3 minute read
Property Management Council
Vacant? Do The Research and Find a Tenant
By: Katie Cintron, CNE, Realtor®, Coldwell Banker Realty
How does one find a long-term tenant for a vacant property? First and foremost, if the property is within a condominium or homeowners association, be sure to review the association rules carefully. Most importantly, check the rental minimum restriction. Some associations even require 1-2 years of ownership prior to renting. Is the property pet-friendly? Does it qualify for housing for older persons? If the rental home is independent of an association, familiarize yourself with local ordinances for your county and city to avoid violations.
Once the property is ready for listing, landlords and property managers have numerous options for finding tenants. Years ago, we relied on newspapers and fliers for local bulletin boards. These methods are still acceptable but not the most effective. WORD OF MOUTH
Send out a mass email of rental availability to other agents within your brokerage firm. Other agents may know of potential tenants looking for a rental and pass the information along. Don’t forget your sphere of influence.
POST A SIGN SOCIAL MEDIA
Millions of people use social media on a daily basis. Relevant posting and engagement is key. For an additional fee, you can maximize exposure.
Facebook and Facebook Marketplace Instagram, Twitter, and Nextdoor
Join and explore local community pages. It’s free and most landlords and tenants post their wants.
HIRE A REALTOR® WHO SPECIALIZES IN PROPERTY MANAGEMENT
The landlord typically pays the real estate agent to help find a desirable tenant. Fees can be as low as $50 to $75 for a credit check or application, but common rates are one month’s rent or 15% of the annual rent. Sometimes an association will require
Board approval and additional fees may be charged. The property can be listed in the MLS to increase exposure. Most agencies will provide and prepare a standard annual lease. Advice on rental rates, security deposit, nonrefundable fees, etc, and any other concerns can be addressed prior to execution of lease and move-in. Management companies will also make themselves available to tenant inquiries, collection of rent and be on call for repairs and/or emergencies for a fee.
Posting a rental sign on prime frontage still gets the attention of prospective tenants. Be sure it is clearly readable from the street. Remember that some associations will not allow signs in windows or yards.
INTERNET
The internet offers an abundance of resources. Some excellent starting places to advertise and market rentals:
Zillow will automatically populate to other sites such as Hotpads and Trulia. Realtor.com Cozy offers many free features including apartment listings. The listing then populates to sites such as
Realtor.com and Doorsteps. Craigslist and Avail are free. Avail provides free tools to get your rental listing exposed.
TIPS
Consider hiring a professional photographer. Some photographers offer packages that include floor plans and 3D virtual tours. Virtual showings are also a COVID-friendly alternative. Respond promptly to prospective tenants. Download mobile apps and respond instantly to inquiries. Set up a free Google Voice account which will assign you a phone number that can ring to your existing phone lines if you don’t want to give out your personal number. Similar options are available for Google email. Always screen prospective tenants, even if they come highly recommended or are a friend of a friend. Be sure to have the same qualifying standards for all tenants. This will save you a lot of hassle and aggravation in the long run. •
