Showing your rental property as a Snellville Investor
Congrats you’re now a Snellville investor! First things first, you will need to research and follow applicable laws with regard to renting out your property. Setting an appropriate rent and security deposit, making the home ready to rent and writing an attractive ad will all be things that will need to get done before the phone starts ringing!
Time Management
Most new landlords in Snellville think they will simply spend about half an hour to show their rental property. Even if you live within 100 yards of your rental home, this simply is not the case. Showing a rental property will require significant time for initial discussion on the phone, applicant paperwork, and driving to/from your property. As such, time management becomes key to find a quality and qualified renter for your home. A few things to keep in mind as you schedule your time and expenses for tax purposes are as follows per showing:
o Time spent on phone for initial discussion, plan to talk 15-20 minutes
o Drive to property, show tenant inside and outside, all features, 25-90 minutes
o Applicant will fill out paperwork, this varies greatly; anywhere from 15 minutes to 3 days or longer
o Car mileage: 57.5 cents per mile. If property ten miles away, then total mileage deduction would be $11.50 per each time driven
o Car gas – About one gallon per visit – about $2.50 per gallon
o Each showing will require 1.5 hours, $11 of wear & tear on car, and $2.50 in gas
Quality Snellville Tenants Take Time
Another trap many new landlords fall into is showing the property once and taking the first applicant with money in hand. However, it takes on average 7 to 15 showings to find a quality and qualified applicant. Based on the above numbers per showing, performing 7 to 15 showings will burn approximately 10-20 hours of your time, $80-$230 for wear and tear on your car, and $17 to $37 in gas.
The information above will help new investors get an idea of the time it takes to show a rental property as a Snellville Investor. For help or more information contact us at Real Property Management of Great Gwinnett!