How Well do DIY Landlords Track Days On Market?

Question

Just got off the phone with another DIY landlord looking to hire a PMC.

They really didn't like our response to their question, "How long does it take you to find a tenant?"

#1 they were uninterested in hearing about seasonal affects.

#2 they were emphatic that it should only take 7-10 days from their own research!

Here's a chart from ShowMojo based upon the thousands of properties their clients use their system for:

Not sure how any landlord or PMC doesn't understand that DOM are affected by the time of year and it's taking longer to find tenants than any time since 2018!

Patricia Steiner · Answer

Huh? Cash flow matters. DOM can be minimized by a number of different factors including the quality of marketing, rent price, availability to show. Talking DOM is a 'blah, blah, blah' experience with landlords. They're paying for results.

PMs can minimize their suffering from unrealistic expectations by showing comparable properties that are on the market for rent and having a discussion with the landlord as to how their property compares and how his property can be more attractive to renters.

Landlords are running a business. They're hiring PMs for a reason and they fire them for not maximizing cash flow.

JD Martin · Answer

DOM nationwide isn't really terribly useful; in extreme situations we will already know the national economic situation. Beyond that, real estate is largely local; in my market we are not seeing anywhere near those numbers. But my market is meaningless to yours. DOM is useful in a micro sense, though, especially if you are considering whether or not to use a PM.

How Well do DIY Landlords Track Days On Market?

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