How to Run a Property Business rather than a Hobby — and 5 great ways to Find New Tenants
Have rules, policies, and boundaries set
Systems that create efficiency
- Make sure to get the property ready for renting
- Understand that bad tenant are attracted to bad properties, so clean the place up! Get a good cleaning done, install new blinds, get carpets professionally cleaned, ensure that all appliances work, paint the interior and exterior, et cetera
- Make sure to take a lot of pictures and organize those pictures on google drive or something along those lines, to get a chance to see the before and after of when a tenant moves in. This will be a great way of examining what type of damage a tenant has done to the property come move-out day. And it’d be even better to do this with a professional quality DSLR-Camera
Five+ Ways to find Great Tenants:
- Put a sign in the yard
- Note that putting a for the sent sign on the yard lets people know that the property is vacant, and may increase the chance of crime like vandalism and theft
- Be way of this, especially if the property is in a lower-grade and crime-infested area
- Upload as many photos as you can and have as much information in the description as possible
- Postlets.com is a great resource to format your ads into looking great using HTML code that is plug-and-play
- Still a good way to advertise
- Figure out your options in terms of a marketing budget
- Existing Tenants
- Ask your good existing tenants for referrals
Have a pre-screening process for tenants
Do you have good credit?
Do you smoke and drink?
Do you have pets?
What is your monthly income?
What is your job history?
What are some references I can contact to verify this?