Many first-time landlords think that they only need about 30 minutes to show their Troy rental property. Yet even if your rental property is a short walk away, you’ll still need more than 30 minutes per showing. Each showing of your Troy rental property will require ample time for initial discussion on the phone, applicant paperwork, and getting to and from your property. As such, good time management is essential in finding a quality and qualified renter for your home.
To help budget your time (and expenses for tax purposes), consider the following information per showing:
- Time spent on phone for initial discussion: Around 15-20 minutes
- Drive to property, show tenant inside and outside, all features: 25-90 minutes
- Applicant time to complete paperwork: Will vary from 15 minutes to three days or longer
- Car mileage: 57.5 cents per mile. If property ten miles away, then total mileage deduction would be $11.50 per each time driven
- Car gas – About one gallon each visit – around $2.50 per gallon
- Every showing of your rental will require 1.5 hours, $11 of wear & tear on car, and $2.50 in gas
Additionally, many new landlords fall into the trap of showing the property once and accepting the first applicant who arrives with cash in hand. But on average, it will take around 7 to 15 showings before you find a quality and qualified applicant for your rental home. Based on the numbers per showing mentioned above, completing 7 to 15 property showings will use up approximately 10-20 hours of your time, $80-$230 for wear and tear on your car, and $17 to $37 in gas.
The information in this article should provide you a better idea about the needed time and expenses to show your Troy rental property so that you can plan strategically ahead. Would you like to know more about Troy property management? Please contact us.