The resources you use to find tenants can affect your performance as a landlord. Since repairs and maintenance can end up costing you a lot of money, tenants who stay for longer time periods and take good care of the house can save you a lot of financial trouble. When you buy a house to put up for rent, you are indirectly purchasing a portion of the neighborhood as well. In fact, the neighborhood is a good place to start looking for tenants. Here are some reasons why tenant referrals from neighbors are useful.
A token of appreciation
Neighbors are likely to appreciate you reaching out for their advice. Since they would be familiar with the land and people in the area, they could be your eyes and ears for good tenants you could take on. When they realize you have a set criterion for what sort of tenants you would like to have, they would come to appreciate your efforts even more.
Availability of local services
Should you require a carpenter or plumber for repairs in your rental, you are likely to get a good rate and also keep you informed of any other areas in the house that require your attention. They would also benefit from keeping your property in good shape and also help in your hunt for new tenants. This way you would be able to work with reliable servicemen in future as well.
Neighbors know all
As you introduce yourself to neighbors, make sure you mention you are in the property buying and selling business. It won’t be long before you come across someone who knows about nearly everyone’s business. They would be aware of who has become bankrupt in the neighborhood, who just passed away, who is an easy going fellow and who is not. You can use this information to track down people who would be a good fit as your next tenant.
Tenant referrals from your neighbors are a great source for tracking good tenants, so make sure you consider them before concluding your search.
At BBA Management, we offer full-service property management in Greater Boston cities like Brookline, Newton, Fenway, Kenmore and Cambridge. You can also contact us or call us at 617-734-6900 or send us an email at firstname.lastname@example.org.