How to Get Top Dollar for Your Rental

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Getting the most out of your rental is every landlord's goal. There are certain things that you can do to help yourself in every aspect of the leasing process. Choosing a price for your rental is not a guessing game. It can be worked out through research of the area and an understanding of the market. Check the prices of similar units int he surrounding area and choose a rent close to theirs. You don't want to go too far above or too far below the market price as they both may run off potential tenants. Obviously a price that's too high will turn away even good prospects because they'll want to receive the best deal that they can when renting their next home. If you choose a rent that is too far below market value you may risk a potential applicant thinking that your listing is part of a scam. If multiple people react this way and report the listing to the site that you're listed with they may ban your listing from their site as spam.

You should always remember the first impression that the rental will give when a person walks in to view it. Updates are helpful to boost your standings amidst all the other rentals in the area. Make sure that the paint is fresh and the carpets are clean. Pick up any trash that may be littered about and take fantastic pictures so that the potential applicants can see the property before they physically go to it for a walk through. If you are able to allow more time to fill the vacancy (6-8 weeks versus 1-2) this may help you get the price that you want. This allows you to adjust the price as it needs to go and receive the most for your rental. You can adjust based of feedback and add it to your notes for the next time you have to list the property as well. Professionalism is key when showing off your property to potential renters. They will be looking at you as well as the property when making the decision if they'd like to rent from you or not.

Remember that negotiations happen, and if you choose not to go with a property management company and plan to handle this on your own, you may be required to push back when a potential tenant tries to haggle down your price. You'll need to have done the appropriate amount of research to back up the price you set. Make sure you are aware of all of the federal laws and your local laws that will affect your rental unit. While property managers often handle this, if you choose not to hire one, you will need to make sure that you are up-to-date with the laws so that you are not caught unawares or break one by accident.

POSTED February 03 2014 2:10 PM
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