Having
researched and followed applicable laws with regard to renting out your Phoenix property, setting an appropriate rent and security deposit, making the home
ready to rent to new residents and writing a stellar ad to get attention of
those prospective residents; your phone and email should now be getting
inquiries to visit the property.
Most new
landlords in Phoenix 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
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 (depending on how much your time is worth this can get costly!),
$80-$230 for wear and tear on your car, and $17 to $37 in gas.
The above
information should give you a solid idea as to the time and costs required for
showing your property so that you can plan accordingly.
RPMWV Phx offers full service Phoenix Real Estate & Phoenix Property Management services. For additional information you can contact us at info@rpmwvphx.com or 602-281-2884
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