How long does it usually take to Rent a unit?
I use property management companies to rent out all of my units and it takes 1-2 weeks to find a tenant. Then 1-2 weeks after that for them to move in.
As you can imagine, it is highly dependent, market, property and the rent you are demanding. I invest in rural areas of North Florida and I'll have maybe 5 showings per week and have the property rented in two weeks. Some places, people are waiting in line for a rental.
I'd focus on getting feedback. If the unit lingers on the market, you can think about possible improvements to market to the type of renter you are seeking. You could also try target marketing, where you run ads in selected publications or locations to go for a specific market (like retired people, military, etc).
Sounds like you aren't having trouble getting traffic, though. Just a matter of hitting the tenant you want.
Getting it into the MLS is the key. I was thinking about local publications. Also, I've offered bonuses to RE agents, especially those that seem to get a lot of relocations. That's been a great source of leads for me. In fact, I think I'm running about 30% of my 15 units rented by people who have relocated.
it could be priced too high for what it is. if the place is nice, you can get more, if not you'll get less. simple logic.
@Ericka G. Thank you! I have it posted on Zillow Rental Manager and have gotten a decent amount of leads from Trulia and Zillow, none from Hot Pads.
At first I was saying no pets, but it turns out pretty much everyone has a dog so I'm trying to be flexible. I lowered rent to $975 on FB and it's $1000 everywhere else, I'm getting roughly equal leads.
I added Internet to the rent as an extra incentive over the competitors, but yes winter is quickly approaching and I'm getting anxious. I have roughly 15 appointments this week so far, not all of them show/most want to reschedule.
Is it smarter to do a 6 month lease to get off winter cycles and then renew 1 year+ starting from spring? Is it normal for you to wait 1+ weeks to get a unit rented? I feel like it's not that long but also feel like I'm not getting a lot of luck with quality people.
@Matthew John
Just a recommendation, stop doing appointments. Do showings instead this will reduce the time you are spending. Plus side is you schedule time for showing if say 5 out of 10 don't show up you still have 5 that do. Also this creates more interested in the the rental as people don't like to lose out to another tenant.
Originally posted by @Matthew John:
@Ericka G. Thank you! I have it posted on Zillow Rental Manager and have gotten a decent amount of leads from Trulia and Zillow, none from Hot Pads.
At first I was saying no pets, but it turns out pretty much everyone has a dog so I'm trying to be flexible. I lowered rent to $975 on FB and it's $1000 everywhere else, I'm getting roughly equal leads.
I added Internet to the rent as an extra incentive over the competitors, but yes winter is quickly approaching and I'm getting anxious. I have roughly 15 appointments this week so far, not all of them show/most want to reschedule.
Is it smarter to do a 6 month lease to get off winter cycles and then renew 1 year+ starting from spring? Is it normal for you to wait 1+ weeks to get a unit rented? I feel like it's not that long but also feel like I'm not getting a lot of luck with quality people.
You are coming into a tougher rental period but i think your mindset on triggers to stay competitive will help. Remember concessions are sometimes key.
Are you using property management? Would you be willing to use PM to at least help fill the unit?
Matthew John - You can rent just fine without hiring an agent for mls. If you aren’t motivated to do showings and market your property though, I recommend hiring a pm or agent. I try to minimize vacancy for my customers just like it was my own investment property.
Post OPEN HOUSE for your rental on Zillow. It’ll bump it up to the top of the app searches. Make your pictures bright and attractive. Make your descriptions abundantly clear. Also post Facebook marketplace, craigslist, Facebook yard sale, community websites, Nextdoor
Write up a canned reply to zillow / email leads and save it on your phone and computer. I have two - one for texts and Facebook messages. Another for Zillow emails. My Facebook one says - Thank you for your interest in 123 Main St! Our next open house to tour is Sat 2-4pm. 2 bedrooms 1 bath $795/mo rent. $1000 security deposit. Income of $2500/mo and 600+ credit score required. No smoking. Animals negotiable.
My longer email reply includes a link to an online application and background check (something like cozy works) and a link to a quick 2 minute tell me more about you google form (because I’m an agent and happy to tour them other properties if this one isn’t a fit.)
I always clearly detail my (or the owners) minimum rental requirements so people who won’t qualify do not waste time. No, we can’t prorate the security deposit over 6 months for you...
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