The average salary of a real estate investor is around $123,000 a year. This can vary depending on what type of California Bay property you pour your assets into.
Tenant placement is also a factor. If you don't thoroughly screen potential renters, you may lose more money than you make.
You'll also need to market your property in order to attract quality tenants. Don't overlook red flags. A tenant that's been evicted before may not be a trustworthy renter.
Do you want to learn more about the many placement dos and don'ts? Continue reading this quick real estate investor's guide to renters.
What Is Tenant Placement?
Tenant placement is the process of finding qualified renters to occupy your properties. It involves thorough screening. You'll need to perform background checks and call references.
If done correctly, you'll filter out unreliable and dishonest individuals and find tenants that will care for your property.
Do: Screen Your Tenants
Do a background check on any potential tenant. This will make you aware of any previous evictions and criminal activity.
On top of performing a background check, you should also question renters. Ask them about their employment history and learn how they plan to pay their rent.
Don't: Overlook Red Flags
One of the main tenant placement mistakes that property owners make is overlooking red flags.
Study a potential renter's body language as you interview them. If they seem a bit shifty or have a history of evictions, they might not be trustworthy.
Do: Market Your Property
To attract the type of tenants you want, be strategic in your marketing efforts. If your largest demographic is college students, advertise on student housing websites.
List your properties on multiple websites to cast the widest net. You won't attract qualified tenants if nobody knows your property exists.
Don't: Fail to Check Their References
Ask tenants to list references on their application. Call these references before you give a resident the keys to your property.
You'll learn a lot about their character. For example, a previous landlord may have had issues with the renter being messy or not paying their rent on time.
Do: Hire Tenant Placement Services
Tenant placement services can do most of the legwork for you. They'll search for qualified tenants and market your property.
They'll save you time by doing all the paperwork and screening for you. They'll negotiate the rent, deposits, and other fees with potential renters. They can even do pet screenings if you allow dogs and cats.
Find the Perfect Tenants for Your Property
Investing in real estate in the California Bay area can be lucrative if you take the time to perform the tenant placement process.
Failing to screen potential residents could cause you to let in untrustworthy individuals.
Let us take on most of the legwork. We can find qualified candidates, screen tenants, negotiate rent prices, and more. Contact us to explore our services further.