So let's say you are in one of the following three situations:
- You are a new landlord. Someone who has decided that renting out your home MAY be a better idea than selling it.
- You have recently had a tenant move out after a number of years. You have updated the property and are looking to get it rented for the proper price.
- You have a number of investment properties that you are considering. You would like to have a better idea of what they would rent for before you invest.
You want to know how much I should rent my house for? If you look online there are all sorts of automated tools and conflicting answers. You find the so-called "rental calculators" and "rent estimators", but the truth is that they have no way to take into account all of the factors in a local real estate market to give you the BEST idea of what to rent your home for. Essentially they can look at prices people are asking for their homes online, but do not have data about actual rented prices. These tools can be a starting point, but overall, they provide an incomplete picture. Here are just a few of the things that are commonly missed:
- Unique features or updates to your home renters might find attractive
- Proximity to a major employer that is either expanding or cutting back
- The interior condition of your home
- Pending changes in the local economy
- A neighborhood transitioning from mostly "owner-occupied" to mostly "rentals"
The list of these items goes on and on. There are so many factors to take into account.
The best way to determine a realistic rent for your property is to ask a professional who is engaged in the rental business every day and who has a good "feel" for the local rental market in your area. They are aware of challenges and opportunities in the rental market that outside tools simply cannot access. The counsel and expertise of a professional property manager can be an invaluable resource in avoiding the pitfalls of incorrectly valuing your rental. Call The Real Estate Group today. We are happy to answer questions, discuss your situation and share our expertise. We would love to show you why so many landlords think TREG is the RIGHT CHOICE for property management.