I am thinking about going with a property mgt company to get renters. What’s worked for you?
Do you get someone lined up first? Before you buy your investment home?
Before I had a property manager, I read the book, “Landlording” to know how to pick renters and decide if I really wanted to be a landlord. I joined the local Texas Apartment Assocation chapter to get their TAA lease (which is great, by the way). Tenants are used to using the TAA lease, but it really protects the landlord well.
I advertised in a local newspaper that most students read because it was free. I used the background check tool from either Landlording.com or Mr. Landlord.com. Don’t remember which one. Craigslist.com was also great for securing good tenants and it’s free. You can use Postlets.com to have a better template unless you want to write HTML.
I use a manager now.
Dee , Thanks for your response.Your on here alot! Isn’t this a great site? I am buying 6 homes. Still looking into the area’s and where I can get the most equity upfront. This area can pull in 1000-1400 a month .
I just want to be careful where I buy. So many investors have bought up lots of homes in the same area. Thats fine and all, but I like to get where
there arn’t alot of homes for rent. What determining factors do you use when you invest?
We advertise with local paper. At one point when my husband was working we had management. The place was vacant a lot longer than when we do it.
Here is what we do. We are in So California
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We advertise in the local paper
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Sometimes we are so swamped with calls we will just run our answering machine with ALL the rental info including price and deposit. On the recording we also state we will have an open house on ____(list date & time)
If we answer the phone we give the same details.
NOTE: we also let them know we will be accepting applications and there will be a $30 fee for credit checks
- we go to our property on the date of the open house. Hubby does any additional maintanence and I deal with possible tenants.
We have done this for many years now and usually get it rented with just one showing. Having an open house also creates a sense of urgency with people. They see others filling out aps and know they have to act fast if they want a chance at it too.
I forgot to mention- when we had a managment co trying to rent our vacancy. They not only took more time but they didn’t keep up with the rents in the area.
I’m not saying all companies are like this but what do they have to loose by not renting it sooner. They loose nothing. You will get the job done sooner when you do it yourself. You also meet the tenants and know who you are dealing with.
After time, you will be amazed how you can “read” people the moment they walk in the door!
When I buy, I look to an area that I’d recommend for my investors. I never recommend a property to my investors that I wouldn’t buy “in a heartbeat”. In Greater Austin, I do as little down if possible because I’m into leverage right now. I buy, live in the property, then rent it once I move to another.
I’m behind on my investment this year because of the real estate agent business. I’m getting my broker’s license, networking with agents internationally, and growing my team. It costs a lot, so I had to scale back on getting a property last year. I may be able to buy another rental this year, but would like to flip at some point. Just too much to worry about right now.