Joe Capote – Certified Investment Agent Specialist Expert in Real Estate Investments and Properties

Leasing an investment property is the cornerstone to earning a good return on the investment. Unless rehabbing and reselling the property, the lease provides cash flow and pays off the mortgage while the investor builds up equity and the property appreciates. There are three things to remember when working within the leasing process: Finding tenants, screening tenants and moving in.

Finding Tenants

The first and most important step in property management is finding tenants. Not just any tenants, but the right tenants. Having tenants who treat the property and neighbors with respect is as important as their ability to pay rent.

There are numerous ways to attract and screen tenants, and thanks to the proliferation of the internet, some are more far-reaching and cost-effective than ever. Some effective methods of finding tenants include:

1. Signage
2. Property information flyers
3. Multiple Listing Service
4. Internet Tools
5. Human Resources Departments

Tenant Screening

The tenant screening process is a system you should have set up and ready to go for each prospective tenant who applies to rent a property. The process consists of three major milestones:

1. Income verification
2. Credit check
3. Background and criminal check.

Remember, a landlord sets the tone for a relationship with any tenant during the screening process. Collect a non-refundable fee from all of your prospective tenants and keep your process constant. Most importantly, screen all tenants and get everything in writing.

Tenant Move In

Once you have found a tenant that your investor has approved and whom you are ready to move into the property, make sure you are deliberate about your move-in process and are clear in your communications with tenants.

1. Tenant insurance
2. Collecting move-in funds
3. Property walk through with Move-in Move-out inspection.

When it comes to rental property, good tenants and property management can make all the difference in regards to your investment. Paying rent is one thing, and it is a good thing. But paying rent on time, being respectful to your neighbors, taking care of your rental property and having stress free, low hassle tenants are priceless.

For more information on leasing, renting, property management or income strategies, contact me as your expert in Real Estate investments and properties.