With the current state of the real estate market, around 36% of Americans are only able to rent their home rather than buy one. If you've got an extra property to rent out, there's a huge market of potential tenants.
But finding the right tenants can be a challenge. You want people who will respect your investment property while they live in it, but feel comfortable and look after the space.
Keep reading to learn five tips for finding a tenant for your rental property.
1. Know What You're Looking For
Before you can find the right tenants, you need a definition of what you're looking for. Do you want a family looking for a long-term home, a young couple renting their first apartment together, a young working professional, or something else?
This isn't to say that you should limit yourself to only one kind of tenant. But it's important to know what your ideal option is so you can tailor your marketing approach to finding them.
Next is getting the word out about your property. Post these advertisements on places where tenants are looking. Property sites and social media are your best bets.
You need good photos of the property, with good lighting and a clear perspective to make it obvious what size everything is. Avoid wasting time by stating clear expectations in the ad. Rules like "no pets, no smoking" should be upfront.
For assistance in listing and advertising your property, check out our marketing services.
3. Price Competitively
If you want tenants in your property, they've got to be able to afford it. This will also include how large a deposit you're asking for.
Your listed price should be low enough that you get enough interest so there's a pool of prospective tenants to choose from.
4. Screening Potential Tenants
It's always recommended to do background checks on tenants. This can give you an indication of past issues they might have had and how this might impact paying rent. Check their credit, criminal, and eviction reports.
You can even conduct landlord reference checks. Speak to previous landlords and ask about their experience with the tenants. For assistance with investigating possible tenants, check out our screening services.
5. Maintain Good Relationships
You want your tenants to enjoy living in your property, so they stay longer and you don't have to find new tenants all the time. This means you've got to maintain good relationships with your tenants once they've moved in. It's usually as simple as upholding your part of the rental contract.
Make sure you're managing repairs and maintenance as they're needed. If you don't do it yourself, then hire someone else to manage it.
It's always best to communicate with your tenants when this will be happening so they aren't caught off guard.
Tenants for Your Rental Property
Using these tips, you're bound to find the perfect tenants for your Oregon rental property. You can trust your property will be well lived in and the rent will be paid.
Contact us to find the right tenants for your real estate today!