How to Find Profitable Tenants for Your Rental Property Fargo ND

Whether or not you can attract and retain high quality tenants for your rental properties, will have an enormous impact on the ultimate success of your investment. Some keys to finding the most profitable tenants include effective marketing and setting clear expectations. See the following article from REIClub for more on this.


Do you want to know something about being a landlord? It really sucks if you don't have quality A-1 tenants. A lot of investors think that there's more cash flow in renting than there really seems to be. When you compare the small cash flow surplus, which not everyone earns, with the strenuous work of fixing a toilet or evicting a tenant it just doesn't seem to fully add up.

All of that is true unless you made the cash without having to physically manage and oversee your properties. That's why I strongly urge you to master creative techniques like lease-options, owner financing, etc. to have self-managing properties. Just remember that the bank makes a small fortune off your property not through the physical management of the property, but rather by simply holding paper.

However, with the right tenants, there's a lot of benefit for the long term buying and holding of a strong cash flow property. This is especially valuable if your properties are in an area that experiences above average appreciation over the long term.

How Can I Get A-1 Tenants?

Marketing--is the one word answer.

If you've read any of my advice, you know that I'm a strong advocator that marketing is 90% of every business including real estate. Put yourself in the mindset of a quality tenant who wants to find the right situation. Which of these two advertisement headlines is more likely to generate the interest of high quality tenants?

   1. Three Bedroom Home for Rent 123 ABC Road - $600
   2. Beautiful 3Bed/2Bath Home Across From Park - Only $600

If you don't have an eye catching-headline, don't print your ad. Have you happened to notice that the bulk of articles written on this site have clever titles induced to get you to open them? That isn't a coincidence.

You can simply advertise on a local real estate classified site for people currently in the market. By having an ad that generates more interest, you will be able to select from a great pool of people. That will increase your chances of finding the perfect tenant. It may seem obvious, but look at your local classified site and see if people actually use what I'm suggesting.

Be as detailed as possible in your marketing efforts to restrict to the tenant type you want. You see the more you ask for up front in your ad from your soon to be tenant, the more you'll weed out the people who aren't serious about the long term care and appreciation of your business investment.

For the Love of God, Screen Your Tenants!

I've probably heard more "investors" say they use their gut level feeling to pick the "right tenant"...