Guidelines for Presenting Your Pittsburgh Rental Property
After diligently navigating the legalities of leasing your property, determining an appropriate rent and security deposit, preparing the residence for new tenants, and crafting an attention-grabbing ad, it’s time to anticipate a flurry of inquiries. With all the groundwork laid, showcasing your rental property in Pittsburgh becomes the next crucial step.
Many novice landlords in Pittsburgh often underestimate the time investment required for property showings. Even if your property is centrally located, the process demands more than anticipated. Effective time management is essential to secure a reliable tenant, from initial phone discussions and applicant paperwork to commuting to and from the property. When planning your schedule and accounting for tax purposes, consider the following breakdown per showing:
- Phone Discussion and Tenant Prescreening:
- Allocate 10-20 minutes for the initial conversation.
- On-Site Showing:
- Drive to the property and provide a comprehensive tour (inside and outside, covering all features).
- Time commitment: 15-90 minutes.
- Paperwork Completion:
- The duration varies, ranging from 15 minutes to potentially 3 days or more.
- Expense Breakdown:
- Car Mileage: $0.655 per mile. The mileage deduction for a property ten miles away amounts to $11.50 per showing.
Each showing typically entails 1.5-2 hours, incurs $13 for wear and tear on your car, and requires $2.70 in gas expenses.
A common pitfall is hastily accepting the first applicant with funds. On average, it takes 5 to 15 showings (dependent on property quality) to secure a qualified tenant. Considering the aforementioned costs per showing, conducting 5 to 15 showings can translate to a time commitment of 10-20 hours, $80-$230 for vehicle wear and tear, and $17 to $37 in gas expenses.
Understanding the time and costs associated with presenting your property is crucial for effective planning. For further assistance, explore our Landlord Calculator for comprehensive insights.