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Owning an investment property can be a great way to earn some short-term cash flow while also building a lot of long-term wealth. When you are looking to own investment real estate, there are many different important decisions that need to be made. One of the most important overall decisions that need to be made is when you try to pick new tenants for your property. There are a variety of tips that could help you to find and pick great tenants for your property.
Have a Great Ad
One of the key property management tips to follow today is to create a good online profile. Today, the vast majority of home renters end up looking for their new home online. Because of this, you need to make sure that you have a great advertisement. Your advertisement should include quality photos of all of the key areas of the property including the kitchen, bathrooms, bedrooms, and general living space. The advertisement should also contain descriptive language that not only properly describes the property, but sells it to potential tenants as well.
Today, there are many great ways to market your property. While there are general online listing services, property management advice will recommend less formal options as well. Creating a social media page and using traditional word-of-mouth marketing can be a great way to find tenants.
Whenever you have tenants that are interested in your home, one of the top property management tips is to respond quickly. When someone is looking for a new rental home they likely need to find a new home in the near future. Because of this, they are going to need you to respond to emails as quickly as possible and for you to make the unit accessible for showings. If you delay too long, they will likely move on to other options.
Once you have someone that is interested in the home for rent, you also need to make sure that you do a full background check on them. This part of the process will have to include running a criminal background check, a credit report, confirming all of their financial records, and getting references from prior landlords. Doing all of this will help to ensure that someone is able to afford the monthly payment while also confirming that they have been a good tenant in prior homes.
Ultimately, you need to feel comfortable with the person that will be living in your building. If you do not get a good feeling from someone, it may be worth trusting your gut instinct. This could help you to avoid leasing to someone that will be problematic.
If you own an investment property, you should contact the team at Green River Property Management today. Green River Property Management has more than 15 years of experience in the Jacksonville local market and can provide you with a variety of property management services, leasing, and tenant selection services.