Considering becoming a property investor? You’ll need to know how to find tenants. Real estate is a wise long-term investment that will also serve the need of renters who are not currently able to purchase a home, because of the downturn in the economy. Meanwhile, real estate values tend to continue to rise over time despite any instability in the stock market. While building long term value, you can earn a monthly income stream when you are able to find tenants who will last. No matter how many properties you add to your portfolio, your bottom line depends on keeping your occupancy rate as high as possible.
You may be wondering how to find tenants for your Metro Detroit investment property during Covid-19. The pandemic has created new challenges for all industries, and property management is no exception. Ready to learn more about how to find your tenants?
During Covid-19, there are many factors to consider and technology has emerged as an essential resource when you’re finally ready to find tenants for your Metro Detroit investment property. Through the use of digital photography, 360-degree viewability as well as drones providing a virtual walkthrough, both indoors and out. Additionally, if you’re considering building new investment properties, you can now create the units through virtual simulation, customizing the interior to meet your needs. In either event, it’s extremely helpful to potential tenants to have a floor plan with room measurements available.
It’s never been of more importance to provide the most complete description possible of the property. You’ll want to be sure to point out the advantages of the area as well. Be sure to cover amenities offered to your tenants such as water included, free internet, or any other perks. Communicate the advantages of the area surrounding the property. Point out nearby schools, government buildings, shopping, and any other positive aspect is another way to attract interest when you’re trying to find tenants for your Metro Detroit investment property.
Marketing To Find Tenants
The use of online advertising is the best method of marketing to find tenants for your Metro Detroit investment property during Covid-19. Today’s successful landlord needs to remain vigilant in the trends of where the searches of real estate rentals are highest. Likewise, you’ll need to become confident in the use of these sites and their apps. Many transactions are being completed virtually, some across the country, without the parties having even met in person. For prospective renters, internet technology allows them to view the current rental inventory in Metro Detroit, eliminating possible exposure to Covid-19 for either party. Bringing your digital images and all of the information you’ve compiled together for your presentation provides the best possible advantage in bringing prospective renters to you.
When it’s time to find tenants for your Metro Detroit investment property, knowing just how to set the right price can help you to avoid more extended periods of vacancy in your units. You can compare your property to the most similar rentals in the area, you’ll find this information in many locations online in localized rental property ads. Likewise, there’s an app for just about everything these days, including one that will assist you in hitting the right price point. Of course, if you’re more interested in earning passive income through your investments, you may wish to consider working with a professional in real estate.
These are just some of the ways that prosperous investors use now to find tenants. We’re ready to listen and available to answer all of your questions or any concerns. With our experience, we can make success easy for you. Pinnell Enterprises, LLC can help you find the best investment properties available right now in Metro Detroit. Send us a message or give us a call at (734) 245-9654 today!