As an active investor, I try to spend time with other active investors and property owners here in Brevard and throughout Central Florida. It is interesting to me the comments I hear regarding folk's success, or lack thereof in renting out properties.
Certainly, we are seeing more rentals available and there appears to be downward pressure on pricing. A quick glance at the local MLS stats will show that, while listings are shrinking, the available inventory of rental properties is on the rise. And it's no wonder with investors snatching up all these good deals.
So how can you make sure your house gets rented first? Here are just a few of the guidelines we use to rent houses fast:
1. Make it clean, sounds simple but many owners skip this and the result is missed opportunity and most importantly a dirty house tells a tenant you don't care; and if you don't care, why should they?
2. Price it right, letting a house sit for even 1 extra 30 day cycle means losing about 8% of your annual income. That's big in our business, our margins are smaller and expenses are up. Think long and hard when pricing compare to competition and be competitive.
3. Be available to show it. Many tenants have short attention spans, if you put off a showing for a day or two, most likely you will lose the lead. They want it right and right now!!
4. Hire a pro: if you can't or don't want to do these things, pay someone to do them for you. Work it in to your numbers when you buy, it's that simple.
This is just a start, I have many more suggestions and I would love to share at another time. I am available to do presentations locally and will consider travel as well. Contact me for more details.
Make it a great week and remember the real wealth in real estate is in long term buy and hold.
The graphic below, from city-data.com, shows median rent here in Brevard County. This information and more like it can help you make a more informed decision when buying income property.