How to minimize your time to rent

[Eric Fernwood]

When your property is vacant, income stops, but expenses continue. You cannot afford a vacant property. How can you reduce the time to rent?

It depends…

Are you purchasing a property?

Only buy properties that have a low estimated time to rent. How do you determine how long properties take to rent?

Two options:

• Recent rentals - Check out nearby recently rented similar properties in similar condition. Such properties are a good indicator of how long the property will take to rent.
• Property managers - Property managers consider recent rentals and similar properties currently for rent. An experienced property manager is the best source of time to rent.

Do you already own the property?

Your options are:

• Renovation - Every property competes with all properties tenants perceive as comparable. Renovation enhances your property, so it is more desirable than the competition. Be careful not to over renovate, though.
• Quality photos - People spend $400,000 or $500,000 and another $25,000 for renovation. Then, market the property with photos that look like a crime scene. Properties won’t rent unless you get people to see them. Quality photos of a clean and attractive property get tenants into your property. You can’t afford to not use a professional real estate photographer.

Anybody sees more ways to reduce the time to rent?