As a property manager I am quite frequently asked “How long will it take to rent my property?” Most of the time they want an actual date, just short of a guarantee! We all know that the longer a property sits vacant, the more loss of rent the investor incurs and ultimately hurts their return on investment. The successful investors understands that minimizing turnover and vacancies nets them more money in the long run. Although I can’t give an exact date or guarantee, I will share 3 key factors on how to rent quickly.
Where your property is located has a direct impact on the ability to find a renter quickly. For example, if your home is located on the corner of a street that generates a lot of drive by traffic, you will inevitably get a lot of interest as a result of the amount of people that are being exposed to your product. If your home is located at a dead end, you will be lucky to get a few cars driving by each day. The more people see your property, the better chance you will have to rent it fast.
To rent quickly, your property must show well. What does this mean? It means when your tenant moves out; paint it, clean it, replace the $30 broken blinds, replace the 10 year old carpet, update your property when it is needed, etc. You get the point. If you would not want to live in a place with worn out carpet, what makes you think a renter would? If your property is undesirable, it won’t rent. During showings, you want prospective tenants to walk in and say “I want this house!” Remember, your property is not the only one on the market, there is competition. Make sure your property is updated and current and not only will you rent quicker, you will be promoting long term tenancy.
In the end, price will play the biggest roll in filling your vacancy quickly. A good price can overcome Location and Quality. Plain and simple, if you are priced too high your property will sit vacant. People aren’t stupid, they will find the deals. If you want to have as little down time as possible and fill your vacancy, you need to be at or below market rent. The lower you go, the bigger the window of opportunity you will have. This is simple logic, but it is proven and it works.
Without fail, any property that I have had sit vacant for an extended period of time was due to one of these 3 key factors being out of line. You can’t control location at this point, but take it into consideration when it comes to Quality and Price. These 3 factors work together and balance each other out. You can’t go back and make up lost rent. Put yourself in a position to succeed from the onset and get that vacancy filled fast!