Why Some Homes Rent Fast and Others Don’t
Real estate rentals have always been a fast paced business for me. A rental can be closed from beginning to end all in one day whereas a home sale an take months of hard work, bank approval, appraisals, inspections, and more to complete before the closing. A lease agreement signing can be very quick, but a landlord should take the time to make sure the tenant is carefully screened first.
As a landlord, one of the stressful aspects of renting is you need it rented FAST! Every day your rental property is vacant, it is losing money, so you must rent it as soon as possible at the best rental rate possible to the best qualified tenant possible.
Landlords with difficulty renting ask the usual questions, such as,
The simple truth to all of those questions is… YES! (But I won’t judge you on the smell. It may be a good smell) Take a look at this crude drawing I made of a triangle. The 3 sides are labeled with “Fast”, “Qualified”, and “Best Price”.
It can be difficult to get all 3 sides of the triangle, but I’m telling you, you must!
First, understand the important factors needed to procure a fast rental and also the reasons a rental does not rent quickly.
It is usually a matter of how you look at things.
Many landlords look at tenants as sub-human trash who don’t deserve to live in as nice a home as the landlord lives in or should be willing to take what they can get since they are not in a position to be choosy. Well, while that may be true for a small percentage of the tenant pool, these days, most tenants are more choosy than ever and believe it or not, there are more quality rentals out there than ever before. Landlords have become competitive in attracting the better tenants by offering better rental units.
Besides offering a quality rental you’d be happy to live in yourself, another thing to keep in mind …