Blog #1: How to find good tenants and avoid vacancies
If you are an owner of rental properties here in Bakersfield, you know it can sometimes be a daunting position to be in. Some of the common issues a landlord faces are: locating good tenants, setting the rent amount, and overcoming vacancies. The following is a guide that will provide some tips owners can use in order to solve a few of the problems that arise from owning a rental property.
Choosing the right tenants is an essential part in maximizing your profit as an owner of a rental property. If you price your unit right, a good tenant will want to rent it and stay there as long as their other needs are met. This means they will be more likely to stay long term, resulting in less time your property will be vacant. Once you have received an application it is important to do your homework. Make sure that you have thoroughly checked these key areas of your applicants history: rental history, criminal background check, income, and possibly their credit. Verifying this information will give you some insight into what kind of renters they might be. This is no guarantee that you will not have any problems if they pass your screening process, no one can promise that, but if you do these things you can mitigate the chances of these kinds of situations.
Now that you have chosen the best tenants for your property, there are still some things that you need to do in order to keep your occupants happy; ensuring that you will be receiving a steady flow of income.
Some easy things that can be done to accomplish this are:
make sure the rent is fair
maintenance issues are tended to promptly
communicate with your tenants regularly
These tips will help build a relationship with your tenants, in the hopes of avoiding any issues later on, however, it is uncommon to have a long term renter that never has any issues. At one point or another you may have to deal with some kind of confrontation. It might be over some maintenance the tenant felt they should not be charged for, or perhaps issues with late payments. Whatever the reason, if you develop a relationship with your tenants and are doing everything else that is required of you, you will be in a much better position to handle the situation and you will have peace of mind knowing you are providing a good living environment.
In the event that you do have a vacant rental on your hands, we have some advice that may help you shorten the time that your property is empty. Advertising your unit on multiple media platforms and formats is the best way to get the most exposure to potential applicants. This can include posting your rental online (Craigslist, Facebook, etc.), making flyers, placing an ad in newspapers, having a sign on the property, and many other options. Along with advertising, owners must be sure that the home is in an acceptable condition in order to be as appealing as possible. A good rule of thumb is to ask yourself if you would feel comfortable living there, if not, you shouldn’t expect someone else to. If you need to spend a little more time to make sure the unit is in good condition, do so, it will make the move-in process so much smoother and start the tenant-landlord relationship on a good note.
These are just a few of the many things that landlords must be mindful of. It can become overwhelming, especially if you work a full-time job or have multiple units. If you would like to find out how we can help you manage your property give our office a call or come in for a free consultation. We offer competitive pricing and can guide you throughout every step