How to Find the Perfect Tenant for Your Rental Property in Milton
Are you a landlord or thinking about becoming one? Owning a rental property in can be an incredible way to earn passive income—but it’s only as good as the tenant you find. The right tenant keeps your property in great shape, pays rent on time, and sticks around, saving you time, money, and stress. Here are tips to finding the perfect tenant from a top real estate agent.
Setting the Right Rent Price: Key to Attracting Quality Tenants
As a real estate in Milton and the owner of a property management company, I can confidently say that setting the rent price correctly is essential. The size, number of bedrooms, type of property, and neighbourhood all affect the rental price. Set it too high, and your property may sit empty; go too low, and you’re leaving money on the table. A local real estate agent can help you price it strategically, but here’s a pro tip to finding a tenant quickly: consider listing the rent slightly below market value.
Why Setting Rent Below Market Value Works for Landlords
Lowering your rental price slightly can save you money in the long run. Here’s why:
A slightly lower price will draw more interest from renters. More interest means more tenants to choose from, allowing you to pick the best fit. Plus, filling your rental property quickly means you avoid costly vacancy periods. And, many times, the increased interest results in bidding wars, driving up the price to market value and above.
For example, if similar Milton rentals go for around $3,000 a month, try listing yours at $2,950 or $2,925. If it would otherwise sit empty for 30 days while you wait for a $3,000 offer, you’ll end up losing that month’s rent. In the end, getting a great tenant in quickly—someone who respects your property and pays on time—can be worth more than the extra few dollars.
What Real Estate Agents in Milton Know About Tenant Quality
Real estate agents know that quality tenants are worth more than a slightly higher rent. It’s better to have a tenant who treats your property with care and pays reliably than someone who pays a bit more rent but could be unreliable. Good tenants who feel they’re getting a fair deal are likelier to stay longer and keep the property in excellent condition.
Do Your Homework: Research Comparable Rental Prices in Milton
Before setting the price, it’s wise to research similar rental properties or speak with a local realtor who knows the market. This research ensures your price is competitive, helping you attract the right tenant faster. There are several rental listing sites where you can check comparable properties, and a quick consultation with a local REALTOR® can also provide valuable insights.
Use More Than One Comparable Lease
We often run into landlords and home owners who see one recent sale or lease and use it as the exclusive comparable to determine the value of their property … it doesn’t work that way. While it does provide insight into market conditions, there are many unknown variables and moving pieces to rely on it blindly. It’s not uncommon that a landlord takes a risk with a questionable tenant, but at a higher rate –would you be willing to take that same risk? Conversely, a poorly photographed an dirty home may rent for less than yours should because of its condition. In both scenarios, there are additional considerations that need to be accounted for when pricing your property.
Consider Professional Help from a Local Realtor
Getting the help of a real estate agent or realtor can make the whole process of finding tenants easier and more efficient. If you’re looking to rent a property in Milton or considering getting into the rental investment market, KT Realty has experienced realtors who can help you set the right rent and find quality tenants fast. Contact KT Realty at 1 (800) 617-0090 for assistance or with any questions.
