How to get rental tenants is a key skill you will need to know to ensure you get the maximum return on your investment portfolio #LegacyOnlineCourse
Once you have acquired the property, and it is registered under your name, you will be lucky if there is a tenant already in place. If so, and the tenant is a good payer, do whatever it takes to keep the tenant happy. He or she is your customer and should be looked after with all due concern to make sure that they are happy and content with all the facilities provided for by the property.
In some circumstances, your unit will have no tenants, and it would be prudent for you to start looking for a tenant immediately. Residential property needs to be appropriately marketed to attract the right clientele. Rental unit advertising involves targeted marketing to expose your unit to the right potential tenants. The option chosen depends on the type of residential space available and the type of tenant needed for the space. Various options are available for marketing your unit in the market place.
Without going into too much detail, these can be divided into:
- Online marketing – by far the most common and most efficient way of advertising your rental unit is online. With the advent of Internet, it has become easier and more efficient to advertise your unit online than with any other medium.
- Print advertising – using the newsprint, for example, newspapers, magazines, community bulletins, etc.
- Signboard – “For Rental” signboards erected at the site of rental will also give you good exposure to potential tenants.
- Word of mouth / referrals – Although this might happen, it is not recommended as a way of getting your unit occupied. The bottom line is that you need to advertise to ensure that your vacancies are as low as possible.
Get your copy of Build a Legacy today to read more and to master your tenant acquiring skills and knowledge.