Owning rental property is a great way to build your wealth over time while owning an asset that has the potential to cash flow. But owning rental property is far from a passive source of income as some people might tell you to expect. An important part of owning rental property is filling vacancies with new tenants, which can require some work. Once you have a prospective tenant that seems intrigued, knowing what to do next can be the difference between getting them to sign a lease and a continued search. Here are three things that you should do when a prospective tenant shows interest in your property.
The first thing that you should do when a prospective tenant shows interest in your property is to give them a tour. You should be showing prospective tenants the property and letting them see the unit so they can get a clear idea of what the space is like and what life in the unit might look like. Nobody is going to rent an apartment that you won’t show them first, so be prepared to show lots of tenants around the unit while searching for a new tenant.
The next thing that you should do when prospective tenants show interest in your property is to provide them with an application. You should always be screening your potential tenants before letting them rent, and that requires an application. Screening with background and credit checks can weed out bad tenants. You should give any interested prospective tenant an application right away so that you can get the screening process completed as soon as possible to see if this tenant might be a good fit for your vacancy.
The final thing that you should do when a prospective tenant shows interest in your property is to stay in touch with them. The worst thing you can do is leave interested potential tenants waiting for responses from you. Stay easily reachable during business hours to answer potential tenants’ questions and keep them updated on the process. Letting potential tenants know quickly about the status of their application is crucial for keeping communication open and honest.
Rental property is one of the smartest investments that you can make for your financial future. But in order to make it work, you have to do the work getting your units filled. If you do these three things when you get prospective tenants, you can keep your units filled.
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