August 14, 2012 · 1 Comment
No the secret to securing better tenants is not just superior screening…
Thorough screening is important but how can investors rent fast, for the most money and secure quality tenants for their real estate investing portfolio?
Savvy real estate investing pros realize that this is all about building a large and valuable renter pool.
Imagine having a pool of pre-qualified renters to select from every time you put a contract on a new rental property. It would mean virtually instant returns, better cash flow and higher ROI for the long term too.
How can you accomplish this and boost your own real estate investing profits and cash flow?
This does mean regular and consistent tenant marketing. Local offline marketing with bandit signs can be a great start but also consider online ads (even through Craigslist), building a solid email marketing list, building a large social following (Facebook is a great source of tenants) and even perhaps acquiring lists of tenants and filtering them by lease renewal date and if possible credit rating and income.
Then pre-screen and qualify these leads so that you can hand pick the crème of the crop whenever you make a new acquisition.
Keep them wired in via email, social and phone, blast out new rentals and pick the best available for each of your homes.
Alternatively, forward thinking real estate professionals can even take pre-orders and presell/ rent and go find props which match their needs for instant occupancy and zero vacancy rates. Of course there may be the odd one who falls through but this is directly filling a need which is already there and helps to create more loyalty. Guess who they will then turn to when they are ready to buy a home?
Have too many leads? Maybe you can even sell those you can’t handle and offset your marketing costs.