How much should I ask for my property?Click To Expand Answer
You should find out what comparable properties are leasing for the preferably in the neighborhood your property is located. Potential tenants have a few simple criteria they use when looking for a rental property: location, the monthly asking rent, the number of bedrooms, the size of the property, and possibly the age. Most tenants aren’t looking for their dream home, they are looking for a temporary home (whether that is 1-year or 5-years) that is good enough. For a small fee, SMIPO will provide a Comparable Market Analysis (CMA) to assist with your pricing strategy. There are also some free sites (such as Zillow) that may help with this question.
How long should it take to get an acceptable application?Click To Expand Answer
Leasing a property is not like selling it. When you sell, depending on the market, the time of year and other variables, it may take months to sell your property. The rental market has a much shorter time frame. Since the lease price is typically non-negotiable, and buyers are making a huge commitment, you should start receiving applications within a week or two. If you have not received an application fairly quickly it is for one of two reasons: you are asking too much; or your property does not compete well (dirty, dated or some other factor) with other rentals on the market. You then must either lower the price or improve the property.
How do I find good tenants?Click To Expand
First, let’s define a “good tenant”. A good tenant is someone who pays as agreed and abides by the terms of the contract. A good tenant is also someone who does not unrealistic expectations for the property and is constantly asking for improvements or corrections. Unfortunately, there is not “one place” to find good tenants. They may find your property through the internet, your sign, or even word of mouth. Your goal is to cast the widest net as possible, because the more applications you have, the more choices you have as well. We recommend the MLS, Craigslist, and even a property sign. Each has pros and cons attached to them:
- MLS – The data from the MLS is sent to numerous websites. Realtors use the MLS to find properties for their clients, any many clients use websites that get their data from the MLS. The MLS can be expensive. You will pay a company to post your property in the MLS, and usually you will offer compensation to the agent who brings a qualified tenant to the property.
- Craigslist – Many owners and tenants use Craigslist because it is free. It does take some effort because lease postings fall off the radar quite quickly (with the MLS, it is an active in the database until is sells) and must be reposted regularly. Also, since there is no agent involved, the site can be “the wild west” and there are quite a few suspicious people on this site.
- Yard Sign – You are limited to those people who drive by the property. If you are managing a multi-unit building, a sign can bring in a steady stream of traffic.
Seldomly Ask Questions that Should be Asked.