Were you aware that around 36% of Americans choose to rent instead of buy property?
If you're interested in creating a robust investment portfolio, then you should consider buying a rental property. The best way that you can maximize your income is to secure high-quality tenants.
Are you wondering what you can do to streamline this process or find a fair tenant placement agreement? Continue reading our guide to learn all about how you can optimize tenant placement.
Determine Your Ideal Rent Price
Before you think about tenant placement fees and other expenses, the first thing you should do as a rental property owner is get to the bottom of how much you should charge for rent. It would be helpful to look at rental properties in your area so you can see how much the competitors are charging.
Do keep in mind that your rental property will come with different amenities and other variables that can cause your rent to be higher or lower than competitors. Make sure that the final price is reasonable so you don't drive away high-quality renters.
Be Smart When It Comes to Rental Property Marketing
The more renters who are aware of your property, the wider your application pool will be. It's always best to have more applicants to choose from because then you're allowed to be pickier. Your top goal is to find renters who will stay for a long time so you can keep your turnover rate low and spend less on marketing in the future.
When you do need to advertise your rental property, make sure that your listing is available on multiple platforms. Rental websites are an excellent start, but you should also look into social media. Your listings should provide lots of nice photos and a detailed description of the unit.
Screen Each Applicant Thoroughly
Once the applications start rolling in, it's time to do some tenant screening. Tenant screening is crucial because it allows you to confirm that your tenants don't have a criminal background, can afford to pay rent, and have maintained good relationships with past landlords.
If you fail to screen your tenants thoroughly, then you could end up losing your profits due to missed rent payments, property damage, legal issues, and more.
Consider Hiring a Tenant Placement Company
Hiring a tenant placement service could be the smartest business decision you make. These companies have developed the best process using high-quality tools to give you perfect results.
Since they'll take care of everything, you won't need to worry about making any expensive mistakes.
Now You Know How to Optimize Tenant Placement
Mastering the art of tenant placement takes a lot of effort, but the results are worth it. Investing in tenant placement services is the easiest way that you can protect your business.
Would you like to learn more about tenant placement services? Contact us to hear all of the different ways we can help your business thrive.