
Avoid this by working with your property manager on a plan to find a new, trustworthy tenant as soon as the current one provides notice to vacate.
Depending on the market at the time, it may take longer to rent your property than expected, however following the below tips will help mitigate unnecessary financial costs.
Here are seven tips to help you find a quality tenant as quickly as possible:
- Timeline. Knowing well in advance when your tenant is vacating will ensure you can successfully plan any required repairs/ improvements to your property and also to compare quotes to decide on the most viable option.
- Advice. Ask the opinion of your property manager for possible improvements that might allow you to increase the rent as well as fill the vacancy quickly and ensure a higher quality tenant.
- Price. Correctly appraising your property is critical in attracting clients. Ensure your property manager and has completed a current market analysis comparing properties on the market and recently leased considering location, features and presentation.
- Marketing. Check that your agency has a sufficient marking plan including professional photography, signage, virtual 3D tours, virtual staging, relevant online and social media presence on all the major websites/portals.
- Technology. In an ever-changing industry, keeping a clean database with the use of technology. This can assist in the leasing process by allowing all active clients to be kept up to date with available rental properties and home open times.
- Inspections. It is important to conduct regular home opens/private appointments to allow as many people through your property in a timely manner. Having a flexible agent which can accommodate various days and times will assist in obtaining applications.
- Application process. Having strategic and thorough procedures when processing applications are a vital when selecting a suitable tenant for your property. Your agency should be checking the applicants current and past rental references, employment history and all supporting documents.