Pricing your rental home correctly is essential to attract the maximum number of prospective tenants. Although the main aim of renting your property is to increase cash flow, it is important not to overprice the home. So, how do you decide the best rental price for your home? Below is a list of certain tips that can help:
Include the pet agreement in your lease document and clearly state all the pet rules. Get the lease agreement duly signed by pet owners as well as non-pet owners who are going to become your tenants.
- Know The Average Rental Price In Your Area:You need to be aware about the existing rental rates in your area to have a fair idea of the latest trends. You can also ask for relevant data from your real estate agent in this regard. Keep a tab on the rental units that fill up quickly and also the ones that have been lying vacant for a long period of time. Also, see if any landlords are giving incentives to the tenants to get their property filled up fast. Do this task for almost two weeks to compare and contrast various facts. This will help you arrive at the correct decision.
- Keep The Timing In Mind:Rental prices majorly depend on the time of year when you are renting out your property. For instance, the demand for rental homes is at its peak during the summer season. So, you can accordingly keep a higher rent and still get a good number of potential tenants. On the other hand, the rental prices in winters tend to fall on the lower side because most people do not want to move out during extreme weather conditions.
- Don’t Let Your Property Lie Vacant For Too Long:When your rental home is on the market for a very long time, you are more likely to accept a rent proposal much lower than what you deserve. That is not the correct rental price for your property. Therefore, it is important to start the lease renewal and tenant search process as soon as possible. Get in touch with your tenants at least 90 days before the lease ends to initiate renewal talks. In case the lease is not renewed, you still have sufficient time to market your property effectively.
- Do Not Focus On Maximizing Rent:Even though you want to extract maximum financial gains in the form of rental income, it is important not to settle for a very high rental price when it comes to your property. Decide on the rental price by considering multiple factors and work towards finding tenants who pay rent on time and do not cause any damage to your property. Getting a higher rent from a bad tenant is not a suitable scenario and should be avoided.
- Check The Utilities Being Provided:Tenants are more likely to pay you the asking rent if you provide them equivalent facilities. You can increase the rental price of your home by including utilities and new appliances. Also, a fully furnished home will definitely fetch you a higher rental income as compared to an unfurnished one.
Rent your Killeen, TX based home with REAL Star Property Management, LLC. For more information, call at (254) 693 – 7850.