How to Find Renters when Times get Tough

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Creative Commons License photo credit: pedrosimoes7

If you are a real estate investor you may earn money by renting your properties to tenants. While this is a great way to get involved with real estate, it only works in your favor if you are able to keep your homes rented the majority of the time.

Is the rental market in your area on a downswing? If so, you may find it difficult to locate suitable tenants. Although this is a problem, it is not one that should scare you into selling your investment properties. Instead, you have to get creative so you can locate tenants sooner rather than later. The longer you sit back and wait the worse off things are going to get.

The most important part of finding renters is marketing. Does anybody know that you have a home for rent? If the answer is no, you cannot expect to achieve success. There are many ways that you can market your rental, some cost a bit of money and some are free. Many people find that putting an ad in the newspaper and a ?for rent? sign in the yard is good enough. This may be the case when the rental market is booming, but when this is not true you should make some changes.

Believe it or not, you can advertise your rental for free thanks to the internet. The first place to check is Craigslist. This site allows you to list your rental by location. In turn, all you have to do is wait for the phone calls and/or emails to come in. This does not mean that you will quickly find qualified renters, but since it will not cost you a dime you might as well give it a try.

When times get tough and you are no longer able to quickly and easily locate renters, you need to ramp up your marketing plan.