Key Market Factors
How long does it take to rent a home? There is no easy answer. Some homes will rent in a few days; others may take several weeks. Recognizing the key factors influencing marketing can give you significant control over the time it takes to rent your home. The proper balance of these factors will expedite the leasing of your property.
- Price is the single greatest factor affecting the marketability of your home.
- If your property is not properly priced for the current market conditions, finding a tenant may be delayed or even prevented.
- Your Bayview agent can work with you to evaluate your home and arrive at a fair and realistic rental market value.
- Location is one of the primary factors affecting the rental value of your home.
- Neighborhood desirability is the key to a property's rental value.
- Property condition affects price and the speed of renting a home.
- Optimizing physical appearance (particularly curb appeal) and advanced preparation maximizes value and desirability (see enclosed "Market Preparation" form).
- The time of year will affect the time frame to successfully market your rental property.
- Market conditions cannot be manipulated; a marketing plan for your home must be individually tailored to meet current market conditions.
- Renters interpret value based on other available properties.
- Renters will compare your rental and what it has to offer against competing properties.
- Terms structured to meet your prospective tenants needs are important to successful marketing.
- The more flexible the lease terms (i.e. lease length, pets etc.), the broader the market, the quicker the rental and the higher the price you'll receive.