Why Can’t I find a Decent tenant? That is a question many landlords ask. Well, that depends on your situation but here are some guidelines to follow to help you find one.
This is a scary place to find yourself in as a landlord. A vacant property will still need to have maintenance and utilities turned on just to avoid additional repairs and costs. Not to mention that rent helps us all pay our bills, long vacancies look bad to potential tenants and you may get so desperate that you accept a desperate tenant. Not good.
My first suspicion is the rent price compared to the area? How did you decide what to charge? How much competition is there? Is it a popular area? Rural areas take more time to rent and you have to make not only the house but area look attractive
How are you advertising? Are your paying realtors to provide you a tenant? Is the house visually appealing in the marketing? Is the written description professional and complementary? If you are marketing on some internet sites you can actually check to see how may views the home gets every day.
Is your home listed on the MLS or the local Multiple Listing Service? If not, most are and they are likely being rented quicker and for more the right amount of money. Setting vacant for just a month consumes 8% of your yearly income and likely covers the cost of a professional property management company. You not only have to be a property manager but have the most marketing experience to beat your local competition and yes, it is a competition for the best tenants.
Once you decide to venture into being a landlord either start studying marketing and the applicable landlord laws or plan on hiring a property manager. When you find the house or property to lease you can have it on the market to lease the same day