PRICING YOUR RENTAL FOR MAXIMUM PROFIT
Getting the best price for a rental property may seem easy to do. But the minute you begin looking more closely, it becomes clear that there’s more to rental pricing than meets the eye.
First impressions matter
When renters evaluate a rental property, they are not only looking at things like appearance, size and features, they are also sizing up the person doing the showing. So the more professional and reliable you come across, the more prospective tenants will be willing to pay for your rental.
Do the homework
Before you actually start talking to tenants, you’ll need to know exactly how much you can, and should, ask for your unit. To do this, you’ll need to look at the rental rates of comparable properties in and around the area where your property is located. That way, if a prospective tenant should question the price, then you’ll have a basis from which to push back.
Stay aware of trends and laws
Make it your business to stay on top of trends in both the rental and real estate industry. This means reading studies and reports for the facts and figures you need to help you make sure that you are not only pricing your property well, but also marketing it correctly. You’ll also need to school yourself on the more technical parts of renting, including state and federal laws governing such things as liability and tax/investment issues.
Don’t cut corners
The best way to get top dollar for your property is to look over as many qualified prospective tenants as possible. If landlording is not your main job, then you will have to set aside blocks of time in the evenings and on weekends. You’ll also need to make sure that you review and screen candidate information, especially as it pertains to credit and finances, very carefully before finalizing any agreement.
Sound like a lot of work? It is. That’s where the experts at Herman Boswell come in. Our property management professionals are here to help you get the most for your rental property. For the financial peace of mind you deserve, contact us today!