TAKE YOUR HOME’S FEATURES INTO ACCOUNT
Landlords typically want to raise their rent price if the home has upgraded appliances and finishes, a pool, etc. It’s okay to factor those items into your rent, but keep in mind how much you are increasing it. Tacking on $200 to your asking price for a pool will not help your home rent.
Pay attention to what other units have in the area. If you live in a nicer region, things like stainless steel appliances are expected, not a bonus. Additionally, over-upgrading your home may not help your home rent if you live in a more standard area. Homes there are likely cheaper to begin with and your home will feel out of place and overpriced.
MAX RENT PRICING
Brick & Mortar implements a strategy designed to get you the best tenants and maximize your profitability. We recommend pricing your home just below the market rent (around 5%). We do this because we have found that this attracts the best quality tenant and rents your home the fastest.
Many landlords are set on the highest asking price because they want to net the most income from their property. However, selecting a price that is too high will cause your home to sit on the market longer. Vacancies are where owners can lose a lot of money because they have no rental income, but they still have to keep the home in good condition.
Landlords also think that higher prices equal better tenants, because they can afford the rent. However, this is not usually true. Many people with lower credit scores are willing to pay a higher price up front to get into a home. Qualified tenants know they will be accepted anywhere, so they are looking for a good deal.
PROPERTY MANAGEMENT BENEFITS
When you use a property management company to manage your home, you gain access to additional features to help your home rent. Licensed property managers can utilize the MLS.