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The 5 ways to price your rental property!

For an early rental opportunity on your property, do your home work so you can create a competitive and profitable rental for your property.

Consider all of your variables so that your “rental value” conclusion is consistent with the local market you are aiming for a higher rent.

How have you presented YOUR property to the market?

Trust me, it will tell you if you are sloppy in this area, which brings me to the next point.

What are the other properties in your area?

Know your rental competition: how much the rent is, compared to the property they are renting, to yours.

Check the current stability of the area.

What are the general discussions for your area, for example, positive, negative, interest rates (high / low), private and business growth (excellent / poor)? Everything influences what you decide when it comes to finding the best tenants.

Where to start?

You no longer have to “let your fingers walk”, just press a few keys on the INTERNET. If you are new to renting properties, take your time, as you will regret having made a hasty decision, which by legal agreement will be blocked during the designated rental period (you will have the option to change the price during the contract renewal)

It is true that not everything is under your control, however, I think you can clearly see the points that are being raised.

A rental or tenant agent can help you, but make sure you understand their requirements, should you use one, as this will affect your bottom line.

With the Internet, you will find sites that can provide local knowledge and values ​​to help you establish your best earnings value.

What to look for when consulting on the Internet.

Check your zip / postal code extensively first so you can get a good picture of market availability and when you’re happy with that, start adjusting towards your goal. For example; Align the ownership of a house with other similar ones, the same number of bedrooms, bathrooms, parking lots, etc.

This will of course vary based on the type of property you have, home, business office unit, etc.

Don’t get caught up in limiting your search field to the price range only. You could end up with the wrong image or value.

IMPORTANT: honestly compare with the characteristics of your property and benefit to obtain the best result.

And your tenant?

Your prospective tenants will possibly know about other properties like yours and if yours is too cheap or too expensive in comparison. It should have a “realistic” rental price. Do more home work of your potential renter’s caliber. Don’t do it and you can say goodbye to your winnings. Once you get your rental profile, you will surely feel more relaxed about your decision.

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