New landlord - best first steps for getting renters?

Question

I just purchased my first rental property. I'm a licensed agent so I definitely plan on listing the property for residential lease on the MLS, but what else should I be thinking about? I plan to manage the property on my own. What should I consider in terms of the most efficient way to collect rent and manage small issues? Are there websites that serve as a home page for rent collection etc.?

Brad Piper · Answer

Jimmy this is awesome, thank you so much! I'm definitely going to dive into these.

Thanks to everyone else, that's all helpful info.

Does anyone have resources for credit checks, background checks, prior evictions etc? I know property managers can do this, but I am hoping to do everything myself and not have to pay a prop. mgr. anything.

Jimmy Chao · Answer

If you need a rent collection tool this might help you find one: https://www.biggerpockets.com/...

Anthony O. Porter · Answer

@ Brad Piper - I have used Zilllow, which sends it to Trulia and Facebook Marketplace.  I do use a company to screen my prospective clients, they will do the background check, prior evictions, credit check and bank account verification etc.  In addition, the company can set up monthly direct transfer of the rent and direct deposit it a few days later into your bank account with an email verification when the tenants pay the rent.  All fees, which are minimal, are paid by the tenants.  Wishing you much success.

William Jenkins · Answer

@Debbie J. Skora - Most if not all MLS' auto populate to the major real estate websites (zillow, trulia, realtor, etc.) if you allow it.  If you are a broker it is much easier to use the MLS as marketing platform knowing that you have all of those bases covered.  It makes it much easier to list vs logging into 20 different websites to post the same listing(s).

Facebook Marketplace and Craigslist, etc. need to be posted individually obviously.

Debbie J. Skora · Answer

@Brad Piper actually, very few renters go through an agent (unless you have luxury rentals).  List on the MLS, but don’t forget Craigslist, Zillow, and Facebook Marketplace.  And take great photos, or pay someone else to take great photos!  In order to get the best tenants, you want to have your choice of applicants.

Brad Piper · Answer

Jody thanks a bunch. In terms of the setup on Apartments.com, do you recommend getting the property setup on there before you have a renter? Or is that process easy to complete once you have a renter, and maybe you just collect a check for the first month while you get it setup?

Jody Sperling · Answer

Though it's late in the season now for renting, I suspect you'll have a lot of interest from potential renters. I listed my recent property on Zillow only, and within three days found fantastic renters. We had dozens of people want to view the property.

Apartments.com makes recurring, online payments easy. It used to be Cozy, but the two joined forces, and Cozy is no more. The setup takes a while for everyone's bank information to clear, but once it's running, it makes rent collection a breeze. Best of luck!

Jimmy Chao · Answer

If you want to manage your own rentals, make systems to help you. Create a system to check your houses, to make sure rent is on time and to make sure accounting information is logged every month. All the best!

Zachary Ray · Answer

Be sure to screen accordingly. You want to know all the details before you hand over the keys. It is your call if you go the property manager route but it can also be a learning experience if you want to tackle it. Just use common sense and follow your local laws.

Jody Sperling · Answer

@Brad Piper, I set mine up after finding renters. I want that first check in hand, secured funds for 1st month and security deposit. Going forward, have them set up their banks with Apartments.com and it all automates. Very easy. There is about a 5-day lag between when the transaction begins and completes, so do keep that in mind that you'll always have to float the mortgage if you pay on the 1st and collect rent on the 1st, but you'll always know the payment is available and in progress on payday.

New landlord - best first steps for getting renters?

Most Popular Reply