Real estate has always been considered a good investment opportunity. Even when the housing market has taken its hits, it has always recovered in the long run. If you are Investing in a property that you will live in yourself, you won’t have to worry tenants, however if you are looking to rent your property out, finding good tenants will be a constant process.
According to Tenant Planet, the average U.S. residency for tenants is about 3 years. So, learning how to find tenants for your rental property isn’t just going to be a one and done deal. You will have to find good tenants every time one of them moves out. If you own multiple rental properties, then you will be surprised with how often you will be searching for them.
Also, just finding some tenants with a security deposit and chucking them into the rental isn’t going to be enough, if you don’t take the time to screen the tenants properly, you will quickly learn the having bad tenants is even worse than having no tenants at all.
Here at The Rental Lister, we have decided to take some time to detail some of the best ways for you to find great, rent-paying tenants for your property.
Hire an Experienced Property Manager
While this top tip may seem to be a tad bit in our best interest, the reason that it is the top tip is simple. An experienced Las Vegas property manager will have an intricate knowledge of the local housing market. Also, if you hire a property management company, they could very well have a list of good, properly screened tenants waiting for a rental to open up.
A property manager worth their salt will also be able to list the rent at a competitive price so that it will be rented out quickly. If you list your rent as too high for the area, nobody will rent it out, and if you list your rent too low, you could risk losing money in the long run.
Have a Virtual Open House
Open houses are not just for realtors. Offering a virtual open house for a limited amount of time will not only allow prospective renters to view the property from the comfort of their own homes, but also create a sense of urgency. If you advertise your open house to only be available for a limited amount of time, you will get many more shows, and therefore applications than if you just had it available all the time.
Holding an open house is a great way to point out just why your property would make a good home for possible renters. You can highlight all the features that your property has, as well as discuss the different qualifications that you wish your renters to have as well.
List Your Property on Online Directories
In today’s day and age, the internet is where most people will look when searching for a rental property. There are a handful of websites that have a great amount of search engine authority so that they rank highly in Google when someone searches for terms like “Las Vegas rentals,” or “houses for rent near me.” Whiles these websites charge a small fee for your listing, they are a great way to find renters in your area. Here is a list of some of these online directories:
Offline Advertising
When looking for how to find tenants for your rental property, just listing it online may not be enough. Before the age of information, realtors and landlords used offline advertising to find renters for their properties. A few offline advertising ideas are as follows:
- For Rent Sign. Having a sign out front of your property is a great way to let people who are just passing by know that it is available. You would be surprised how many people establish a neighborhood they want to live in and will drive around looking for these signs. Make sure that your contact phone number is clearly listed on the sign as well.
- Newspaper Ad. Yes, people still read newspapers and listing your property in your local paper is still a great way to find a tenant. You can talk to the advertising department of the local paper and find out which days of the week have the highest readership and then list your ad on those days.
- Advertising via flyers is a cheap way to get the word out that your property is available. You can print and hand them out wherever, but make sure that the flyer includes detailed information such as the property description, monthly rent, and the security deposit amount.
- Bulletin Boards. Many public places such as grocery stores, community centers and churches will have bulletin boards in high traffic areas. Most of these bulletin boards are free to use and receive a great amount of public attention.
Conclusion
We hope that we have given you a good start in your search on how to find tenants for your rental property. Managing your own rental property can sometimes turn into a full-time job, which is why a lot of landlords will hire a good property management company, to do the work for them.
Here at The Rental Lister, we have been managing properties in the Las Vegas area for over 20 years. If you feel like hiring a property manager will be your best bet on how to find tenants for your rental property, take a look at some of our guarantees, then call us today.
