This is just my opinion (I could be wrong :). I believe if you price the rent correctly, market it correctly and put in place the correct applicant requirements, it should take 2-3 weeks to screen for and select the best tenant. If it rents out with tons of applicants in the first week then you priced it too low. If it takes longer than 3 weeks then you probably priced it too high or did not market it correctly. I apologize to my fellow professionals here, but be wary of realtors, they have a habit of pricing it too low to make their own job easier. And owners of course always want to price too high. Good solid market research is critical.
On a side note. I also suggest you consider taking some "fantasy" numbers for the projected property and punching them into a cash flow analyzer. For instance, we can estimate a purchase price, the costs to acquire the property, improvements needed, rental costs, estimated loan terms, payments, taxes and a bunch of other factors involved. Then we can see EXACTLY what your potential cash flow would look like for property prospect A and B and C. Doing this will assist you in deciding which property to offer on and how much to offer.
Be sure to find an agent who can do this for you. I can if you like and I would be happy to talk with you about it. There are many other well qualified agents as well. Just be sure to interview for an agent who knows how to do it and what factors to consider.
Depending on the condition and neighborhood, a 4 bedroom, 2 bathroom home in Hercules could rent anywhere from $2200 to $2800. I live in Hercules and my neighbor a few doors down rented their 4 bedroom home for $2750. They had multiple applicants and rented the home in no time. In my opinion, the Hercules rental market is very strong and desirable for people leaving in surrounding areas. If you're interested in more information please let me know and I'd be more than happy to send you examples of recent rentals and what they rented for.
Depending on Hercules Location and size a 4 Bedroom can rent anywhere from $1,700 to $2,500.
It can rent in less then 2 weeks if you price it at market or less...Our office also has a rental division. So we can help you buy, then our Property Management Divsion can help you rent and manage if you like. We do one-timers-rent only and or Management..One timers are 50% of the first 30 days rent and Management is 8% of the gross rent, but is negotiable...Any quesions you can call me directly at my desk 510-307-8850
Eddie Santos,Manager of Prestige California Realty