We are talking to you today about how to get your property rented at the very first showing. As you probably know, the current rental and sales markets are very tight in the Santa Cruz area. Most properties are renting quickly. However, there’s a way to ensure you get a high quality, long term tenant before your current tenants even move out. This helps you move forward seamlessly with the rental process and you won’t have a vacancy.
Give your current tenant as much notice as possible. Do a walk through before you show the property so you can be sure it looks good and it’s nice and clean. You want it to present well. Then, group all of your showings together. Get as many people seeing the property at one time as possible. This provides a sense of competition. People will see others there and if they’re interested, they’ll know they have to act quickly and get that application turned in.
We also recommend that you price your home a couple of hundred dollars below the fair market value. Your prospective tenants will see that they are getting a good property at a very fair price. This will produce a lot of interest right away. When you’re scheduling the showings, tell people that you have a large showing anticipated, so they will need to be prepared when they come with pay stubs and completed applications.
Showing the Property
When you show property, it’s a strong possibility that you’ll collect five applications if you have five people there. You can process those within 24 to 48 hours, and then you can rent it to the best qualified applicant. Your current tenants will be happy that they won’t be bothered anymore and you’ll have a new tenant who will stay for the long term. When you price property at the maximum, you’ll still get a qualified tenant but that renter will keep looking for a better deal and they’re not going to feel compelled to stay past the initial lease term.
Turnovers cost money, so keep those numbers down. Price the home appropriately and get a great tenant in place. If you have any questions or you would like some additional advice, please contact us at Portola Property Management.