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How long does it take to get a property leased?
I get that question from just about everyone who contacts me about property management.
It depends.
There are no guarantees.
It’s just like poker.
I’m no expert at the poker table, in fact, I’m the kind of player who loses money because I’m just too impatient.
In poker, you have to be patient enough to wait for hands in which you have a good chance of winning.
You can bluff every once in a while, but that will only get you so far.
Ideally, in poker, you will have a royal flush, which is an unbeatable hand.
The odds of drawing a royal flush are 649,739: 1.
In poker, it comes down to the skill of the card player along with the luck of the draw.
In leasing, the lessor can control the cards that are held.
It’s not the luck of the draw.
In this article, I will show you how we stack the odds in our favor every single time.
In poker, 4 aces is a very strong hand.
I’ll break down the 4 aces of leasing that allows our company to stand out from our competition.
These four aces substantially increase the odds of us getting a property leased in our ideal 30-day window.
The first ace is to get the property 100% rent ready prior to advertising.
And when I say 100% rent ready, I mean repairs need to be 100% complete and the house needs to be clean. Spick and span clean.
If you don’t finish the house, you will run off good prospects. Remember, it’s the little things that make a big difference. For example, making sure all the fixtures have light bulbs, the house smells good, and all the dust is gone.
That way, we can get the best photos to put on our website. And, when we show it, it will make a good impression.
The second ace is having a great way of getting the word out.
We rely heavily on our online advertising. That means being on all the sites that have the most people looking for places to rent, including Trulia, Zillow, Facebook, craigslist, apartments.com, and many others.
That means taking all those good photographs, and and
The third ace is following up once the prospective tenant says they are interested.
It used to be that just answering the phones was good enough (which we do). It’s not good enough anymore. Now, it’s all about automation. Our automated system immediately sends out a link that allows prospective tenants to schedule a showing. It asks for their photo ID and it prescreens them to make sure they would be a good match for the property.
The other thing is that the system will keep following up with them to try to get them to set up a showing. And, once they have done a showing, submit an online application.
If your management company isn’t doing this, they are living in the past.
Also Read: Lease Options Real Estate Investing
The fourth ace is to finish the process.
The final step is that a human needs to get their deposit in the office and their application screened. That means stepping in action immediately once they have submitted their online application.
If it takes longer, you should try to start looking for what’s wrong beginning with the four aces listed above. We do a lot of marketing for our properties, so we get showings. If we can’t lease the property by the 10th tenant who goes through the property, something is wrong.
If you would like to know about the service OKC Home Realty Services, LLC offers, click here.
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Author
Scott Nachatilo is an investor, property manager and owner of OKC Home Realty Services – one of the best property management companies in Oklahoma City. His mission is to help landlords and real estate investors to manage their property in Oklahoma.
