7 SECRETS TO FINDING A GREAT TENANT
Writing a book can be a daunting undertaking but what a thrill when you see your own ideas in full print. The owners of our North Shore Property Management Company here at Orca Realty are authours of the book called, “The 7 Secrets To Finding A Great Tenant.” If you are thinking at all of renting out your home and you are undecided this is a “must read” for you. The book explains in detail all the important things you may or may not know about renting your home. Do you know what to look for in a tenant? Or how to effectively market your property? All questions you need to be thinking about before you take on the task of renting out your home. You can download the book free on our website www.orcarealty.ca. Here are a few interesting points to ponder straight from the book:1. PlanningYour first decision will be to outline the goals and objectives for your property in order to identify your ideal tenant.
2. Marketing Your HomeOne of the most important aspects of renting your home is the strategy which you plan to use to market your rental home. For example, today, very few people trust Craigslist ads posted by individuals because of the risk of fraud.
3. Know Thy CompetitionThe rental home market is similar to the local real estate market. There are always fluctuations in demand and inventory and this affects pricing. It’s important for you to understand how to properly price your home and be one step ahead of your competition to land AAA (triple-A) tenants.• What are your plans for the home?• What will be your level of involvement?• Do you want a short-term or a long-term tenant?• Do you want to rent furnished or unfurnished?• Is there a possible sale of the home in the future?• Are you using professional advertising to attract qualified tenants?•Are you aware of the sites you need to avoid?•Are you influencing your potential tenants using signage, a personalized website, and effective use ofsocial media marketing?• Have you written an effective advertisement?
4. Information You Should Obtain When Compiling InformationKnowing what to ask and how to read peoples’ body language is an important part of keeping your home safe from grow-ops, drug lab purveyors, and people who are “professional renters.” They understand how to use the Tenancy Act to obtain free rent from a home.• Compiling a list of questions ahead of time.• Determining what questions should be on your list.• Knowing how to conduct a professional interview.• Reading body language.• Evaluating inconsistencies.
5. Staging Your HomePeople need to see your home at its best if you want to attract the best tenants. Everything from a fresh coat of paint to changing inexpensive, but dated fixtures and furnishings can make a major difference in renting it out quickly and maximizing the rental income. Therefore, it’s important to know how to:• Stage your home for a potential tenant.• Highlight and enhance your home’s features.• Hide the shortcomings.• Prepare a brochure for potential tenants.• Prepare the outside of your home.
6. Screening ApplicantsThis is when you combine your visual “feel”–which the prospective tenants gave you when you met–with the hard data that a credit report and reference check provides. Do you have a qualified renter or will you need to start over again?• Obtaining consent.• Knowing how to read a credit report.• Calling a prospective tenant’s references.• Looking at the overall picture.
7. Should You Use a Property Management Company?If you want to be involved with every aspect of the rental process and embrace handling unexpected issues and confrontations, then you are probably well-suited to manage the home yourself. If, on the other hand, you don’t want the hassle or value your home’s long-term equity as opposed to saving a few dollars, then you may want to consider a property rental company as a viable option.• Do you normally DIY or hire professionals?• Do you handle confrontation well?• Are you always available around the clock?• Do you have access to cost-effective, 24-hour-a-day tradesmen?
Are you looking for a AAA tenant to rent a home in West Vancouver. Take the time to download the book in its entirety, you won’t regret it!
Orca Realty Inc.
Unit 204 – 2438 Marine Dr. West Vancouver, BC, V7V 1L2 Canada