One of the more frequent questions we get at Home Property Management is “How long does it take to find a tenant and rent out the property?” We understand the importance of limiting your vacancy time and getting the cash flow coming in as soon as possible.
4 ways to reduce vacancy time
1. Ensuring the property is show ready and rent ready
Before listing a rental property on the market or taking any marketing photos and videos, it must be clean and ready to move in. Having it showcased in its best condition is going to reduce the time on the market.
This includes taking care of items such as:
- Cleaning the floors and carpets
- Cleaning windows and blinds
- Repainting the walls
- Making sure appliances are clean and working well
- Removing any trash or old furniture left behind
- Replacing any lightbulbs to help make the home feel bright
- Taking care of the landscaping by mowing the lawn and trimming the hedges.
First impressions matter when renting out a property, and you want potential tenants to see that the property is well-maintained.
2. Pricing the rental property correctly
As aggressive investors ourselves, we want to make sure you are getting fair market rent. To ensure we are not leaving any rent on the table, we often price the rental a little higher and quickly determine how the market is reacting to it.
3. Listening and adjusting to the market
It is important to listen to the local rental market and adjust the rent rate accordingly. Having the property stay on the market too long at too high of a price is wasting both time and money.
Several factors can affect rent rates and vacancy times
- Peak rental season in early Spring/Summer can bring higher rent rates due to demand.
- Rent rates can fluctuate based on the supply and demand of units in the area. For example, if you have a lot of people moving into the area, the demand for rentals will increase and rent rates may increase in response.
- Location is everything. Having a rental property in a popular area of a city is going command a better rent rate.
- Having the number of bedrooms and bathrooms that people are looking for the most can affect both the rent rate and speed of renting it out.
- Allowing pets in your rental can make it more appealing, increase your rent rate, and decrease the time on market.
Because there are a lot of factors to consider when setting rent, you want someone with experience calculating it. Home Property Management’s property managers have the extensive knowledge and understanding of the local rental market necessary to price it correctly.
4. Answering inquiries 24/7 with a live person
When choosing a property management company, ask how they handle rental inquires. Do they answer calls 24/7 on weekdays and weekends? Voicemails don’t rent your property.
At Home Property Management, we have a call center that answers property inquires 24/7. They are available to answer questions and set appointments at the potential tenant’s convenience. Our attention to customer service helps us rent your property quickly.
Looking for property management in Palm Beach County?
At Home Property Management, we have been managing rental property in the area for over 36 years and know the local rental market well. Whether you are local to the area or an out-of-state owner, please contact us today about our property management services.