Setting the monthly rental income can be a daunting task for a person who does not work in a property management office or for a person who does not use neighborhood comparable rental-values on a daily basis. Our team of highly specialized and experienced leasing agents is very familiar with the rental market, and are here to help you find the best listing price for your property. For those of you who do not utilize a property management firm, you must do your research and homework to be successful! Here are some suggestions to guide you along the way:
Price Competitively–In order to attract prospective tenants, your pricing has to be right on the mark! You don’t want to price too high, so as to scare off prospects and contribute to a stale listing, nor do you want to sell yourself short of the monthly income your property deserves.
Rental Comparables–We recommend to look for current comparables in the same neighborhood of your property first, then search further from there. Look for similar features such as the age of the home and featured appliances (including any recent updates), the square footage (of the home and the lot), as well as the number of bedrooms/ bathrooms and their prospective sizes. This will require some homework on your end. If you do not have access to tools such as the Multiple Listing Service (MLS), you may end up doing some drive-bys of homes with a “For Lease” sign out front, or calling local property management agencies for ideas of similar priced homes.
Use Online Tools–When in doubt, the internet is certainly one of our most valuable allies to look for other homes like yours! Newspaper and Craigslist searches may be of help as well. Remember to look within similar parameters (in your neighborhood) of your home’s description. A lot of websites are also now offering property value analysis tools for both rental and sale properties (found on some sites like rentometer.com, zillow.com or remax.com). **Dana has noted that Zillow is most accurate to the rent that she would determine after detailed research on her properties. When in doubt, be sure to consult with a trusted and experienced property management company. You can also call PRANDI Property Management, if you are in the Marin County Area for a complimentary consultation today (or click on this link to read more about our Consultation Service)!
— Kaylee Carroll, Brand Marketing Specialist