Rentals in Los Angeles>Question Details

Lhill, Home Owner in Los Angeles, CA

I'm wondering how long I can expect it to take to find tenants to rent a luxury 3 bedroom condo?

Asked by Lhill, Los Angeles, CA Mon Dec 19, 2011

We plan to put our 3 bedroom condo near West Hollywood up for rent in the summer of 2012. If we need to have it rented by July when should we start the process of looking for a tenant?

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You CAN test the waters by marketing it for rent well before the unit is actually available for move in. All you have to say is "condo will be ready for move in July 2012", you could secure a tenant with a security deposit in hand even a month before the tenant were to move in.

I do suggest posting your rental listing with a local property manager & get it in the MLS, so many people are using websites like Trulia & Realtor.com which gets their info fed to them from the local MLS boards. You will get the max amt of exposure working it in this fashion.


Shoot me an email directly if you want to talk about this some more, I don't look back on this same Trulia thread for answers posted after mine. I am not a property manager, I suggest you interview with a few or I can refer you to someone I feel is competent.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes Thank Flag Link Mon Dec 19, 2011
No more than 60 days. I would meet with an agent 90 days in advance and start marketing so you have time to be selective about tenants and so you are not stuck on the graduation/end of school year lull.
1 vote Thank Flag Link Mon Dec 19, 2011
Given the hot rental market, if you really do have a luxury West Hollywood condo, and depending on the price, you should have no trouble renting it very quickly. Good rentals don't stay on the market more than a few days. I would think you should start one month before to be safe.
Web Reference: http://www.homejane.com
1 vote Thank Flag Link Mon Dec 19, 2011
As my colleagues have stated, it should not take very long for you to lease out a true high quality luxury rental. One month prior to July should be fine to fully market and expose your listing with all of the Internet Listing Services.

I would however, begin to strategize with real estate professionals or property managers and perform any rehab or clean-up work sooner than later. If there is any deferred maintenance that needs to be addressed, it will be better to take care of it now. Fresh paint and professional cleaning will be the last step in your make-ready process before showing the condo. Are you currently living in the condo? Will you offer it as furnished or unfurnished?

I can say the above with confidence because I have leased over 900 rentals in my own personal portfolio of properties and for Archstone Apartments (I was the General Manager for their 623-unit Marina del Rey property) just within the past four years. My seventeen years of experience in property management have served me well and I would be delighted to assist you in your efforts when you are ready.

At Horizon Companies we bring over 250 years of combined experience in real estate brokerage, property management, property tax reassessments and escrow services. We know West Hollywood better than most people...it is our backyard. Our office is located at 8430 Santa Monica Blvd in West Hollywood and we have many agents that either grew up, or live, in this exact vicinity. This means we can service you and your condo better and quicker than someone who is not intimately familiar with this market.

Please visit our website to learn more about our company. Please also feel free to reach out to me directly if you have any questions that I can answer for you. Thank you and we look forward to the opportunity of working with you.

Respectfully,
Austin Chen, REALTOR®
Real Estate Investment Specialist
DRE #: 01898306
Mobile: 310.948.2629
Email: austinjchen@gmail.com
Website: hrela.com
Web Reference: http://hrela.com
0 votes Thank Flag Link Mon Dec 19, 2011
Depends on the price of the condo. If it is priced right for the market it should not take long at all. If it is overpriced for comparable luxury condos then you may take a while to find tennants willing to pay extra for a condo that is overpriced.
0 votes Thank Flag Link Mon Dec 19, 2011
Should not take you that long. We rent our apartment units in Sherman Oaks in one month or less. I highly recommend getting the apartment professionally cleaned, painted, and in tip top shape to attract a tennant. Also look at comparable prices in your area to market it at the correct price. You will want to run credit checks on the tennant. You can start advertising it whenever. Let me know if I can help any more. Best, Joshua Rabinovitz.
0 votes Thank Flag Link Mon Dec 19, 2011
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