Pricing your rental home can be difficult if you’re trying to manage a property on your own. We always encourage that you work with a professional property manager because of the liability, legislation, fair housing issues, and other regulations that have a major impact on your rental home. This is one of the largest assets in your portfolio, and you want to make sure good decisions are being made. If you are certain that you want to manage on your own, however, we can help you figure out how to price your rental property.
Research Comparable Prices
Look at other homes in your area. There will be properties currently on the market or recently rented. Call on those homes to verify that they are similar to your own in size, square footage, number of bedrooms, number of bathrooms, and property condition. That will help you measure where you should be pricewise. Check out websites like Realtor.com. That site will have accurate, up to date information from real estate agents who have submitted listings. You can verify the information and see how your own home compares to what you find. Many other websites out there aren’t accurate, so when you’re looking at websites, focus on those that can give you a realistic idea of what properties like yours are renting for in your area.
Property Management Colorado Springs
You can also talk to a professional. If you have a friend in the business or a real estate agent you have worked with previously, they can help you with pricing. Talk to a property manager as well. You can let them know up front that you’re going to manage your own home, but you’d like some insight about how to price it competitively. Get an idea of its value and be educated as a homeowner. Some property managers have more experience in particular market areas, so get as knowledgeable as you can on your own. Check out property management websites too. The homes they have listed will include accurate pricing that attracts good tenants.
These are a few ways to establish what the rent price should be for your property. If you have any questions about how to determine rental value, please contact us at Muldoon Associates.