Many new landlords unrealistically think it will take about half an hour to show their Framingham rental property. Yet 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 finding a quality and qualified renter for your home. As you schedule your time (and expenses for tax purposes), keep in mind the following information per showing:
- Plan on a 20-minute phone call for your initial discussion. Get disqualifying information as early in the process as possible so you don’t waste time.
- It will take anywhere from 25 to 90 minutes to drive to and show your property, inside and out, including all of its features.
- If your potential client is interested, expect the paperwork to take from 15 minutes to 3 or more days.
- Remember to record your car mileage: 57.5 cents per mile. For example, if your property is ten miles away, then your total mileage deduction would be $11.50 per each time driven
- Car gas is a separate expense. Think of it as about 1 gallon per visit.
Another trap many new landlords fall into is showing their Framingham rental property once and taking the first applicant with money in hand. In reality, it takes an average of 7 to 15 showings to find a quality and qualified applicant. Based on the above calculations, expect to burn approximately 10-20 hours of your time, $80-$230 for wear and tear on your car, and $17 to $37 in gas.
The above information should give you insight as to the time and costs required for showing your property so that you can plan accordingly. Contact us to get more information on how you can manage your time and investment efficiently and effectively.