Most new landlords in the Clearwater area think they will simply spend about half an hour to show their rental property. Even if you live next door to 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. 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:
- Time Spent on Phone (Initial Interest): 15-20 minutes
- Time Spent Driving to Property and Showing Exterior & Interior Features: 25-90 minutes
- Time Spent Filling Out Paperwork: 15 min bare minimum
- Care Mileage: 57.4 cents per mile (If the property is ten miles away, then total mileage deduction would be $11.50 per each time driven)
- Money Spent on Gas (Assuming about 1 gal per visit): Approximately $2.50 per gallon
Add all these numbers up and you’ll find that each showing averages out to 1.5 hours of your time, $11 worth of wear & tear on your car, and approximately $2.50 in gas (depending on the current prices).
Another trap many new Clearwater landlords fall into is showing the property once and taking the first applicant. 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 anywhere from 10-20 hours of your time, $80-230 of wear & tear on your car, and up 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. For more information, see our Landlord Calculator. To ensure you are maximizing the return on your Clearwater rental properties, please contact us online or call us at 727-400-4722 for further information.