Category: Tenant Placement and Leasing
Our median placement time is 9 days. However, there are factors that affect this, and the biggest is price.
- Price: The speed of placing a tenant is a function of price. Some owners believe that higher rents attract better quality tenants – that is absolutely not true. The more qualified tenants can choose any rental they want within their budget, so they tend to take the better deals, which are priced at or below market rates. This leaves the overpriced rentals to the tenants whose qualifications are less than perfect. If you want a super high price for your rental, it will languish on the listing pages forever. If you price your unit a little below market, we can get a qualified tenant much faster. Typically, we use rental listings which are active or leased within the last 6 months, within half a mile of the subject property, to suggest a price range. We don’t use “Zestimates” – those are often very inaccurate.
- Vacant Ready: The “vacant ready” clock starts ticking when the place is ready for move in. Most “rehabs” take a few days. It normally takes 14-28 days if the property was thrashed. It will take several weeks if the property needs extensive work. We can sometimes line up tenants while a property is still occupied or being rehabbed, but that is NOT likely if the place is not in good shape. Most people like to see what they will get, before signing contracts and paying in their hard-earned money.