by JMZ Property Management
on Sunday, November 3rd, 2013 at 9:51pm.
The reluctance that many individuals hold towards becoming a homeowner is understandable. The ongoing recession has depleted the savings from countless men and woman. Taking on a new home loan while struggling to repay the debts they've accumulated is a foolish move. There are also the individuals who simply do not want the responsibilities of owning a house right now. Either way you look at it, this is a golden opportunity to collect on the investment of a rental property. The first step is knowing where to look for potential tenants.
A cheap source of leads may be as easy as reading the paper. A few individuals are content with posting in their local newspaper the fact that they're searching for leasing options. Sunday's newspaper, in particular, may serve as a reliable place for leads and begin the effort of filling your vacant properties.
If you aren't already posting ads for your properties on Craigslist, eBay, and other social media websites, you are likely not finding the same success as those who do. This method of advertising your rental property has resulted with signed leases in many cases, however you are marketing to the same population of tenants as other competing landlords. In addition to those advertising efforts, give a thorough look at the houses/apartments wanted section. The prospective tenants posting in this section commonly include a list of what attributes they require in a property. Screening individuals and demonstrating that your property will meet all their needs will be less time consuming if you adopt this technique.
The Rental Assistence Program (RAP) aids very-low-income families afford houses or apartments in the private market. Sponsored by the Department of Social Services, these individuals are given RAP certificates and allowed to search for the type of property that fits their needs. Those willing to rent to individuals receiving RAP benefits can expect a housing subsidy from the government on behalf of the renting family. The tenants are responsible for paying the difference between the amount of rent you originally demand and the subsidized value.
The methods above are useful when independently seeking tenants, but worth considering, a quality real estate agent has the tools and experience to reach a larger crowd. This will likely result in a better tenant/landlord match and with the market as it is, in less time than expected.