You have your residential property
in Penang and you want to become a professional landlord, so how do you go about becoming one?
First things first, if you are investing money in properties, you need to invest time in learning how to attract the best tenants.
By following these tips, you can increase your rental property investment while saving time and aggravation.
If you are trying to attract good, responsible tenants, focus on your own appearance and attitude. Tenants with good quality will look at your behavior and appearance, so look professional, clean and organized.
Never show up late, and really understand the tenancy terms and conditions, this way you will attract good tenants. It is very important to set the tone with your prospects from the very first interaction.
Figure out who you want as a tenant. This will not only help you attract the tenants you are looking for, but will help you with your advertisements.
Do I want a working professional who need an office downtown? or do I want a college student? Do you want a family? A single man or woman? Will you accept tenants with pets?
Remember if you don’t know what type of tenant you want, you may end up getting a tenant you don’t like.
Once you know what type of tenant you want, it is time to figure out how to find your model prospect. Write down some ideas on how to reach your market target.
For example, if you want college students, you can advertise with flyers strategically placed around campus.
Another great place to advertise your property is online. These days the majority of prospects look online prior to calling you. When you advertise online, include as many photos as possible.
Also include relevant information about your property like: is it a new housing development in Penang
? Is it a remodel property? Be specific.
Know who you are looking for and then you will find them.
Show Your Property
It is recommended to show your property once you are done with painting, cleaning and fixing. It is very important that your prospects don’t see garbage, holes in the wall, etc. Show your beautiful property when it is ready.
Check the competition you’re facing. Many landlords do not check what others are offering. Check out the amount of rent you could charge for your unit. Here are some tips on how to do it:
- Call the number listed in other ads.
- Go online and view the website or posting by other landlords in your area.
- Call a real estate agent and ask questions about what is going on in your area.
- Ask other landlords what they charge.
- Ask area renters what they consider to be the fair market price.
- Check out the new Penang Properties Developments
, and see what are they offering and the rent prices.
If the monthly rent of your property exceeds RM10,000, you should check references on everyone and pull credit reports to reduce the risk of not receiving rent regularly.
Let the prospects known in advance you are doing this. Good tenants are proud of their clean record. Call the references and check out credit and criminal record, and verify their employment.
This method is not very common. However, imagine you’re renting out a 8,000 square foot bungalow, and you’re trying to attract expatriates at the same time, it is a good idea to hold an open house instead of showing by appointment.
This way you can schedule multiple showing; you will save time and create competition between prospects.
It is very important to return all phone calls within three hours. If you want to attract good tenants, you should respond to their requests.
This way they too will respond quickly to your needs, such as payment of the rent. Have a backup phone number that your tenants can call in case you are not able to answer your phone.
Finally, remember tenants have a lot of options to choose from so it is good that you suit their requirements.
Be patient and good luck!