How Long Will it Take to Rent My House in Salem, OR?
Mendell Gosnell - Tuesday, July 14, 2015
Today we’re answering a question that we get a lot - 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 the property appropriately.
Market Strength In a slow market, prospective tenants are very price sensitive. They are looking for deals. In a strong market, you can demand a higher rental amount with few concessions 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.
Factors to Consider
There are four important factors that determine how quickly you’ll be able to rent your property:
The price of your rental
The current demand for your type of property
How quickly you implement your advertising and marketing plans.
Marketing and advertising is something we take very seriously at Centurion. 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 money.
Tips to Consider
If you don’t have the benefit of a professional helping you out, 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 you rent out your property as quickly as possible. Happy investing and remember: enjoy life and leave the management to us. Contact us at Centurion Real Estate Management with any questions.