It’s Never Too Early To Start Looking For Tenants
By Paul Esajian on September 9, 2013
Preparation and organization are the keys to investing. Every time you think you have “free time,” there are always things you should be doing. You may have a fully occupied property now, but do you have tenants secured after the current lease expires? If you are within 120 days of your lease expiring, it is not too early to start looking for tenants. Even if you are not, there are prospective tenants actively looking months out. To give yourself the best chance to have your property stay occupied, it is never too early to start.
The most obvious place to start looking for tenants is in the house you are currently renting. It is amazing how few landlords will start with their current tenants. A good tenant who pays on time and won’t make any waves is really hard to find. If you have one, reach out to them and tell them they can stay as long as they like. If they can’t or won’t commit, ask them if they know anyone that may be interested. You can even offer a small financial incentive to them if they help you.
Aside from your existing tenant, you should consult social media or even Craigslist. It seems that more and more tenants are going to Craigslist to begin their search. Even if you can’t get someone to commit as far out as you would like, you can put them on your email list and follow up with them as you get closer to the current lease expiring. What you never want is to be within 60 days of your lease and still looking for tenants. This could lead you to compromise your application process. Start far enough out, as to provide yourself with more options, not the other way around.