Wednesday, March 10, 2010

How to Make Money Finding Tenants for Landlords with Apartments for Rent

Every day an apartment goes vacant the landlord loses money. This is one reason why some property owners hire outside help to find tenants. With nothing but a cell phone and a reliable car you can earn huge finder fees by locating reliable applicants. Keep reading to find out how.

The first thing you need to do is find clients. Drive through neighborhoods and make note of any “For Rent” signs you see. Call the numbers listed and offer your services. Make sure the person on the other end of the line understands it won't cost him or her anything unless you find a renter. Look on Craigslist for apartment posting that have been up for a long time too.

Next interview clients to find out what they’re offering and what they’re looking for in a tenant. Make sure you cover the basics. How much is the rent? What utilities are included? How long is the lease? Do they allow pets? What kind? Ask them what they’re flexible on and what rules are set in stone.

Get information on the unit too. What’s the parking situation like? Is there a washer and dyer? How about air conditioning? To make things easier create a form with vital questions that your client can fill out for you. When the interview is over have your client sign a contract agreeing to your fee and collect the keys to the apartment.

Now that you have a few clients, start looking for possible tenants. You can't make money if you can't find tenants. Write detailed descriptions of the apartments or houses for rent and put them on Craigslist. Sites like postlets.com offer free templates to make your ads look more professional.

Don't forget to take pictures of the properties (both inside and out) to put in your ads. Also put signs out front of each unit with your phone number.

Soon potential tenants will start calling wanting to see the aparetment for rent. When this happens set up an appointment at the unit. If he or she doesn't like the apartment find out why. You may have another that fits his or her needs.

Once a tenant shows real interest in a unit have him fill out an application. You can find skeleton forms online. Once you have his information, run a credit check. Call his place of work and verify his employment as well. Charge an application fee to cover your costs.

Pass along your findings to the landlord and get a yea or nay. If your tenant is a go get on the phone and tell him the good news. While you have him on the phone set up a lease signing with his new landlord. Let him know he's expected to bring his deposit to this meeting.

Once your client and the renter sign their leases collect your fee. Your end of the deal is done

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