Mendell Gosnell, CPM at Centurion Real Estate Management, breaks down what affects how fast your Salem rental will lease. Market temperature, price, demand, and advertising quality matter most. He gives five tips: know your market, check competing listings, keep it show-ready, highlight what makes it special, and price it right.
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Mendell Gosnell, CPM. Hi, my name is Mendell Gosnell with Centurion Real Estate Management. Today I'd like to answer the question, "How long will it take to rent my rental property or house?" This is a question we hear a lot. It's a great question, and what we often tell our clients is it's really important to know the current market environment that you're in. And price your rental appropriately. In a slow market, prospective tenants are very price sensitive and are looking for deals. In a strong market, you can demand a higher rental amount with less concessions or no concessions and anticipate renting your property quite quickly. This can range from moving from one renter to the next with virtually no turnover or downtime or occupancy loss to 3 to 4 weeks of vacancy or more depending on the market environment. It's really a factor of the market and the particular demand for what you're offering. Is your property in the best location with the newest and latest amenities that tenants are looking for? Then you're gonna rent quickly, you're gonna be very pleased. Even the best manager is not going to be able to take control of the market, but a good manager can really set you up for maximizing your investment. 4 important factors that determine how long it will take to rent your property are: number 1, the market temperature; number 2, the price of your rental; number 3, current demand for your particular property; number 4, uh, how quick and well-implemented your advertising and marketing campaign is put into action. This is one of the things that we do exceptionally well here at Centurion Real Estate Management and really pride ourselves on. And again, a professional management company can really be invaluable in this process. It can really earn their money and make you more money than you otherwise could going it alone. Lastly, 5 tips that will aid you in renting your place quick. Number 1, know your current market. Number 2, know how your rental stacks up against the competition. Number 3, make sure your property is show ready. Number 4, sell your best features. And number 5, price it correctly. So we hope these tips are helpful for you. We wish you the best of luck and happy investing. And as we like to say around here, enjoy life and leave the management to us.
