How to Rent Fast and Get Your Price

The Problem:
What is the right rent for your unit? What if its been off the market for quite a while and now you need to get a quick idea of the right rent rate. One that is not so low it rents in a minute and you are stuck with a below market income for years to come. And one that is not so high you waste precious time with no incoming for months before you learn your lesson.

If you are like most of us you need to nail that number to cover expenses ASAP. Well... here are some thoughts and tips to help you through it.

Getting to the Right Number
Research is the way. You have to come up to speed on the market. When you are buying a house there is a great deal of info on pricing. You have brokers and the MLS and now all these web 2.0 search engines with loads of cute new toys and more depth of information than has ever been available to us before. The same is beginning to take place for rentals as well.

The Marketplace:
Comparables:
1. Compare similar units to yours by calling advertised units. Question them as if you were an interested party and ask for square footage and amenities. Listen to their pitch regarding transportation and other good neighborhood features. Write it down.
2. Talk to property managers and leasing agents. Check their sites for similar properties and use this as your comparables to get a high and low rent range.
3. Check the new listing web sites such as property shark or trulia. They can offer a great deal of help.
4. Check the local newspaper and especially the rentals in the neighborhood free papers.

Staging:
Drive by those buildings that sound similar to yours and notice how they look. Check for:
a. Landscaping - Good grass, pruned bushes and nice plants. People will feel good about a property that is uplifting. If the competition is doing it, consider how you can upgrade the look and feel of your property.
b. If you have a backyard, consider some landscaping using indigenous plants. They will be low upkeep and use less water.

Amenities:
1. Digital Amenities - Having cable or DSL and other digital options is high on peoples list, especially on the coasts and in upscale areas. Many high rent properties are even putting in ipod connections.
2. Upgrades that really kick up the price: Hardwood floors, new paint, granite counters and stainless appliances, tile kitchen and bathroom floors.
3. Parking is a plus and in high demand.
4. Consider installing a coin operated washer dryer. People need time savers and it can be a small income generator.
5. Even consider approaching local business to create a business network that can offer say, dry cleaning services at a discount for tenants. Local restaurants might be open to take out and/or discounts to your building.

The very highest returns possible on your investment will come from stepping up the services.

www.yourpropertypath.com
Howard Bell for yourpropertypath.com We believe that knowledge should be free and freely shared.