FIVE WAYS TO RENT HOMES FAST

Want to get your investment home rented quickly? Kellogg Agency uses these strategies to get homes rented as soon as they go on the market. We’ve honed these strategies over years of trial and error so you don’t have to! Whether you are managing your own properties or considering a professional property manager, a solid turn-over approach is essential. There’s a bonus tip at the end.

1. List Properties for Rent When They are Ready for a Move-In

We don’t list properties for rent until they are vacant and are move-in ready. For many, many years we showed houses while they were still occupied. Here are a few reasons why we changed our approach:

Avoid the Mess

Current tenants are in the middle of moving therefore it won’t show well.

Avoid Questions You Can’t Answer

Prospective tenants ask “Will there be new carpet?” or “Will the house be painted?” etc. We don’t know the answers to these questions until the house is vacant.

Avoid the Hassle

Showing a house before it’s ready sets you up for disputes after a tenant moves in. “I thought you said there would be new carpet,” “I thought you said the house would be painted,” etc. When a house is vacant and all the repairs are done, you can tell a tenant, “This is the house and this is what it will be like when you move in.”

Avoid a Long Vacancy

When a house is listed you can rent it immediately. In fact we get newly listed homes rented within 48 hours in the current market.

2. Anticipate Repairs and Prepare Vendors

30 days before a vacancy, start preparing a list of repairs, upgrades, updates, or deferred maintenance that will need to be done. Here are some things to get ready before a move-out:

Do Repairs After a Tenant Moves Out

It’s best to do repairs after a tenant moves out, no matter how eager you are to get the house rented. Why? Because you don’t want to give the tenant the impression that they won’t be charged for repairs due to damage. Tenants tend to put in a number of repair requests right before they move out. If it is legal for the repairs to wait, then use this as a list of things that should be addressed during the turn-over.

Review Repair History

Review past work orders to see if there is any deferred maintenance that should be addressed.

Schedule Routine Turn-Over Maintenance

Schedule typical turn-over items, such as, chimney cleaning, dryer vent cleaning, filter changes, smoke/carbon monoxide battery changes, etc.

Give Your Vendors a Heads-Up

Tell vendors - maintenance people, house cleaners, carpet cleaners, painters, locksmith, etc - about the upcoming vacancy so they can mark their calendars.  

Set a Deadline

Set a deadline for work to be done, for example, everything complete and ready to list for rent on a specific day. Make this clear to your vendors.

3. Set the Right Price

You won’t rent a house quickly if the price is too high. You must know the market trends and set the price accordingly. Landlords have a balancing act - days vacant versus rental price. The higher the price, the longer it will sit vacant. Here are some things to keep in mind:

The Right Tenant Myth

A higher rental price does not mean you’ll get a higher quality tenant. Don’t leave the house vacant while you wait for the “right” tenant. If you have solid screening procedures you’ll get the right tenant at the right price.

Quality Homes Attract Quality Tenants

Keep your property in good shape. If you want top dollar for your property, then the property has to be in top shape.

Rental Comps

What are other rentals in the area renting for? But it’s more than that - you have to know how long a rental has been on the market and if there have been any price increases. While this information is available for home sales, it can be difficult to find and assess for rentals without professional help.

No Applications?

Then the price is too high.

3. Use Smart Lockboxes For Vendors

A smart lockbox holds a key that can be accessed using a smart phone. Kellogg Agency uses Rently for our smart lockboxes. How and why we use smart lockboxes for vendors:

Creates Security

Once a vendor registers with the system, they can enter a property with a unique code based on their cell phone number. Each technician for each company gets their own code. We get a notification each time a vendor enters a house.

Saves Time

Our staff doesn’t have to schedule a specific time/day with a vendor for a repair. Our staff doesn’t have to meet a vendor at a house or spend time issuing a key.

Saves Money

Any time you save time, you are saving money.

4. Use Smart Lockboxes to Show the House

When all the work at a house is finished, then we list the house for rent on our website and put up a sign at the property. Prospective tenants can then schedule a self-showing online or when they’re at the house. Here’s why this works so well:

Self-showings are Easy

Today’s tenants want to see properties on their own schedule. With a smart lockbox, they can book the showing when they want to. Or, if they see the sign at a house, they can can see it immediately.

Self-showings are Efficient

We don’t need to designate a staff member to schedule appointments and meet prospects at the house.  

Self-showings are Safe

Meeting a stranger at a vacant house is dangerous. There have been a number of incidents of real estate brokers being attacked in Albuquerque in recent years. Also, each showing is tied to a cell number and a credit card number. Plus, Rently provides insurance if something happens.

5. Use Online Applications

Paper applications are a thing of the past. Today’s applicants want easy online access. This is non-negotiable.  

6. BONUS Use a clearly-defined set of screening criteria - and stick to it!

Fair housing laws are no joke. A Fair Housing lawsuit can cost tens of thousands of dollars even if it is unfounded or dismissed. A key component in Fair Housing law, is equal treatment and unbiased evaluation. To do this, we have developed a strict list of criteria for evaluating applications. If you’d like a copy of our screening criteria, please email Jennifer Kellogg jennifer@kelloggagency.com.

The most efficient investors and property managers have systems in place for each aspect of the rent cycle. Keep these five things in mind when you are creating your own systems. If you decide on hiring a professional property manager, ask questions about their systems for renting homes quickly.

Rent your house quickly. Hire Kellogg Agency to manage your investment properties.