Today we are talking about setting a rental rate. I understand how you probably want to get the most you can get out of your property. Most of us want that. The problem is that sometimes we think we will get more than what the property is really going to rent for. There are a few different things that need to be done to get as close as possible to your desired rental rate.
First, make sure you are educated about the market. You have to know what properties are renting for in your area. You also have to know what is available on the market. If there is only one other property similar to yours that you are competing with, then you might be able to stay stern on the price you set. However, if there are 10 rental properties just like yours to compete with, you will need a reality check. Find something your property has that the others do not have so you can price it accordingly.
Make sure your curb appeal is working for you. This is so important. The property has got to show well or you won’t be able to get the price you want. People are going to drive by, so make sure the yard looks crisp and the lawn is mowed and the trees are trimmed back. It should look good. There has to be an open door invitation as well. Get people out of the car and into the home. When they do enter the house, make sure everything shows well. It must be clean and totally repaired. You don’t want to have a dishwasher sitting outside, waiting to be installed with the kitchen a mess. You want the place to look ready and inviting.
Get educated about the area and what the neighborhood has to offer. This will impact your price point considerably. Determine if the property is close to the interstate or major bus lines. Look for grocery stores that are nearby, shopping malls and other points of interest. All these things are important factors when it comes to establishing how much rent you can ask for your property.
You want your property to be rented quickly. The longer it is on the market, the more money it loses. Keep this in mind and price it correctly and aggressively so you don’t have a vacant house for two to four months. We can help you by providing some data and average rental rates for properties similar to yours. Please contact us at Property Services of Atlanta. We look forward to talking with you.