How Many Days to Find a Tenant in Las Vegas?
The Las Vegas rental market is very active and it should take less than 14 days to find a tenant in Las Vegas. A rent ready home, with professional advertising photos and priced at market, should rent in about 5-7 days. If a property is on the market for longer than 14 days there is a reason…is it dirty? over-priced? outdated? is the landscaping clean? is the paint fresh and are the carpets clean?
Clean houses in Las Vegas rent quickly to qualified applicants.
Tenant retention, efficient tenant turnover and effective tenant screening are items that greatly impact a landlords profits and they won’t show on a financial statement. Having the right property manger will boost long term profits for a landlord. Selecting a property manager based solely on the lowest management fees can end up hurting your bottom line more than you think. Or going with the biggest property manager managing hundreds or thousands of units and getting lost in the shuffle. Start communicating with Rice Real Estate today and begin understanding what quality property management can do for your bottom line.
Did You Know? Due to Rice Real Estate’s comprehensive Tenant screening process we have never had to file eviction on a Tenant we placed into a managed rental property.
Here are four primary ways to find a Tenant in Las Vegas and keep Tenants longer:
1. STAY ON TOP OF MAINTENANCE. Keep your tenant happy by being proactive with property maintenance and routinely performing property inspections. Few things are more frustrating for a tenant than having unaddressed maintenance requests. Being proactive with maintenance helps keep your tenant happy (no one wants to live with a clogged sink), and shows them that you want to give them a nice place to live. This can be a big deciding factor when your tenant is considering a renewal.
Additionally, keeping up with maintenance and addressing issues quickly will help you spend less time on repairs when you do have to turn over the unit. Regularly inspecting the unit’s condition will help you stay on top of maintenance items that need to be addressed (that the tenant may not have noticed) and can help keep smaller maintenance tasks from turning into larger issues.
2. BE A GOOD LANDLORD You shouldn’t underestimate the importance of the human factor when it comes to tenants. Your renters will be more likely to want to stay if you’re a good landlord. Be timely with your responses and make it easy for the tenant to contact you. Maintain open communication to reduce misunderstandings and create a better overall tenant-landlord relationship. Being courteous and respectful goes a long way to make a tenant feel comfortable in the unit.
3. KNOW WHAT TENANTS WANT MOST. It’s important to know what factors tenants look for in a rental property so you can cater to their needs. For many tenants, especially younger Americans, lifestyle quality is a major factor in whether they decide to stay or go. You may own the property, but the tenant should be able to consider it their home. There are ways you can promote this atmosphere, and in doing so, encourage your tenants to stay longer.
Offering features that tenants care about most will help you attract better long-term tenants and serve as an incentive for them to renew their lease. Strategic upgrades like stainless steel appliances, hardwood flooring, and a covered patio and/or grass are features that can make a house feel like home. These upgrades can potentially be good investments if you want to encourage tenants to stay longer.
You may also want to consider renovations in the kitchen and bathroom, which are especially appealing to tenants. Even simple upgrades like a new kitchen backsplash or updated cabinet hardware can make a big impact. While there is an upfront cost to new appliances and renovations, it may be worthwhile when you consider the high expense of tenant turnover.
4. BE PROACTIVE WITH RENEWALS Reach out to your tenant 45 days before the lease is up to ask them if they want to renew. Even if you don’t get a response right away, it might get them thinking about their plans early so they can give you more notice. That way, you can get a jump on advertising before the tenant moves out and perhaps have someone lined up to take their place without losing even a month of rent.
Offer a rent increase that is less than your usual jump (or even no increase) for the upcoming year if they renew for another year. If they seem hesitant about renewing, then ask them what it would take to get them to stay. This is another reason to have a good landlord-tenant relationship. The better your communication with a tenant, the more likely they are to open up and tell you what incentives are most meaningful to them.