Finding a tenant: what way to choose?

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Posted by admin | Posted on 08-12-2011

Tags: Finding a tenant

finding a tenantLove them or hate them, property managers are certainly useful when you lease a property. Of course, a tenant find service may feel a little bit expensive with average commissions for brokers about 8-12% of annual rent. You can hire a company that offers such services for a fixed fee and these expenses are reasonable, because you will find a tenant in 24 hours. This can be necessary even if you rent an apartment and want to move out quickly.

The question many homeowners begin to ask is if they really need to use a property manager. Of course, if you are unable to find and check tenants around you, you should use a specialist. Maybe you live abroad, maybe you own real estate in New York and lives in LA, or maybe you simply have a busy life and do not have time to manage prospective candidates. Under these conditions, you would be well advised to find a good local broker to rent your property for you.

But if you are a DIY landlord you can save on the charges and leave your private property on your own. Meeting prospective tenants offers many advantages: you can learn a lot from a face to face meeting and you will be in a better position to judge whether they will take care of your property. It is useful to spend 20 minutes to know your potential tenants closer. Some of your tenants may become your friends. People are more likely to treat your property with respect if they you know and they are much less likely to default on rent.

Another major advantage of choosing tenants on your own is that if you are not paying a commission, you are able to offer a very competitive rent and still have enough money than if you used a property manager. By advertising on a reasonable rent, you will attract more candidates, more visits and give you a wider choice of potential tenants.

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