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How a Landlord Gets a Quality Tenant
| How Does a Landlord Get a Quality Tenant? |
Tue 01/05/10 11:59:55 pm
by Eric Madrid
What I'm about to share with you is at the core of successful landlording. Step 1: Advertising Your Property For Rent It all starts with advertising your property. I like to offer incentives for longer term leases. Example... 1 year lease $850 per month, 2 year lease $825 per month, and 3 year lease $799. I also reward my tenants when they renew their lease with another long term lease. Example: Free first months rent at lease renewal signing. Tenants also receive gift cards at Christmas and their Birthdays. This makes them feel special and should be part of your tenant retention program. It works great! You have many options with where you can advertise and it usually depends on your budget. If you are budget minded as I am, there are several great options such as... Referrals - referrals from a good tenant can be one of your greatest resources. craigslist.org - I have had great luck advertising with them and best of all it's free. I always include pictures with my ad. The Pennysaver - This is a local community publication that is another great source if you have one in your area. The Thrifty Nickel - Another local community publication that is in the midwest. For Rent Sign - I have had great luck placing a for rent sign in the front window of the house. Prospective tenants often drive through neighborhoods they want to move into. Local Businesses - Many local businesses have bulletin boards you can place ads on. Such as laundry mats, grocery stores, and hospitals. Local housing authority - such as Section 8 if you accept this program.
Step 1: Advertising Your Property For Rent
Referrals - referrals from a good tenant can be one of your greatest resources.
The Thrifty Nickel - Another local community publication that is in the midwest.
Local housing authority - such as Section 8 if you accept this program.
If you have a larger advertising budget than you may want to include...
Your ad should include...
The location of the property, number of bedrooms and baths, key features of the house, monthly rent price, required deposit amount, date available, contact information including phone number, and pictures of the house if you can.
Step 2: Your Working-Landlord Phone Answering System
You will need to have dedicated business lines with at least two separate phone numbers preferably three.
The first line will be for your rental listing call backs. It needs to be set up on a digital answering machine. Your greeting should be something like this: 123 Adam Street is a nice three bedroom, two bath, ranch style home with garage, located near cross streets Lincoln and Washington, Rents for $799 with a $849 security deposit and will be open Saturday and Sunday at 11 a.m.
Note: this is very important... I only do open houses for a vacancy and you should to. This saves lots of time, gas, and unnecessary driving. It often creates a frenzy when several prospective tenants show up at the same time. Single showings are for the bird...