Finding tenants for your rental unit
By Melissa Wirkus
In today’s market,
motivated home sellers who cannot find a buyer in their
specific time frame may be forced to rent out the home
in order to generate income for the mortgage and other
housing costs.
If you are in the situation described above, or just
have a rental unit that you need to find tenants for,
you have a variety of options.
If you are low on extra funds already, then you will
probably have to be the landlord, since a property management
company only costs more money.
But, if you cannot become a landlord for one reason
or another, then you would need to hire a property management
company to find tenants, collect rent and perform various
maintenance projects.
If you cannot employ a property management company,
do not panic, because there are a variety of ways to
make becoming a landlord much easier.
But first and foremost you must find tenants, especially
if you are relying on their rent money to pay the mortgage
on the property.
A December 2, 2006 article by Gerald Mason and posted
on 123realestatearticles.com, “Secrets of finding
good tenants as a landlord,” shares some secrets
to landlords out there who are in desperate need of
finding some tenants.
“Do you want to make money as a landlord? If so,
there is only one way that you can do this. You will
need to have tenants so that you can make money on a
monthly basis. Without them you will not get very far.”
“The fact of the matter is that finding tenants
is one of the most important parts of any landlord business.
When you become good at finding tenants you will always
be able to have a monthly income rolling in. And the
great thing about finding tenants is that you usually
do not have to do this on a regular basis. If you are
lucky the tenants that rent from you will stay for a
long time. This way you do not have to go out and find
new tenants each and every month.”
The best way to get tenants to stay longer is to offer
extended leases such as one year leases in contrast
to leases that go from month to month. This way you
only have to find new tenants once a year, and sometimes
this will not even be necessary because year-long tenants
may want to renew their lease again for the following
year.
But in order to get yourself and your rental property
known is to advertise, advertise, advertise!
“The best way to find tenants is to let them know
that you have a place for rent. The fact of the matter
is that if nobody knows you exist, you will never be
able to get tenants to move into your building. So as
you can see, advertising what you have available is
quite important. The only question at this point is
how you should advertise in order to ensure that you
are as successful as possible.”
“The best way of finding tenants is to put an
ad in your local newspaper. Obviously, the more people
that read the paper the better chance you have of finding
tenants this way. For this reason you will want to take
out ads in papers that are large. This way you will
get your listing in front of as many people as you can.”
Also, consider putting an ad in a small community newspaper.
Then, put your listing on the Internet. There are hundreds
of websites that list units for rent
and posting your listing on one of these sites could
yield some very profitable results.
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