Demand for rental housing nationwide remains strong but why are your rentals not renting? There are many factors to why a rental property could be on the market for an extended period, but how can you minimize your days on market while maximizing your income?
The coveted "sweet spot" rental price is what you are looking for. Finding the best possible price but quickly renting your property. RentVest property management has a whole team dedicated to finding the best rental value. But what if you are doing this without a property management company. What tools or methods do you use to find your rental's "sweet spot". Below are 5 steps to creating the best rental price.
Ask your local property management company. There are even a few that will run a rental analysis for free. Use their professional resources.
Search the market. There are many websites like Zillow, Tulia, and HotPads that allow you to search a history of homes that rented in your area. They even will give you the rental price of each home.
Talk to your current tenant. See where they are looking and at what price. Ask them why they are moving.
Market your property. Market your property everywhere. There are plenty of free advertising sites like Zillow and Postlets.
Start your rent high, then work down. Price your property aggressively at first then quickly lower if needed. Be attentive to your leads and lower your price if you are not getting them.
RentVest Property Management helps property owners with customer-centric property management services in Atlanta, Las Vegas, Dallas, Phoenix, Tucson, Reno, and Hawaii. Learn more about RentVest’s full-service management benefits.