When you’re renting out a property in Fort Worth, you want to have it occupied by a well-qualified tenant as soon as possible. Not only does that jump-start your cash flow, it ensures someone is inside the home, taking good care of it.
Many landlords want to know how long the rental process takes. It really depends on your property, the market, and the tenant pool. Some of the elements that impact the timing are out of your control. However, there are some things that you can do to influence the speediness with which your property is rented. We’re talking about those today.
Property Condition and Pricing
Your home needs to be priced for the market. Every landlord wants to earn as much as possible, and you don’t want to underprice your property, or you’ll be left losing money. You’ll also have a hard time bringing the home up to the market rate without extreme rent increases in the future. Overpricing the home is also dangerous. It will leave you with a longer vacancy period, and vacancies can cost more than the $50 or $100 you’re giving up in monthly rental income. If you want to rent your property quickly, make sure it’s priced to attract well-qualified tenants who know the market.
The condition of your home will also impact the speed with which it rents. Before you put your home on the market, make sure it’s clean and free of any personal belongings left behind by you or former tenants. Do a careful inspection and make sure everything functions the way it should. Then, consider some inexpensive upgrades and updates that will make a difference. You don’t have to renovate the entire house. But, a fresh coat of paint, new shiny hardware on drawers and cabinets, and pretty landscaping elements will go a long way in getting your property rented.
Lease Terms and Timing
Your lease is designed to protect you and your investment. However, if it’s too restrictive or doesn’t allow things that a majority of tenants are looking for, you’ll face a longer vacancy period. For example, your property will rent faster if you allow pets. Some landlords are worried about the potential damage that pets can cause, but the risk is usually worth it. Pets rarely cause more damage than is covered by a security deposit and a pet fee. And, more than half of the tenants in Fort Worth have at least one dog or cat. Allow pets, and your property will rent faster.
Think about timing as well. Typically, the busy months are in the late spring and the summer. No one wants to move in the middle of the school year or over the holidays. So, try to structure your leases so that they expire in April or May. Then, when your current tenant moves out and you’re looking for a new tenant, you will have a larger tenant pool available to you, meaning you’ll rent your home faster.
Be Strategic with Marketing and Advertising
You can also control the exposure your property gets. Make sure you take lots of great, professional-grade photographs and write a detailed description. Then, put your listing online. It should be featured on all of the popular rental websites. Prospective tenants are on Zillow, Trulia, HotPads, Rentals.com, and others. Be sure to follow up with all the inquiries you receive. Don’t let phone calls and email messages go unreturned. Be responsive, set up showings, and encourage applications. Then, you’ll have a great tenant in place quickly.
We can help you rent your home out to the best tenants in the shortest amount of time. Contact us at McCaw Property Management for more information.