How to Rent Your Property Quickly and Reduce Vacancy – Chula Vista Property Management
Getting your Chula Vista or San Diego property rented consistently and in a timely manner has a major impact on your bottom line and the amount of rental income you earn. One of the ways that people lose a great deal of money is when there’s a lot of time between turnovers and high vacancy. When a property isn’t generating money, it’s costing you money. The whole intention is to keep it rented and generating income so you maximize the return on your investment.
Price the Home Competitively
For the people who are just starting out and renting out their own property, my best word of advice is to price the home competitively to the other properties listed on the market. The price must be based on the features and benefits of the home, and how it stacks up to the neighbor’s property. All owners love their homes, and many of them are really special. However, if you price the home out of the realm of what’s reasonable or what’s currently for rent, that special home might sit on the market for much longer than you anticipated. That costs you money.
Be Practical, Not Emotional
We encourage you to be practical versus emotional. Be pragmatic and businesslike. If this was your home at one time, you have to detach and have a mindset change where this is now a business for you. Your old home really depends on money in and money out.
Listing the Price in Your Advertising
Advertise and price the property competitively. Gone are the days of driving around and looking for a For Rent sign. Today, tenants are looking at 50 homes with the click of a button, and all those listings include the price. So if your phone is ringing, you know your price is listed competitively. If you’re not getting phone calls, it’s not because the tenants don’t know it’s listed. They just aren’t calling because there are better deals out there for them. So list the property at a price that will rent it quickly.