Hi Friend,
I hope you are doing well.
If you are looking to buy your first rental property, you need to understand very quickly the importance of finding great tenants.
By far, your tenant is your greatest asset, and not necessarily the rental property itself.
Having respectful tenants that pay you rent every month will make your life as a real estate investor much easier.
Not all landlords are good at attracting quality tenants.
That is because, not all landlords are good! 🙂
There are a lot of horrible, confrontational landlords out there.
Being confrontational with your tenant, in a destructive way is one of the worst things that you could do as a real estate investor.
Starting conflict with your tenants when problems arise is not a good strategy, because this will never benefit you.
As the saying goes, “You attract more bees with honey”. Try it!
Let’s now address the question you are asking yourself:
How do you find quality tenants that pay rent every month?
Well my friend, there are quite a few strategies to achieve this.
However, the one strategy that I would like to share with you is:
Obtaining referrals from existing tenants
This is a strategy that very few landlords every try, but it is a strategy that works great.
Your existing tenants are a great source to tap into in order to obtain referrals for other great tenants.
This is also a great method in reducing the length of vacancy you may have with a given rental property.
For example, let’s assume that you have 2 rental properties. You have great tenants in both of the properties, and one of the sets of tenants have decided to move. You are now in need of new tenants.
The first step that you should take is simply asking both your sets of tenants if they know of anyone who is looking to rent.
In the majority of cases, your tenants would be thrilled to refer you someone they know who may be looking to rent.
In addition, if you have treated your tenants with respect and been kind to them over the course of the tenancy, they will serve as an advocate for you in helping you find another quality tenants.
There you have it!
The best way to find quality tenants that pay you rent on time is by asking your existing tenants for referrals!
Happy Investing!
Neil Uttamsingh
ps: If you are looking to buy your first rental property, please sign up for the First Rental Property Newsletter, by entering your name and email address in the top right hand corner of this blog. By doing this, you will receive tips and tricks from experienced real estate investors on how to buy your first rental property.
pps: I am a Licensed Realtor in Ontario and I help people like you buy their first rental property everyday! If you need help purchasing your first rental property or your next rental property, write to me at NEIL@FIRSTRENTALPROPERTY.COM. I will help you negotiate the best price, terms and conditions on your rental property. Buying in the US? No problem! I will refer you to one of my trusted partners. Happy Investing! 🙂
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