Pricing Rentals

[Lynda Poe]

As an investor and a Realtor* who manages other peoples rentals I believe several things are important in determining rental rates.

#1. Condition of the property. There should be little to no deferred maintenance.

#2. See what rents are in the area by calling on rental signs for other properties, looking at Trulia, Zillow, HotPads, etc.

#3. Test the market to see what it will bare. When I have a vacancy I like to push the envelope a little and see what people are willing to pay. I usually know within the first 7-10 days if I have overpriced it and then I adjust quickly to come more in line with the market.

#4. Be organized, professional and intentional with your paperwork, responses and attitudes. Creating an air of confidence for your prospective tenants can be a tipping factor in them choosing you over another landlord.