Finding the right tenant quickly is a top priority for any property owner. However, the time it takes to secure a tenant isn’t always straightforward. While the journey might seem simple—listing the property, showing it, and signing a lease—several factors can significantly impact how long your property stays on the market. Pricing, property condition, market demand, and even the time of year can affect how quickly you find a tenant.
In this blog, we’ll delve into the key factors of how to find a tenant, how long it usually takes, common obstacles that can slow down the process, and actionable tips to help you rent your property faster.
Finding a tenant for your rental property usually takes about 30 days, but this timeline can vary depending on various factors. In high-demand areas, the process can be as quick as 1–2 weeks, especially for single-family homes, which tend to attract considerable interest.
If your property remains on the market for more than 30 days, it may indicate issues that need to be addressed.
Let’s explore the complete timeline of finding a tenant:
The first two weeks after you advertise your property are crucial. This is when your listing generates the most interest, with an average of 2 to 5 daily inquiries. During this period, your property is still “fresh,” making it essential to ensure it is competitively priced and presented well against other listings. Promptly responding to tenant inquiries is critical to maintaining momentum and preventing your property listing from going stale.
By the third week, you should have a shortlist of the top three applicants. Reviewing these applications quickly and thoroughly is vital to avoid losing your best candidates to other properties. Delays in this stage can result in the best applicants finding other options, potentially leaving you with less desirable choices.
Around the 3-week mark, you should have selected and approved your ideal tenant. During weeks 4 and 5, you’ll need to organize the lease agreement and plan for their move-in. Generally, tenants need about two weeks from the time of approval to move in, depending on the notice period required to vacate their current property.
In an ideal situation, your new tenant should have moved in by the 36th day, and everything should be in place. Before handing over the keys, ensure that you complete a detailed condition report, have the security deposit paid in full, and get the lease agreement signed.
If your rental property is sitting vacant longer than expected, it may be time to reassess your strategy. Here are 6 common reasons you may be having a difficult time finding a tenant as quickly as you’d like and what you can do to address them:
The asking price is one of the first things to consider when your property remains vacant. If your rent is set too high, it could deter potential tenants. While holding out for a higher rental income may seem wise, it can cost you more in the long run.
For example, if you’re asking for $2,000 per month but the property stays vacant for a month, you could lose $2,000 in potential income. On the other hand, if you lower the rent to $1,500 and fill the property within a week, you’ll be earning rental income sooner. While you’re getting $500 less per month than your initial asking price, that $2,000 loss from a month of vacancy would take four months to recover at the higher rent rate. Therefore, filling the property quickly at a lower rent may actually result in a better financial outcome over time.
However, reducing the rent should be a last resort. Consider other factors before making adjustments to your pricing.
Before lowering the rent, it’s crucial to assess the demand for rental properties in your area. Market demand can fluctuate, and a knowledgeable real estate agent or online resources can help you gauge interest levels. If local demand is strong but your property still isn’t renting, the issue may lie elsewhere.
If the rental demand in your area is low, consider offering incentives to attract tenants. This could include offering a month of free rent, covering utility costs, or including some desirable amenities. These perks can make your property stand out even in a slow market and help you find a tenant faster.
If the rent seems fair and demand is high, examine your competition closely. Are there similar properties available at the same price or even lower? Potential tenants will compare your property to others in the area, so ensure that yours offers good value. Even if your property is among the least expensive, it should still be attractive compared to others with more features. Consider making a small price reduction to attract more potential tenants compared to your competition.
The effectiveness of your marketing campaign can greatly influence how quickly you find a tenant. Poor-quality photos, lackluster descriptions, and insufficient exposure can prevent your property from standing out. Ensure that your listing is professional. Use high-quality images to highlight your property’s best features. Provide a compelling description that attracts potential tenants.
Additionally, consider where and how your property is being advertised. Using multiple platforms, including social media and rental websites, can increase visibility and help reach a broader audience.
Flexibility in showing your property is key to finding a tenant. If your agent is slow in responding to inquiries or unavailable for viewings at convenient times, you might miss out on qualified applicants. Ensure your property is easy to view and prospective tenants receive prompt, attentive service.
The physical presentation of your property is equally important. First impressions matter, and a well-presented property is more likely to attract serious tenants. Ensure that your property is clean, well-maintained, and inviting.
Tidy up the lawn, clean the interiors, and address any necessary repairs. A fresh, appealing property can make all the difference during viewings and inspections.
A good rule of thumb is that your property should receive at least 2–3 showings a week. If you are getting fewer than this, it’s a clear indicator that something is wrong—most likely the property’s price or condition.
Here are a few strategies that can help you maintain or increase your property’s number of showings:
If your property has been on the market for over 30 days, you might be tempted to be lenient in your screenings. However, this is a bad idea because it would make way for less-than-qualified tenants. Remember that you don’t need to just get someone in the door—you need a qualified and reliable tenant.
Here are a few strategies you must follow to avoid a bad tenant:
One of the best ways to ensure finding a tenant is a seamless process is to work with a professional property management company. Here are a few benefits you’ll reap from working with a property manager:
Finding a tenant doesn’t have to be a long and stressful process. By pricing your property correctly, keeping it in pristine condition, and marketing it effectively, you can significantly reduce the time it takes to find a qualified tenant. Remember, it’s better to take a little extra time to find the right tenant than to rush into a lease with someone who may not be a good fit.
If you’re struggling to find the right tenant or want to streamline the process, consider working with a professional property management company. They can help with marketing, tenant screening, maintenance, rent collection, and more, ensuring your property stays in top shape and attracts the right renters.
For expert assistance with managing your rental property and finding quality tenants quickly, contact TrueDoor Property Management. Whether you’re in Orange County or the Inland Empire, TrueDoor is here to help you every step of the way.
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