Many new landlords are unaware of the hidden costs in showing their rental property in Pembroke Pines. And think they will spend about half an hour for showing their rental property. But that is not the case, given the different things needed for making the home ready to rent to new residents.
Getting inquiries for renting your property
Firstly, you will need to research and follow applicable laws with regard to renting out your property. Secondly, you will have to set an appropriate rent and security deposit, based on prevailing trends. And finally, write out a great ad to get attention of prospective residents. Only after doing all this can you expect your phone and email getting inquiries to visit the property.
Time management is key to finding a quality renter
But all this takes time, more so if you are a new landlord. For instance, even if you live within a hundred yards of your rental home, it will take you a few hours to get your property ready. Showing a rental property will require significant time for initial discussion on the phone, applicant paperwork, and driving to/from your property. As such, time management becomes key to find a quality and qualified renter for your home.
A few things to keep in mind as you schedule your time per showing:
- Time spent on phone for initial discussion, plan to talk 15-30 minutes
- Drive to property, show tenant inside and outside, all features, 20-90 minutes
- Applicant will fill out paperwork, this varies greatly; anywhere from 15 minutes to 3 days or longer
- Car mileage: 57.5 cents per mile. If property ten miles away, then total mileage deduction would be $11.50 per each time driven
- Car gas about $2.50 each time
- Each showing will require 1.5 hours, $11 of wear & tear on car, and $2.50 in gas
Another trap many new landlords fall into is showing the property once and taking the first applicant with money in hand. However, it takes on average 7 to 15 showings to find a quality and qualified applicant. As a result, performing 7 to 15 showings will burn approximately 10-20 hours of your time, $80-$230 for wear and tear on your car, and $17 to $37 in gas.
The above information should give you a fair idea about time and costs involved in showing your property. You can get in touch with Real Property Management Premier to find out how we can help you with your rental property in Pembroke Pines, South Florida. Contact us online or call 954-800-4433 and ask our experienced property managers about our FREE market analysis.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
