Section 8 Renters
Some real estate investors have realized that they stand to gain immensely from renting houses to section 8 renters. The concept behind it is to have a steady flow of renters with guaranteed rent as to minimize vacancies and at the same time maximize profits. This is why a growing number of investors are looking for ways and places that they can get them.
Ways to find great section 8 renters
Craigslist is always an ideal place to find potential clients to fill rental vacancies. It is free and extremely effective! The key to finding your target group involves tailoring the ads in such a way that they appear legit as opposed to being seen as ads from a scam artist or real estate agent. Always include the maximum pictures available in your ad so people know that it is real and can see all the features that the property offers. Very few people ever find rentals in the newspaper these days and it is extremely expensive to put a tiny ad in newspaper print.
Bandit signs are known to be effective in attracting clients. The use of outdoor signs is a cheap way to get in touch with potential tenants and people who want to buy homes. Using automated phone services makes the strategy even better because it will ensure that you will never lose a lead, and it can streamline the process of qualification. A great telephone service is PATlive.
You should always consider using non-profit organizations, government office workers and the Section 8 office to get tenants. Non-profits stand a higher chance of taking advantage of the opportunity to utilize their housing vouchers to rent homes. Section 8 will allow you to advertise your property for free on their website and in their office.
Working with other property managers, real estate agents and landlords who do not want to rent to Section 8 Tenants can be used as great sources of leads as well. They may also help in future as doorways to efforts that are more collaborative. Getting referrals is one of the most effortless and cheapest ways to get leads. It significantly reduces the cost of marketing and minimizes vacancies. You can simply ask for referrals from your current tenants and other people in the neighborhood that take care of their property. They will not refer someone that will abuse the house because their name is on the line and they wouldn’t want to make the neighborhood look bad.
How to Find Quality Tenants
Perform an in house interview. Interview them at the property they currently live in because how they treat the property they live in currently will be a tall tale sign of how they will treat your property. If they put on their application that they don’t have any pets but you see a pitbull and three cats running around, they are lying. Also look for dog bowls and litter boxes as they might keep the pet away from the house during the interview. If they have a pet and disclose it, interviewing the animal is extremely important! Again, they might say they have a mild mannered pooch but when you go to their house you see all the trim chewed up and the dog uses the family room as a bathroom instead.
One of the most important thing you can do is call the references. The most important reference is their previous landlord, not their current landlord. The current landlord might say that they are the greatest renters under the sun just to get them out of their property and out of their life.
In Conclusion
Getting section 8 renters is less daunting if the strategies highlighted above are focused on. Section 8 renters will usually take care of the property because they do not want to lose their voucher. Section 8 vouchers can take several years to get and no one wants to loose free or extremely cheap rent! Another thing to keep in mind is that Section 8 does an annual inspection regardless if the tenant stays in the property which can be a hassle sometimes, but the positives greatly outweigh the few negatives!
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