Just curious What are your average days on market for vacant unit

[Alex Goncharov]

Hello, people. Please share your experience. What are your average days on the market for vacant units?

- What type of property do you have?

- Do you use property managers or do it yourself?

[Greg M.]

The one question you didn't ask is the most important: Where are the properties? 

In Los Angeles, very few listings last 2 weeks. Most are gone in a few days. You'll also easily find people willing to sign a lease that starts today, even if they won't be moving into it for several weeks or more. 

[David Li]

I'm in Houston. Listed a single family yesterday since my current tenant will not renew their lease (end of June) and already received multiple applications. Many are also offering above my asking rent, paying up to 6 months rent in advance, or even submitting applications without viewing the property. I would think listings are gone within a couple days on average. A few days if you're a picky landlord. 

[Eric James]

I have a triplex in deep south TX with a PM. Those take around 6 weeks to fill. The units I manage in East TX I fill in 1-2 weeks 

[Alex Goncharov]

Originally posted by @Greg M.:

The one question you didn't ask is the most important: Where are the properties? 

In Los Angeles, very few listings last 2 weeks. Most are gone in a few days. 

Wow! really ? Quite fast. We have properties in Chicago and it is possible to have vacant unit for more than several weeks - one month.

What if you rise the price then ? You can earn 10-15% additionally and lease it not in 2, but iin 7 days ? May be you have very low price and can earn more ?

[Alex Goncharov]

Originally posted by @Eric James:

I have a triplex in deep south TX with a PM. Those take around 6 weeks to fill. The units I manage in East TX I fill in 1-2 weeks 

6 weeks - it is a lot! you can lose 1/12 from yearly revenue in this situation. Why it takes so long? Do you have not so hot market as in LA?

[Alex Goncharov]

Originally posted by @David Li:

I'm in Houston. Listed a single family yesterday since my current tenant will not renew their lease (end of June) and already received multiple applications. Many are also offering above my asking rent, paying up to 6 months rent in advance, or even submitting applications without viewing the property. 

submitting applications without viewing the property - it is risky from their side to do this. Do you have a hot market now after the pandemic? Or it happens because you have a very good single family? 

[Eric James]

Originally posted by @Alex Goncharov:

Originally posted by @Eric James:

I have a triplex in deep south TX with a PM. Those take around 6 weeks to fill. The units I manage in East TX I fill in 1-2 weeks 

6 weeks - it is a lot! you can lose 1/12 from yearly revenue in this situation. Why it takes so long? Do you have not so hot market as in LA?

Everything is slower with a PM. Having the locks changed. Scheduling a painter and waiting for his availability. Listing the property, waiting for applicants from the MLS.

For those I can manage myself all those things are done within a few days and I have it listed on Facebook marketplace and get hundreds of responses. I do group showings and have it rented in a week or two.

[David Li]

Originally posted by @Alex Goncharov:

Originally posted by @David Li:

I'm in Houston. Listed a single family yesterday since my current tenant will not renew their lease (end of June) and already received multiple applications. Many are also offering above my asking rent, paying up to 6 months rent in advance, or even submitting applications without viewing the property. 

submitting applications without viewing the property - it is risky from their side to do this. Do you have a hot market now after the pandemic? Or it happens because you have a very good single family? 

Yes, it's very risky indeed and we didn't really want to entertain those whom does not even request a showing. Houston has definitely been a very hot market, at least from the buy/sell side since the beginning of COVID. I didn't expect this to translate into the rental side. My single family is slightly newer than others in the neighborhood (2017 build) but I have seen other rental listings go within a few days. I have already priced it slightly above comps, and yet people are willing to pay more, have a longer lease and/or pay from 6 months to a full year in advance to secure the property. The interest was so great I had to turn down at least half of the requested showings. 

[Alex Goncharov]

Originally posted by @Eric James:

Originally posted by @Alex Goncharov:

Originally posted by @Eric James:

I have a triplex in deep south TX with a PM. Those take around 6 weeks to fill. The units I manage in East TX I fill in 1-2 weeks 

6 weeks - it is a lot! you can lose 1/12 from yearly revenue in this situation. Why it takes so long? Do you have not so hot market as in LA?

Everything is slower with a PM. Having the locks changed. Scheduling a painter and waiting for his availability. Listing the property, waiting for applicants from the MLS.

For those I can manage myself all those things are done within a few days and I have it listed on Facebook marketplace and get hundreds of responses. I do group showings and have it rented in a week or two.

====================

Interesting - does Facebook marketplace  works better than Zillow and other professional web listings for you? 

[Eric James]

Facebook marketplace is free, and in my area there is a huge percent of the population that use it. I have more views on my rental listings than the population of the town.

[John Morgan]

@Oleksey Goncharov

Less than a week. I usually find someone within a day or two. I self manage and list them on Zillow.

[Alex Goncharov]

Originally posted by @Eric James:

Facebook marketplace is free, and in my area there is a huge percent of the population that use it. I have more views on my rental listings than the population of the town.

Could you show how those posts look on FB and at what website do you make links from FB ? Do you have some special website for your properties? By the way, How many of them do you have? 

[Eric James]

Originally posted by @Alex Goncharov:

Originally posted by @Eric James:

Facebook marketplace is free, and in my area there is a huge percent of the population that use it. I have more views on my rental listings than the population of the town.

Could you show how those posts look on FB and at what website do you make links from FB ? Do you have some special website for your properties? By the way, How many of them do you have? 

Initially I was creating the listings from my personal FB account, but have recently added a separate FB page for my rental company. In FB you just enter marketplace and add info and photos of the rental. I currently have 14 rentals. 

[Scott M.]

This question is so vague it is really hard to gather any useful info from it.  Not knocking you @Alex Goncharov ...just don't feel bad if your home is on the market longer than what others have said here.  That is my whole point.  Don't get nervous is yours takes longer.

As an owner you need to understand that EVERYTHING about your home impacts how long a house will be on the market.  As others have said the market but also and I would argue even more importantly the price and the condition.  The area, the block, features like SQFT, beds/baths in comparison to other homes in the area, your marketing, your response and response time and on and on and on.  

Locally we have cities that we list a home for rent and within a day or two we have a lot of applications (not just interest, but applications) and others where it will take a few weeks to generate several applications.  

A very nuanced question.