How Long Do Most Houses Take To Sell?
When new clients, owners, and investors are looking for professional property management services, they want to know how much we charge, how much we can rent their place for, and today's question – how long will it take to find a tenant? There are a few things that go into that answer.
Renting Out Your Property: Market and Season
One thing we have no control over is the current rental market. In 2017 (at the time of writing), the rental market was excellent in Oregon and nationwide. But that can change. It hasn't always been that way, and market conditions are a huge determining factor. Seasonality is also a factor. Summer is what we call "turn season," and homes are easier to rent. Once the school year starts and the fall arrives with cooler, rainy weather, people move around less, so you'll have longer vacancies.
Renting Out Your Property: Condition and Amenities
The desirability of the property and the price you set are also important. Your home will rent quickly if you have a fair, reasonable price. Compared to other competitive rental units and houses or apartments and townhouses, the amenities you offer will also affect how long it takes to rent your home. The best way to rent a house is with great overall curb appeal. You want to put your best foot forward. If someone sees the house and it's not up to par, it will take a little longer to rent. Generally speaking, you cannot count on getting the best tenants for your property. To attract quality tenants, you have to provide a quality product.
This is relative. A high-end house in a nice area needs to compete with the surrounding inventory. A lower-end rental unit or apartment in a difficult part of town needs to be the nicest property in that part of town. If you can do that, you'll find great success.
Renting Out Your Property: Good Marketing
The ad you're using can help or hurt your rental efforts. Use yard signs with a visible contact number, and create flyers about amenities. Advertise online with Craigslist, Rentals.com, and all the other different sites out there. Be careful not to violate any fair housing laws by targeting certain classes to exclude other classes.
These are the best ways to maximize how quickly you rent your place. If you have any questions, please get in touch with us at Centurion Real Estate Management.
