How much do you think my place will rent for?
As professional property managers, rental assessment meetings with potential clients usually start with that one important question.
In our experience there are three answers:
Answer 1 – A rental price the client would love to hear…
This is that magical number that excites, gets the blood flowing and has the client signing right away. The truth is that, while potential rental dollars are being counted the client’s ad sits across multiple rental portals gathering cob-webs (see what we did there? )
It is important to be aware of the over-promising that under delivers. Your potential renters are equipped with a significant amount of information across multiple rental portals and are well aware of your competition.
Answer 2 – A rental price that is low enough to make renting quick…
In a real estate market that is based on competitive pricing, undercutting the rest could be a sure-fire way to achieve a lot of interest in your rental – but at what cost? Under valuing the home and rental market? Diluting the pool of applicants? And worst of all reducing your return on your investment. Short-term gain for long-term losses is not what we recommend.
Answer 3 – The right price…the only price that should be shared!
Similar to the real estate market; calculating the listing price for your rental property and accurate rental evaluations are not a soft science and demand experienced rental professionals.
At Sycamore Property Management, we believe that each home is unique and therefore demands it’s own rental strategy. We study rental trends, analyze the market and pay close attention to rental feedback in order to ensure that your home is advertised at a price that in-line with the market, garners interest for the strongest applicants and above all ensure that you receiving the best return for your investment.
Connect with us now for a Free Rental Evaluation!