Having trouble renting that property?

By
Real Estate Broker/Owner with Housing Market Realty

 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.

Charles

 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.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Charles Stallions 04/27/2009 08:12 AM
Topic:
Real Estate General Information
Location:
Florida Brevard County
Groups:
Florida Real Estate Investors
Investing in Real Estate
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Nothing but the Positive
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rent that house
having trouble renting your property tips to rent a house quickly

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Anonymous
Fern C Burr

That's terrific advice, Charles.

Fern

Loan Goddess and LONG TIME Landlord

Apr 16, 2009 04:29 AM #1
Rainmaker
1,068,048
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

I've been offering free rent in order to attract tenants.  The market here is so saturated with available rentals that the units often sit vacant even when you offer a great deal.

Apr 16, 2009 08:33 AM #2
Rainer
7,607
Christopher McClatchey
THM Investments, LLC - Merritt Island, FL

Charles you are right on the money!  Great info. Thanks

Apr 19, 2009 12:02 PM #3
Rainer
42,917
Brian Griffis
Realty Choice - Springfield, MO

It seems like things are overbuilt everywhere.  At least that gives tenants more choices. 

Jun 30, 2009 09:05 AM #4
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Rainer
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Charles Fischer

Professional Real Estate Services
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