Vacancy and turnover time can be expensive for Indianapolis property owners, so finding a well qualified tenant quickly is always a priority. The amount of time it will take to get your property rented depends on two things; the condition of the home and the amount of rent you’re charging.
Most owners, when they have a vacancy, don’t want to spend money to bring the property up to rent ready condition. Or, they want to spend the least amount possible. This type of approach is often a mistake. You don’t want your property to be at the bottom of the list compared to others in the area. When it comes to condition, we tell our clients to think of it from the tenant’s point of view. What would you want if you were searching for a rental home? Splotchy walls would probably not be acceptable to you, nor would spotted or dirty carpets. You wouldn’t want to see holes in the walls, patchwork in the linoleum or dented appliances in the kitchen. You would probably never rent a place that had rust stains around the drains in bathroom. Keep in mind how much things cost but focus on the tenant experience you’re creating. That drives the type and quality of tenant you’ll get.
How Long Will It Take to Rent My Home? Tips for Investment Landlords in Indianapolis, INThe amount of rent you charge must be competitive, or the property will take a long time to rent out. You have to know what your competition is doing and what their rent quality is. The market will drive the acceptable price. There is no magic bullet or a specific strategy to guarantee you find a tenant in a day or a week. It’s important to master the factors that influence timing. Learn those, or hire an expert who can help.
If you’d like to maximize your investment and get your property rented quickly, please contact us at ES Property Management in Indianapolis.