Owning an investment property in which you have renters that provide you with the income that covers the cost of the house and more, always making sure you’re ready for any unexpected incidents is vital to your continued success.
Things can happen fast, whether your renters have to move out of town for a job suddenly, or they did something that goes against your contract regulations, you have to be prepared to solve the situation. You can have them pay to break the contract, and use their security deposit to fix any damages, but you still need to find renters to replace them after the eviction. Here’s how you can quickly do just that:
Always stay active on renter forums
In order to be able to make the process of quickly being able to find new renters as simple as possible, you should join renter forums, and always scan the internet to keep an eye out for people who may be looking for a place to live. While this may seem a little backwards; you looking for renters, rather than the renters looking for you, it never hurts to be prepared. Also, see what other owners are charging for rent on these forums, and see if maybe while you’re looking for replacements, you might even be able to make more money with the new renters.
Keep your connections
Chances are you have relationship with other people in the industry, and chances are that they know of people looking for a place to live. They may have just signed a contract with a group of tenants but they may have had to decide between a few choices, so see if they have the names of the people they didn’t decide on.
When things have to get done in a short amount of time, you want to do whatever you can to get it done, even if that means spending a few bucks to make some sooner. So make sure you put out listings on websites that tenants may be looking at, even websites where people list if they’re looking for another roommate. Talk to real estate agents and see if you can create a listing to be put on their site, or see if they know of any clients looking for a place. The key is to get your name and property out there.
Hire a service
There are businesses out there to help you through this process. If you have a property management service managing your properties, they may be able to help you find tenants quickly. If you don’t employ a management service, then ask around different agencies to find out their prices. See if you could maybe make a deal where they manage some of your homes, if they cut a discount in helping you find tenants.
These are just a few of the many ways you can find tenants quickly after evicting your previous ones. It can be stressful but remember that you have outlets to turn to, such as Merit Co. Every day we list rental properties and help owners just like you find the perfect tenants you need in no time. So don’t be afraid to contact us today, and get your property rented out as soon as possible!