Having an investment property can be a very lucrative way to make additional income for you and your family. Finding a great tenant can be the difference of enjoying this passive income opportunity or regretting buying the investment in the first place! The joys of home ownership and investing in real estate can be great and here are a few tips that will help you in the process.
Here are Five tips for finding a great tenant for your property
Marketing
Make sure the home is in “rent ready” condition and take nice photos of the home. It is best to hire a professional company because it can generate more interest in your home for about $100. Create a good description of the home and include the selling features of the home. Is it in a great location nearby shops and restaurant? Does it have a large backyard? Highlight the reasons why you love the home. Post it to websites like Zillow, trulia, etc.
Screening
Use a rental application and run a credit check, criminal background check and check references from previous landlords.
Know the laws
Make sure you understand the laws regardingfair housing. The Fair housing act prevents discrimination and should be researched and understood.
Require renters insurance
Renters insurance is a benefit for the owner and tenant. In the event of losses, renters insurance will cover the tenants’ personal property and damage to the home.
Preparing the home
Change the air filters, check screens, ensure smoke detectors are working and up to code, check all of the light bulbs, make sure the water in each room is working, test appliances and complete a final inspection to make sure nothing was missed. You can find information about CA law regarding property management on the BRE website.
Get Property Management Here
When it comes to hiring a company to provide dependable property management, you want someone you can trust. Pacific Property Management has the resources and technological advantages of a large company, but at our core, we’re still a family business with all the personal touch that comes with that designation.
Want more information about hiring Pacific Property Management to run your investment property? Contact us today to learn more.
(760) 420-5706 or Click hereto connect with us online.