HOW QUICK WILL MY PROPERTY RENT?
One of the most popular questions we get from our current and prospective clients is -- how long will it take to rent my property? This is a great question, and we always tell our clients that it’s important to know the rental market that you’re in and to price your property accordingly.
Market Strength in a slow market (abundant supply), prospective tenants are very price sensitive. They are looking for deals. In a strong market (low supply), you can demand a higher rental amount and you’ll still get your property rented pretty quickly. This can mean the difference between moving from one renter to the next without any occupancy loss or downtime to having three or four weeks of vacancy and turnover. It really depends on the market and the current demand for the type of property that you’re offering. If your property is located in a great area and it has the newest and latest amenities that tenants are looking for, it’s going to rent quickly and you’ll be very pleased. Even the best property manager is not going to be able to control the market, but a good manager can set you up for maximizing your investment.
- · Five important factors that will determine how quickly your property will rent:
- · Current rental housing supply and demand
- · The price of your rental
- · The current demand for your type of property, in your area
- · How nice your property shows
- · How quickly you implement your advertising and marketing plans.
Marketing and advertising is something we take very seriously at Starr Property Mgmt Inc. This is one area where working with a professional property manager can really help you. A professional will maximize the advertising potential and get your property rented faster than if you were doing it on your own. That means you make more income for you!
Remember these five tips to getting your house rented quickly:
- Know the market
- Know how your rental stacks up against the competition
- Make sure it’s ready to show well
- Sell the best features when you’re advertising
- Price it correctly
Hopefully these tips will help answer your questions about leasing your rental property. Happy investing and remember: enjoy life and leave the management to us. Contact us at Starr Property Mgmt Inc. with any questions. 800-750-0017
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