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When you own a rental property, finding tenants is your first priority. However, you don't want to find any tenants, you want to find good tenants.
How do you find tenants that are responsible, reliable, and respectful of your property? Plus, how do you avoid tenants who pay late or don't pay at all?
Keep reading for our guide on finding the right tenants for your rental properties.
1. Post Your Property Listing On the Right Real Estate Websites
Most people find their next home online these days, and they usually use the same popular rental sites. Here are the real estate websites that you should have your listing posted on to find tenants online:
- Zillow
- Apartments.com
- Trulia
- HAR
- HotPads
- Realtor.com
When you post your listing on a popular website, make sure you have great pictures and a thorough description of your property. Try to answer any questions that you think potential renters may have.
Are utilities separate or included? Is there an in-suite laundry room? What is the parking situation?
You should also tell them about the neighborhood and any amenities. Additionally, list all of your rules, like whether or not pets are allowed. The more info you give, the more likely you will attract the kind of renter you want.
2. Stage Your Property
If you are showing your property to potential renters in person, it's always a good idea to stage it with furniture. You don't have to furnish the whole place from top to bottom, but providing some furniture will make the place feel homier.
Potential renters will be able to see themselves living there more than they will when the space is empty. Stick to neutral colors and don't clutter the space. Instead, use tricks to amplify the square footage, like adding a wall mirror.
3. Make Sure the Price is Right
If you've listed your property on several real estate sites and you aren't getting any bites, you may need to reevaluate your rent price. Make sure you are charging the average amount for comparable properties in your area.
On those same real estate sites, do a little digging and find out what other renters are charging for a listing similar to yours. If you want to get more for your property, list it in the summer when the demand is higher.
4. Screen All Potential Tenants
The way to make sure you get the right tenants in your rental property is to screen them before signing any contracts. The screening process will help weed out tenants who are unreliable and irresponsible.
To screen them, conduct a phone or in-person interview to get to know them. You want to make sure that you jive well with them from the start.
Next, do a background check, credit check, eviction check, and call former landlords to ask about their rental history. You should also verify their income and current employment. Once you feel confident about your tenant screening, you can move forward with your potential tenants.
Find Tenants For Your Rental Property
Owning a rental property is a lot of responsibility, but when you have the right tenants, there is a great return on investment. If you're ready to let a property management service find tenants and handle all the logistics for you, contact Honolulu Property Management today.