When Should You Start Advertising a Property?
Phoenix property management companies approach listings in different ways. One property manager might list a property as soon as possible. For another property management team, the preferred approach is to wait until the property is vacant, turned over to show ready condition.
Start Ads Right Away
Many property managers like to list the property while the old resident still lives there. As a property manager, you have a fiduciary duty to the owner. Because of this, it makes sense to try to find a new resident as soon as possible. When the stars align and everything works perfectly, the landlords, property management team and tenants are happy. As soon as the old tenant leaves, the new tenant is sitting in the driveway with their U-Haul. Unfortunately, the real world is not always so simple.
At Service Star Realty, we list the property in the last 30 days of the current lease. The available date is set for the 15th of the next month. We are able to get the property prepared to rent by the 10th in most cases, and we will do this if the prospective tenant is in a rush. We do not allow anyone to rent out the property until the 10th in any circumstance. This added time means that we can complete the move-out walk-through, get quotes for the “make ready” and finish the make ready process without stressing out our team.
This entire method is designed to keep the property from being vacant more than 2 weeks so that the investor enjoys more profits. The investor also enjoys peace of mind as he approves the repairs because he knows that he is about to recoup the cost of the turn from the new tenant right away. Overall, the investor enjoys a better experience and a better turnover rate.
Start Ads When Property is Vacant and Show Ready
Other Phoenix property management teams list the property after it has been vacated and turned over to show ready condition again. This alternative technique is less stressful for the team because you are not worrying about all of the tasks that contractors and vendors are supposed to do before the renter can move in. In addition, there are challenges to showing a property while it is currently occupied. If the resident accepts showings, there is still a concern about whether they keep it clean. The current renter may become upset or call constantly because they do not want to be bothered at certain times. Obviously, all of these factors can stress out the team. It can also showcase the property in a negative light to prospective agents or renters.
In some cases, prospective renters do not want to view a property that is currently occupied. They do not want the hassle of setting an appointment and meeting the current tenant. They want a property that is already available. With fewer people viewing the property, there may be fewer applications.
Using Video and Listing Early
At Service Star Realty, we have developed a hybrid solution. We create a video of the property before a tenant ever moves in. Later on, we can use this video in our marketing materials and advertisements when we get notice that the tenant is vacating. A prospective tenant can feel confident about the property through watching this video. This also solves potential problems regarding the current tenant's cleanliness or acceptance of walk-throughs. When prospects watch the video, it feels like they are actually walking through the property.
Because of this method, our average home rents in just 14 days or less. In most cases, we can use just the video to rent a home while it is still occupied without even showing it. Through this solution, we avoid potential hassles and reduce vacancy days for our investors.