You likely don’t need to be told that real estate is one of the more solid investment choices you can make for your portfolio.
Compared to the many investment options you may have in front of you, real estate provides a pathway that can be possibly the most lucrative and helpful.
Of course, if you do make an investment in real estate, they’ll be a lot to learn and a few challenges to overcome. One of the first hurdles you’ll have is to simply get someone to move into your rental property.
Learning how to find a tenant can be one of the first major tasks you’ll have to take on as a real estate investor. What do you need to know about finding a tenant, ensuring they are a good fit, and doing so fast?
Read on and we’ll walk you through some tips that can help you work it all out.
1. Write a Great Listing
The first step in finding good tenants for your rental property is getting their attention. In order to secure a great tenant for your space, you’ll need to create a great listing that will get the attention of the right people.
You likely expect a lot from your tenant, and as such, you should expect to put forward a good amount of effort in return. By putting your best foot forward in listing your space, you’ll have better luck attracting the kind of tenant that’s going to return the effort and put their best foot forward as well.
A great listing can take some work and can be trickier to accomplish than you may think. One reason that many real estate investors work with property management services is that these services are pros at coming up with great listings for all kinds of spaces.
A great listing should have a catchy title and quickly get the essential information to a browser: price, bedroom/bathroom quantities, and major highlights of the property.
Your listing should accurately but positively detail the space in a descriptive manner. It should be both detailed and to-the-point, which might sound like an oxymoron but is an essential part of the property pitching process.
In addition to getting a sense of the property across, you should also spill a few words on the neighborhood and surrounding area, selling these as perks to the overall living experience.
You should also make sure to include information on how an interested party should reach out and what the application process for the rental might look like.
2. Have Your Listing in Multiple Places
The more places your listing is, the more chances you’ll have to connect with your dream tenant. Finding a tenant is a challenge, but ensuring your listing is in as many places as possible can help to keep the odds in your favor.
Some of the major websites that host listings include Zillow, Hotpads, Trulia, and Zumper. Looking into local listing options based on the area in which you are purchasing property can also be beneficial.
Each of these listing websites might have slightly different needs, which means you’ll need to set down a good chunk of time to get through all of them.
If you do work with a property manager, they can take over this task for you and ensure your listing is in as many places as possible.
You may even want to list on websites like Craigslist or Facebook Marketplace, as many interested renters now use these sites. After all, nearly everyone has a Facebook account these days.
3. Respond Promptly and Efficiently
The real estate market moves fast, and you’ll need to work fast if you want to keep up and lock in stellar tenants. Keep the same philosophy we mentioned above in mind: if you want to lock in some quality tenants, you’ll need to provide a quality experience for them.
The most important thing you can do to help hook a great tenant; Respond quickly and be communicative. Prospective tenants spend hours looking at different properties, and waiting around for an answer from you is likely going to push them in the direction of a different landlord.
If someone is quicker to respond and more enthusiastic than you are, they are more likely to land a tenant who is considering both options. This is especially true during busy times in the market – and the market shows no signs of slowing down this year.
Make sure to reply to texts, e-mails, and phone calls as efficiently as you can. If you’re juggling other responsibilities with your rental property, you might want to consider hiring a property manager who can handle this influx of calls as you handle the other needs in your life.
You can also bring down the number of questions and calls you’ll need to work through by making your listings as detailed as possible.
If a potential tenant can find the information or photos they need in your post, they won’t have to come and call you for further info.
It can be difficult to manage the speed needed to bag a good tenant, but the effort will be well worth it once you’ve signed a lease.
How to Find a Tenant Quickly
If you’re looking to find a tenant for your new rental space, the above information can be quite helpful. Accomplishing these tasks can help ensure you get a great tenant for your new space.
Learning how to find a good tenant is a task that takes focus and determination, but can be quite lucrative when all is said and done.
Need more real estate advice and information? Contact us anytime for assistance.