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How Long Will It Take to Rent My San Diego Property?

Are you a landlord in San Diego? Discover about how long it takes to rent your San Diego property.

In today’s market, a properly priced home should rent to a qualified tenant in just a couple of weeks. There is a lot of demand for rental housing right now. There’s been an inflation of prices, and wages are staying flat. So, fewer people can buy, and more people are forced to rent

Our supply shortage of available rental housing makes this a landlord’s market. As demand outpaces supply, landlords will win. Your property should therefore rent quickly. Here’s the strategy to use when you have a house for rent and you want to get it occupied fast.

Rent Ready

Make sure the home is rent ready. It has to smell nice, look great, and have attractive curb appeal. You need your property to look its best. You don’t go to the prom with curlers in your hair, so don’t put the home on the market before it’s ready.

Photos and Video

Take professional photos. This is an important factor. Tenants look quickly at the pictures, so you have to make sure they are good. Do a video tour. Let people walk the property without being there. They can learn about the home and the area. Let them see the street and the yards.

Communicate with Prospects

Answer your phone. If people call and you don’t pick up, they’ll go somewhere else. We have a live person answering the phone during the week from 8:00 a.m. to 8:00 p.m., and from 9:00 to 5:00 on the weekend. It’s important for getting your house rented.

Qualify your prospects over the phone before you show them the property. Make sure they can move in quickly and if you have a pet clause, make sure they meet that criteria. Then, be available to show the property.

Overpricing Can Cause Longer Vacancies

If you don’t have any applications after the first week that your property has been on the market, you might have a pricing problem. You’ll need to decrease the price by at least 5%. If you have no interest in the property, you probably need to decrease the price by 10%. If it’s been a few weeks and you’re still not getting action, reduce the price and review what your competition is doing. Maybe there are a couple of other houses for rent in the area.

The property that rents is the best property at the best price. That first week on the market is critical. It’s when you get the most interest. After that week, the only interest you get are people new to the market. So, make sure it’s priced properly. Vacancy loss kills profits.

Other ways to rent your house quickly are being open to pets and perhaps upgrading your appliances. You can also be flexible on your lease terms.

If you have any questions about this, please contact us at Good Life Property Management.

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Steve Welty

CEO at Good Life Property Management DRE #01744610

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Tagged getting your home rented

Hey everyone Steve Welty here at Good Life Property Management and today’s question is how long is it gonna take to rent my house? So in today’s market, a properly priced home should rent in just a couple weeks to a qualified tenant. Now, there’s a lot of demand for rental housing right now. There is inflation of prices and then wages are staying flat, so this means less people are able to buy, which means more people are forced into renting. So we have a major supply of shortage of housing, of available rental housing, and this means it’s a landlord’s market so as demand outpaces supply, landlords are gonna continue to win in this market. So given that there’s plenty of demand and not enough supply, this means your property should be renting quickly. It should be running in two, three weeks. A lot quicker than historical norm. So here’s the strategy to use when you have a house for rent to make sure you get it rented in a couple weeks. So number one, make sure the home is rent ready. Smelling nice, looking nice, curb appeal looks great. It’s got to look its best. My mentor used to tell me you don’t go to prom with curlers in your hair, so don’t put your rental property on the market until it’s ready. Two, take professional looking photos. It’s a big important factor. Tenants are just looking quickly at the photo so you got to have appealing photos. Three, do a video tour so you can have people walk the property without even going to it yet. They can learn about the area. Do a 360-degree turn of the outside so they can kind of see the street, front backyards etc. Number four, answer your phone always. People call, you don’t pickup, they’re gonna go somewhere else. At Good Life, we have the phones answered 8:00 to 8:00 Monday through Friday, and Saturday and Sunday 9:00 to 5:00. A live person picks up the phone. So important for closing deals. And then number five, qualify the prospects over the phone. Before you go show them the property, make sure they can move in pretty quickly. And if you have a pet clause, make sure they meet the pet criteria. And then be available to show. You got out be available to get out there show these prospects the property or they’re gonna move on to the next one. So after the first week, if you don’t have any rental applications, you have a pricing problem. If you’re doing everything else right, you have a pricing problem. So you need to drop at least 5%, and if your interest was just really dead, then you need to drop probably 10%. Also at this point, a week/two weeks in, you’re not getting action, reduce the price and then review what your competition is doing. Maybe something popped up on the market or a couple houses in your area came up. The property that rents is the best property at the best price at any given time. And so that first week on the market, so critical because that’s when you’re gonna get the most interest, just like when you sell your home, the first week it’s kind of like a bell curve, because after the first week the only interest you’re gonna get is people that are brand new to the market. So first week very critical, price it right. No action- drop at 5% and then drop it 5% every week until it’s rented. Vacancy loss kills profits so you’re gonna net more money if you do that. A couple other things you can look at instead of prices: being open to pets, looking at your appliances, maybe upgrading those, and being flexible in the lease term. If we can help you with anything, please give us a call and make it a great day!