With the recent fluctuations in the real estate industry and the prices for homes going through the floor, there has been a bright spot in the leasing of properties. We are seeing a decrease in the amount time it is taking for homes to get rented. Of course there will still be slower areas than others but overall we are seeing an average of 30 to 45 days on the market from the time of the home being considered rent ready. As always there are four major factors on why a property will not rent.
First, the home does not look good. This can be a major issue. In my experience over the years I have seen home owners put in that little extra splash to their property that gives them an extra $50 to $100 a month in rental income compared to the properties on the same block with the same floor plan. Curb appeal is everything in this business.
Second, is advertising. With the Internet and technology today there are so many ways to get the word out about available properties. Some of these websites are even free to advertise. Often the ones that get a little more traffic will take some out of pocket expense. This of course is very minor when compared to paying a mortgage on an empty house. The more leads you are getting the more chances you will be able to find that golden tenant.
Third, is the pricing. This by far is the easiest solution out of the three we have mentioned. It stands to reason that if the first two factors are taken care of then the only other reason is that you are priced too high. Be smart when you are comparing costs with similar properties. Don’t get greedy thinking you have the perfect property that anyone would want. There is still very stiff competition out there in the rental market but at the end of the day, dropping your rent $50 to $100 still beats paying a full month of mortgage.
Lastly, hiring a professional will take the worry out of it all. Let them deal with the evictions, collecting rent, maintenance issues, finding that tenant, etc. They know what the market is doing, where to find the tenants, and deal with all of the legalities that you don’t want to. It is worth that extra fee to take the headache away so you can focus on your other investment needs.
In the next newsletter we will discuss the pros and cons on what to look for in qualifying a potential tenant.
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