Also, this type of renter is not as likely to have taken care of the property, so it will cost a great deal of money to prepare it for proper marketing. Don't find out two months down the road that you are not competitive. Instead of raising your rent, lower it. Work hard on marketing the property. Realtors will put the property in the MLS service, but I've found the best landlords find their own tenants.
Local papers offer the best yield of potential renters.
By offering lower rent, having the property in competitive condition in the proper location and marketed aggressively, you will have the best chance for renting the property quickly and receiving the best-quality tenant. Such a tenant will stay in the property longer, have the greatest potential for purchasing the property two to three years down the road and keep the property in the best condition. Make sure your lease does not require you to pay commissions on a future sale to your tenant. This not only saves me from constantly going out to the property, but it also develops a sense of pride in their home. Go back to the top of this article.