There are a number of factors that impact how quickly you’re able to rent out your property. Some of them are completely out of your control, such as the strength of the market and the competing properties. Some factors you can control, such as your rental price and the condition of your asset.
As properties managers in Killeen and throughout central Texas, we’re often asked by owners and landlords how long we think it will take for them to rent out their property to a qualified tenant.
The answer is: it depends.
We know that’s an unsatisfying answer, but it’s true. It depends on whether you’re renting out the property on your own or with the support and resources of a property manager. It depends on whether you have a strategic marketing plan in place and whether tenants are looking for homes like yours.
There’s also a seasonal aspect to how quickly you’ll rent your property. Tenants are unlikely to move during the winter and over the holidays. They’re more likely to move in the summer, especially if they have children and they want to be settled before the new school year starts.
In today’s blog, we want to help you understand how long it may take for you to rent out your property and what you can do to avoid a long vacancy and get a qualified tenant placed quickly.
Rent-Ready Killeen Properties
It’s a bad idea to list your property on the market if it isn’t rent-ready. When prospective tenants scroll through your listing or show up to see your property, they want to feel like they can move in at any moment. It should be clean and everything in it should work. The landscaping should be up to date as well, creating curb appeal as well as a welcoming atmosphere.
Tenants won’t want to rent a property that isn’t looking its best. If your property appears to still need work, you’re looking at a longer vacancy time.
Don’t advertise or show your rental property before you know that everything inside of it works the way it’s meant to. Do a thorough walk-through and inspection as you’re getting it ready for the rental market. Test every system and function:
- Turn on the heat and the air conditioning.
- Run all of the water, including faucets, sinks, tubs, and showers.
- Flush every toilet.
- Test every outlet.
- Turn on the appliances.
- Look at the locks on all doors and windows.
- Open closets and drawers.
Make a list of anything that needs to be repaired or replaced, and then get your vendors to work.
Always consider making some upgrades or updates before you list your property. If the carpet is looking worn, replace it. If the appliances are mismatched, install newer energy-efficient models. Check the condition of your paint. Install better lighting.
Once everything has been repaired, replaced, or declared to be in perfect condition, you’ll want to clean the property professionally. When prospective tenants begin to schedule showings, you need to show them a home that’s clean and ready for occupancy. Have a professional crew come in to scrub the home from top to bottom. Find cleaners who are willing to dust ceiling fans and baseboards and pull the appliances out to dust and sweep behind them. You want tubs and sinks that sparkle.
Finally, make sure your landscaping reflects the curb appeal you want.
This curb appeal is your first impression when you’re renting out a property. The way your rental home looks from the street will either excite or dissuade prospective tenants.
Take the Temperature of the Killeen Rental Market
The local rental market will largely determine how long it takes to rent out your property.
In the current Killeen rental market, we’re experiencing low vacancy rates thanks to a lack of inventory and high demand among our local tenants and new people moving into the area. This will help your property to rent quickly.
Markets change, and you might find yourself struggling to find tenants as quickly as you can find them now. In a market that’s tight for owners and landlords, you may find that there are more rental homes than there are prospective tenants. That will create a situation where it takes longer for your home to rent. There are simply too many choices and good tenants can afford to be selective. You may find your home is unoccupied for several weeks and even months.
Even in a strong market there are vacancies. If you have a consistent process in place and you’re willing to focus on good marketing, responsiveness, and an efficient screening process, you can get your property rented within weeks so you don’t lose a lot of money on lost rent.
Pricing Your Killeen Rental Property
The way you price your property will impact how quickly you rent it.
A lot of owners fail to realize this, hoping to set the highest possible rental price based on what they want to earn. Many owners think they need to cover their mortgage payment, insurance payment, taxes, and other expenses with the rent that’s collected.
This is sometimes possible, but not always.
You want to earn as much as possible on your rental home, but you also want to be sure you have the correct rental price attached to the home. Overpricing a property will deter good tenants from even seeing your property, and it leads to a longer vacancy.
Do some research on what similar properties in your neighborhood are renting for, and make sure you’re in the right range. Get a comparative market analysis done if you can. Killeen property managers can provide that for you.
Killeen Rental Property Marketing
Marketing plans will also impact how quickly you rent your property.
Good marketing includes:
- A strong online presence. You need your listing on all the major rental websites. Social media shares can also help get the word out that you have a home for rent. Invest in good photos. Prospective tenants are going to look at your photos before they read descriptions. Make sure they’re attention grabbing and that you post a lot of them. Include photos of the outside of the property, the kitchen, the bedrooms, and the bathrooms. Don’t forget to include a description that’s engaging and inspires people to schedule a showing.
- Responsive contact. Don’t let prospective tenants call and send messages without a response. Answer their questions promptly and be willing to both provide more information and do some pre-screening when you’re talking to renters about your home. Ask when they’re planning to move and whether they have any pets.
- Convenient showings. We know that self-showing technology has really taken off in the rental industry. At Shine Residential Management, we still accompany prospective tenants when they want to see a rental home. We think this is a valuable opportunity to establish a good relationship and get an idea of whether they’re qualified to rent your home. It also allows us to answer any questions and talk about the steps in the screening and application process.
When you’re marketing your home, do so with the intention of getting the best possible tenants in place quickly. You don’t want to waste time or lose leads. Just about every tenant is looking online for their next rental home. If you’re in a high-traffic neighborhood, however, a yard sign is also a good idea. It might get the attention of someone driving or walking by. There might be a neighbor who knows someone looking for a rental home.
Be creative. Marketing and advertising will help you rent your home quickly.
Trust Your Killeen Property Manager
If you’re not working with a local property manager to get your home rented quickly, why aren’t you?
Professional property managers have more resources, larger networks, and better technology. All of these things, plus our years of experience leasing homes, will get your property rented faster.
If you’re already working with a property manager, trust them to get your home rented as soon as possible. We have processes in place that cover everything from preparing your property, pricing your property, and marketing the home for an immediate rental. We want to find the best tenants. We want to make sure we’re complying with all fair housing laws as well as the Texas Property Code.
It’s certainly possible to get your property rented without professional help. But, if you want to rent it out quickly, and you want to earn as much rent as you can, and you want to attract the best possible tenants, partner with a property manager.
We’d be happy to work with you, and we have a fantastic track record of renting out homes as quickly as we can. Please contact us and we’ll get started. A property management company based in Harker Heights, Shine Residential Management cares for exceptional single-family homes throughout Central Texas, including in Killeen, Temple, Belton, Copperas Cove, Salado, and Georgetown.
