3 CALL AROUND
Calling other investors and property managers for insights and feedback is often overlooked. Because of the low activity, I started calling other real estate professionals in the area. Why? Because they may know something that you or your representative don’t know. For example, I found out that this new market I invested in is heavily REALTOR®-driven for tenant representation. Typically, in the markets I invest in (even when I previously invested in Los Angeles), it was rare to have an agent representing a tenant. However, because this market is partly a military town, when service personnel transfer to the new base, it is common for them to pair up with a REALTOR® to help them find a rental. That means we need to put our rental on the Multiple Listing Service and offer a commission to the REALTOR® who brings the tenant. Other investors and property managers can also provide insight on what they are seeing with their rentals, including pricing, demand, and general conditions in the area.
4 VOUCHER PROGRAMS
Every market is different (in California you can’t discriminate based on source of income). Expanding your tenant pool may help you rent faster and potentially get closer to your desired price if you accept certain voucher programs. Talk with your property manager to understand what is involved in participating in these programs and whether they could help lower your vacancies. Be sure to check local and state laws so you understand what it means to participate in these programs.
EXPANDING YOUR TENANT POOL MAY HELP YOU RENT FASTER.
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