That time of year (actually all year is that time of year)—this particular part of it being extra hectic—when the rental community is alive and buzzing. Really it starts in earnest in April and continues until the kiddies are back in school.
It’s a tight rental market out there (under 3% vacancy rate). Even still I pride myself on the fact that I don’t get my clients’ properties rented in just a day or two—unless of course they want me to. That means we were asking less than we ought. Pricing is of critical importance. It can determine whether it’s wise for you to consider being a landlord in the first place. However, it is pretty much out of your hands and determined by the market.
Condition is something you do and should affect. Even with a less than 3% vacancy rate, you want to attract the type of tenants who appreciate and respect a well-kept property. You will spend money and/or elbow grease to find these tenants. When a place is in good condition, you are making this statement: “This is how I keep it and this is how I want it returned because I care about it”. I’m not suggesting a complete paint job or changing out the floors on every turn-around. But it is amazing the impression a clean oven and refrigerator can make.
Balance is key. You aren’t offering hotel service but you don’t want the dead flies on the window sill.