Summertime and the Living is HOT!
It’s January 1st and your sauvy property manager has your investment ready for market. You’re ‘active’ on the MLS, the professional photos are exquisite, and it’s move in ready! So why is it taking over 2 weeks to receive a qualified tenant? Well, you’re about 3 to 4 months away from the busiest and most successful time of the market.
It all makes sense if you think about it. Our worlds revolve around the school calendar. Families moving typically means switching schools. Who wants to do that in the middle of the semester? It’s quite common for clients to hit the housing ads during the late spring and beginning of summer. Basic economics kicks in; the higher the demand, the higher the price. Top of the market pricing can easily be obtained once a property has successfully completed its make-ready and is priced according to comparable properties.
Once the heat of the summer has cooled off, so does the market. Calls decline and showings decrease. Demand decreases, thus, pricing should as well. Don’t get us wrong, a quality property will lease during the slower months, however if you’re looking for top dollar in December, you’ll be missing this present under the tree. Keep a close eye on the calendar and ensure you strike while the iron, or season, is hot!