A vacant rental property is a source of nagging anxiety for almost any property owner. Every day a property is empty is a day of lost rent. At the same time, the property still incurs many of the same expenses as it does while it’s occupied. If you haven’t planned ahead for vacancies, an empty rental can quickly eat through your savings. It’s no surprise, then, that one of the first questions owners often ask is “How long will it take to rent out my house?”.
A key part of planning (and budgeting) for vacancies is getting an accurate estimate of how long your property will likely be vacant. When determining how long it will take to rent out your house, consider these factors:
Price is the most important factor when it comes to renting your property quickly. Too high, and you won’t get any interest. Too low, and you’ll rent your property more quickly but risk losing money in the long run. Price your property competitively to attract potential tenants.
Condition of the property
Closely related to price is the condition of the property. Your advertisement might lure in prospective tenants, but the property itself will have to sell them. Even if the rent is competitive, you won’t get any applications if the condition of your rental doesn’t match the rate in your listings.
Time of Year
The housing market tends to heat up in the spring and summer, and the same is true when it comes to renting a home. More people are on the move in the warmer months, so it usually takes less time to find a tenant then. If you list your home for rent during the winter, expect it to take longer to rent out. One way to avoid winter vacancies is to consider 15 or 18-month leases that should keep your properties occupied until spring.
Marketing is extremely important. Put yourself in a prospective tenant’s shoes. If you were looking for a home online (where most tenants gather leads), and you saw a well-written listing that’s descriptive and has plenty of high quality photographs that make the property look warm and inviting; then you found another property that has a bare minimum of information and one or two blurry pictures, which property would you consider? You are competing against other rentals, and you need to take the time and effort to make your listing shine.
Shorter vacancies mean more money in your pocket
A professional property management company will be able to rent a property in about half the time it takes to rent an owner-managed property. In recent months, the average vacancy duration for Greyhaven properties has been 28 days. There are a number of reasons why a professional management company like Greyhaven can turn your property around faster, and most of them come down to local market knowledge and experience.
Greyhaven is a locally owned and operated company. We know how to market different neighborhoods in the area, and we know which types of renters (families, singles, students, seniors) are typically looking in those areas. We also have pre-existing relationships with vendors, so that tasks that typically get completed during a vacancy (cleaning, repairs, etc) can happen more quickly. Our marketing techniques are tested and proven to work. We’ll get your property in front of as many prospective tenants as possible, to reduce the time it will take to rent out your house.
Contact a Chattanooga Property Management Company
Give us a call at 423-648-6676 and let us help take some of the pressure out of property ownership.