In the market for an investment property? It’s a great time to invest in a rental. While finding the right property is important, so is finding the right tenants. Here are three ways to increase the odds of finding good renters:
Don’t skimp on tenant screening. Quality tenant screening can prevent a variety of problems. A property management company can help you screen your tenants and make sure you’re not running afoul of state or federal laws pertaining to the screening of tenants. Want to do it yourself? Learn the basics of tenant screening through your local apartment or landlord association.
Respond quickly to tenant problems. Tenants don’t like to wait to get their problems resolved. Not fond of late-night emergency calls? Not the type of person who can rush to a home and deal with a broken water pipe? Consider hiring a property management company to manage your property for you. These firms can help property owners screen tenants, keep their rentals occupied and deal with a variety of tenant issues.
Keep your rental in good shape. Some landlords try to maximize profits by waiting until it’s absolutely necessary to replace or repair appliances and fixtures. But keeping your rental unit in good shape and updated can help you attract better quality tenants that take better care of your property.