You finally have a great Oroville rental property, but now you need to find a tenant to occupy it. But just any Oroville tenant won’t do. You need to find one that will take good care of your property and pay rent on time.
Here is our guide on how to find an Oroville tenant.
Every California neighborhood is different. Some area aren’t zoned for rentals and other have certain guidelines outlining who can and cannot rent out property.
Make sure you take a look at these rules before you buy property and start marketing for an Oroville tenant. You don’t want to buy a property in an area that doesn’t allow renting. Find out what you can and cannot do from the very beginning, and you’ll be better prepared for a successful rental process in the end.
To know what you can charge for rent, you have to look at what the Oroville market is doing right now. This will tell you how much you can charge for renting out your property, and it will clarify how you define a good tenant.
Check out other similar units on the Oroville market and compare them to yours. What’s different? How should those differences affect the price? If you’re on-bedroom unit is smaller than others, then you probably shouldn’t charge as much. Tenants are looking at these numbers too, and if they think they’re getting ripped off, then they won’t contact you for a showing.
After you find a tenant, you don’t get to leave all fiscal responsibilities for the property to the tenant. If something goes wrong with your property, then it’s your job to fix it.
Before you set a rent price, you need to know what your average monthly expenses will be. In addition to your mortgage and insurance, you’ll also have to pay for any repairs and general upkeep as well as any utility bills you agree to pay. If a property management company is handling your property, then that’s another 10 percent coming out of your profits. It is imperative that you figure out your expected profits before buying the property.
Once you’ve set your price, it’s time to spread the word about your fantastic property. You can advertise on sites like Zillow and Trulia and you can place an ad on Craigslist. You should also be sharing your listings on social media and encouraging your friends to share your posts as well. You may not have immediate family in need of a home, but their friends might.
It’s important to meet possible Oroville tenants before you have them put in applications. This will give you a chance to meet them face to face. You can see for yourself if they seem like nice people who will take care of your property. You can also find out right away if they’re really interested in the property.
You should also keep your property clean and clutter-free when new tenants walk in the door.
Your application will be the best time to figure out what kind of tenant a person will be. Your application should be somewhat long, and it should ask about employment history as well as tenant history. Make sure you also ask for a credit report as well.
Screening tenants will help you keep out tenants who won’t pay rent on time and will leave your property trashed and in need of repair. Carefully screen all applicants before making a decision.