How to Find a New Tenant, Quickly
When the year comes to the end you may find yourself losing tenants that are near and dear to your heart. Residents that pay rent on time, keep the premises clean and just generally are great to deal with are a huge loss when it comes time for them to leave. It can be extremely stressful to find the right tenants for your property. Tim Manning, expert property developer recommends taking extreme care in this situation as it can cause landlords to make rash decisions to fill their places.
Having an empty property can result in a lot of extra costs for landlords. Mortgages and utility bills still need to be paid whether or not a person lives in the house and this can leave owners largely out of pocket. It can also be costly to advertise and seek new tenants. However, this process takes time and it’s part of the rewarding process that goes into investment properties.
The best thing to do in this situation is to get a new tenant in, fast. Obviously you want to find the right person and it’s possible to do so if the right steps are taken. Demand for rental properties can be extremely high, especially in the beginning of the year. It’s not the end all if you ave to find tenants. Sometimes a new tenancy can be the start of a great working relationship.
Remaining organised during this process will put you in the best position to come out on top of this process. Confirm the correct dates your current tenancy will end and when you will last receive rent for this period. Correctly situating your new inspections and interviews of tenants prior to your current tenant moving out will assist you in a quick exchange. You can also employ the help of real estate agents to help you find tenants faster.
The elephant in the room when dealing with rentals is the issue of money. While you don’t want to lower the value of your property it’s important to remain competitive in the market. Pricing your property attractively without selling yourself short will help you receive a lot of interest during this period. Advertise on your local classifieds to reach the community and sell your property in the way that you wish to present it.