Set the Right Rent
The best place to start is by checking your Sunday newspaper for the range of rent prices in your area.
In trendy areas, there is a constant demand for rentals. Still, if your property is in such an area, common sense dictates property with repair or maintenance issues won’t demand the same price as a well-maintained property.
Amenities like dishwashers, laundry facilities, and parking can affect a renter's decision.
Join an apartment owners association to learn of trends affecting rental rates. Many also offer advice on pricing and management issues.
When you decide on a price, err on the high side — it’s easier to lower prices than raise them. Offer incentives when the market is soft, like a free month of cable TV.
My $.02
I love my marketing partner because they have good old timey real estate articles I get to share from their library...makes for a good riff. The best way to find out what people are renting for is on Craigslist now....if you know a better place...Thank you very much in advance for replying to this email and letting me know.
One thing I am noticing is that the flippers are advancing on long term investors in terms of raising the quality of the inventory. I LOVE HDTV. The trendy fixtures and finishes and the open concept hardscaping indoors is a wave...I cannot wait to see what's next.
I love Linda P's Realty411. She has got it going on with the vendors she hosts with around the country. For some it may seem like a travelling circus because they are so over the top with the real estate strategies and what I like to call snake oil that has entertained and bilked as many investors as it has made millionaires. There is nothing new under the sun..
I worked in property management offices in sales twice. Once early on in my career and another time more recently. There are always equity crunches in different sections of the real estate market. Flippers might graduate to be long term investors but it is rarely the other way around. What innovations will long term investors be bringing to the new market? I'm going to keep watching Magnolia Network with bated breathe and with you as my best client and Santa Barbara County as the best backdrop for any real estate entertainment program...we can wing it.