If you are looking for new tenants to occupy your house, you may be thinking you’re in for a long and difficult process.
The good news is that finding respectful and trustworthy tenants to live in your home is not impossible, no matter the real estate market trends. Keep in mind these five helpful approaches in your new tenant search, and a positive tenant relationship will be just around the corner.
5 Affordable Approaches to a New Tenant Search
1. Use any current tenant(s) as a resource.
If you are currently overseeing other tenants on the same or additional properties, ask them if they would spread the word or refer you to prospective tenants. This is especially key if your current tenant(s) have upheld your lease terms and are already trustworthy and respectful of your property.
Your current tenant base is a commonly overlooked resource in this way. Often, current renters will know many other renters in the area, some of whom may be needing a new place.
2. Harness the power of social media.
We live in an age of online social connection. Take advantage of this by promoting your property on popular social media outlets, such as Facebook, Instagram, and Twitter. Listings on all of these sites are free.
Post professional and comprehensive photos and descriptions of your property, with terms of the lease and showing and contact information clearly listed. Ask friends to share your posts with their friends and family as well.
3. Rely on your professional and personal networks.
Word of mouth is still a powerful thing–and free! Talk up your property and tenant search at work and home, and request that people spread the word.
Ask yourself what other networks you can access as a resource. Do you volunteer regularly or go to the gym every day? Post flyers at your gym or ask fellow volunteers in your community service group to pass on the news of your tenant prospects.
4. Choose a demographic and cater to it.
Depending on your area, consider marketing your property in your tenant search towards a certain popular demographic. For example, if your property is close to a university campus, cater to students in your advertising and networking.
If you provide affordable housing for lower income individuals, emphasize this in your advertisements. If your property is pet-friendly, talk this up. Think about what will be most attractive about your property given the local demographic and channel this in your promotion.
5. Have a thorough screening process.
Once you’ve secured several prospective tenants, you have to take the steps to make sure that you choose the best ones possible to rent your property. This means having an effective screening and application process, especially if you acquire interested applicants through Craigslist or other online housing sites.
Make sure all applications received are complete. Process a criminal check and credit report if you are able. Request an interview with the applicant as well as references for employers and previous landlords.
During the interview, it’s important to ask your prospective tenant questions about their motives for moving and status of income. Be honest and communicative, and clear about your expectations.
The Bottom Line
Finding reputable new tenants does not have to be a difficult or expensive project. Making good use of the media channels available to you, such as social media and online housing sites, can help you in your tenant search.
Backing up your multi channel advertising with an effective screening process will ensure that you choose new tenants who will respect your property and follow the rules.
Launch your search for new tenants today, without breaking the bank!