Property Management Blog

How Long Will It Take to Rent my Home? Folsom Property Management Education

Janelle Nord - Thursday, February 23, 2017


The speed with which you will rent out your property comes down to three key factors: location, condition, and price. The time of year often impacts your home’s time on the market because tenants typically move in the late spring and throughout the summer. If you want to know how to rent your house fast, you should understand that it ultimately comes down to its condition and location as well as whether it’s priced competitively.  

Tips for Renting a House: Seasons


Because we don’t have a crystal ball, we don’t know how long it will take to rent a property. It can depend on the time of year, because people are busy moving April through August. Kids are graduating and tenants are deciding whether or not they like where they live. People often base their moves on the school year. While people move for a lot of different reasons, they will typically be looking for a new home in the spring and summer. So, you can expect to rent your property quicker in those months than in the winter months. You’ll also get higher rents during those busy periods. You won’t have to offer incentives such as $500 off the first month’s rent to get the property rented quickly. If the property is in decent condition and priced properly, you can rent it fast during the most popular moving times. 

Property Condition 


If the condition of your home is fabulous and it looks like a brand-new house, you can plan on a very short vacancy time, and your home will rent right away. It’s a good reason to keep your home in excellent condition.  

Location


People generally know what area of town they want to live in. Whether we consider it a good neighborhood or not is irrelevant; prospective tenants will have their sights on the neighborhood they want. It might be close to a good school or the freeway they take to work or in the vicinity of other family members. There are various reasons why people move to a specific area. 

Pricing


Really, the amount of time your home is on the rental market depends on price. It always comes down to price and whether it’s the right price for your property. If you have a home that is priced competitively and the condition is comparable to other available homes, it will usually rent quickly.  

These are some of the things to consider when you’re wondering how long it will take to rent out your property. If you have other questions about this or anything regarding property management in Folsom, Sacramento or the surrounding area, please contact us at Residential Equity Management.

How to Price a Rental Property | Folsom Property Management Advice

Janelle Nord - Friday, February 17, 2017

 Tips from a Folsom Property Management Company onHow to Price Your Folsom Rental Property

 

One of the first questions landlords and investors ask when they contact us is: how much can I rent my house for? People want to make sure they are covering their expenses and earning a profitable rental income. However, you always need to remember that it’s the market setting your rental price, not your expenses. Today, we are talking about how to price a rental property and what to consider when you’re attaching a value to that investment.

 

How to Determine Rental Value: Managing Expectations

Sometimes, in determining how much to rent a property for, the landlord will come to us with an accounting of the mortgage payment, taxes, and insurance, hoping to earn at least that much in rent every month. They’ll even include the HOA dues, which are often not a tenant’s responsibility. It’s important to understand that you cannot price your rental according to your own expenses without doing your homework. Your price will depend on comparable properties in the area. Instead of your expenses, you need to consider your square footage, location, and property condition.

 

How Much Should You Rent Your House For? Our Formula

In Sacramento, there are different neighborhoods, so prices fluctuate. We have a lot of track homes as well as other single family homes in older neighborhoods. When you have a property in a newer development, they are easy to price because they are the same age and close to the same layout. These properties may vary in square footage, but they are still easier to price. We use a tool in our software, where we have a rent match comparison. It allows us to put in the bedroom and bath square footage and add amenities for a particular property. When that property comes up for rent, we refer to our software to see what’s happening within that zip code. We’ll also go to Zillow and Rentometer and the other online resources. If we are comparing our listing to a property within a mile, we know we can price it within $100 or so.

 

This is how we effectively price rental properties in the Sacramento area. If you have any questions about this or anything pertaining to property management in Folsom, Sacramento or the surrounding areas, please don’t hesitate to contact us at Residential Equity Management.


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101 Parkshore Dr.,
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Folsom, CA 95630

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