How to Find Great Tenants for Your NYC Property

As a real estate investor, you know how important it is to keep your assets profitable. 

While you can't directly influence the economy in your favor, some ways can help maintain a healthy cash flow. 

The most crucial of these is keeping the occupancy rate high. 

The more tenants a property has, the greater the rate of income you get. 

It's simple enough, but if your property is located in NYC where renters have too many available options, you will have to invest time and money to find qualified tenants. 

And it's not always about quantity. You also need to make sure each tenant can stay for a long period.  

If you have added a new condo to your portfolio of NYC properties, here's a simple guide on how to keep it filled and profitable.

1. Choose a great listing platform

If you're looking to list your property on your own, it matters to choose a listing platform that gives you the most exposure. 

In the Big Apple, platforms like Streeteasy and Zillow are popular among newcomers. Although you are charged regular fees, using listing platforms offers a faster way to attract tenants.

If you want to avoid paying a single cent to advertise your property, go for sites like Craigslist where you could list your property for free. The only downside to this is that there's a good chance you will be entertaining an illegitimate renter. 

2. Set up a robust screening system

Not all who show interest in your apartment will stay in the long run. Worse, unlucky landlords had to deal with problematic tenants who have been approved through flimsy screening processes.

As much as you want to fill in every unit in the property, you mustn't bypass the need to screen your tenants across different aspects.

To ensure they are financially stable enough to stay in your property for more than two years, run a credit check and ask potential tenants for proof of income.

You can delve further by asking for character references from previous landlords and coworkers.

Ensuring that you're attracting qualified tenants will spare you from any headaches and costly damages. Trust me!

3. Work with a broker

Attracting tenants isn't going to be easy despite a high demand among renters.

People want to live in apartment buildings complete with modern features, like coworking spaces, roof decks, and laundry areas. 

Even if your property has these features, apartment renters will still need a lot of convincing if they find the rent too high. 

With a broker by your side, you can reach out to people who have no problem with your asking rent.

If you want to boost your profits, start by boosting your vacancy rate by reaching out to qualified tenants. 

Need help? I'm here for you!

For more than a decade, I've helped NYC real estate investors like yourself go from buying simple rental properties to acquiring large-scale housing.

With my extensive network in the local markets of Brooklyn and Manhattan, I can help out your property front and center for everyone to see!

Call me at 917-627-5677 or send an email to [email protected]. Let me know when you're available. I might show you around the areas you might fall in love with!

Looking forward to getting you settled in Queens!

Talk soon,

Eli