Setting the Right Rental Rates: Expert Tips for Property Owners

All markets are constantly changing, and rental properties are no exception. Since the last recession which caused rental…

All markets are constantly changing, and rental properties are no exception. Since the last recession which caused rental rates to skyrocket and remain high, property owners needed help to cover their new mortgages. In addition, garbage removal, maintenance, heating, and electricity costs among others led to higher insurance costs, compromising the bottom line. If you are a property management company in Alpharetta, GA or landlord with an empty space, how flexible should your rental rates be? At 3 Options Realty, we can help you account for vital factors like your mortgage and other expenses to ensure you set the right rates.

Setting Your Price

While setting high rental prices can increase your return on investment, you risk long vacancies waiting for tenants. If you are unsure about this crucial process, it might be time to find a property manager. According to industry experts, your mortgage and the costs of owning rental property shouldn’t determine your prices. However, these expenses play a crucial role when deciding whether to buy a property.

If you own rental property, ensuring the numbers work and that you make the most of your investment is vital. Analyze your local market by comparing the amenities of similar properties to determine the correct price range. If you prefer a more professional approach, hire a reputable property management company to analyze the market and set competitive rates.

How Patient Should You Be?

Whether you are a seasoned owner or a first-time investor in the rental market, setting the right price is crucial. If your rates are wrong, you should tell within the first few weeks. The most obvious sign you need to adjust your rental prices is fewer inquiries. Although lowering rental rates is not easy for inexperienced owners, it is better than prolonged vacancies.

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Strategic and informed price adjustments can increase the likelihood of placing a tenant. It is advisable to work with a professional property management company to ensure you find a good tenant who will be around for years. Unlike inexperienced owners, seasoned property managers use innovative technology to analyze local markets and conduct in-depth tenant screening to ensure you navigate the process successfully.

How to Get It Right the First Time

As stated, the best way to ensure you set the right rental prices is to find a property manager with extensive experience. While you might not know the lifespan of your investment or the expenses you’ll incur, professionals can help you navigate the process without affecting the bottom line. Even if you have experience in the rental market, the industry is constantly influx, hence the need to hire a professional.

At 3 Options Realty, we provide pertinent information and involve you throughout the process, whether you are a client or not. Contact us today and schedule a consultation with our experts to learn more effective practices that ensure win-win solutions for owners and tenants. Our property management team is ready to discuss your investment’s best moves in a highly competitive market.