Tenant placement, or filling your rental with tenants is one of, if not the most important thing you can do to ensure that you have a smooth rental process. Ask anyone who has ever had a less than savory tenant and they will tell you how difficult it is to have a situation like that. The biggest reason why tenant placement is so important is because your rental property is an investment and you want it to succeed.
If you have learned the hard way that vacant units are the kiss of death for any real estate portfolio then you will understand why tenant placement is the key to success. Vacant properties attract vandals, squatters, and people that will vandalize and deface your unit driving your preparation and repair costs through the roof. This will ultimately lower the overall value of your property, alerting savvy investors that there is wiggle room in your negotiating price due to the lost cash flow from your empty, profit-eating, units.
As you advertise your property and look to fill it with new tenants you want to be aware of the potential problems that can arise. Unfortunately many applicants will be untruthful on their applications. Your job will be to verify their current employment, examine their rental history, and even check the credit history. These are important things to verify before you allow someone to live in your rental. You want to reduce the chances of getting someone who never pays rent on time, maybe doesn’t even have a job, and could even damage your unit. If the wrong tenant is placed in your house, it will not matter how great of a deal you purchased.
At the end of the day it is clear that your property is an investment that it must be regarded as such. Protect it by maintaining great tenant placement habits. Your best bet and most cost efficient option is to hire a property management company. A good property management company will leave no stone unturned as they help you to occupy your properties with good quality, long term renters. Since tenant placement is so important its best to leave the worry and frustration of handling it to a company whose only focus is placing a qualified renter into your property.
Once you have successfully rented your property to a qualified tenant, you will not only breathe a sigh of relief, but you will be able to sit back and watch as your investment grows. Tenant placement really is the key to success!