When you are putting a rental property on the market, you have to make sure you price it properly so you attract the best tenants quickly. We obtain comparable rental data from sources such as the Multiple Listing Service (MLS) and we also look at Zillow and Craigslist, which is very popular. We take a good look at our own property management files as well. We manage several homes in the San Ramon area, so it’s possible one of our properties is in the same neighborhood as the one where you are listing a home for rent. We will have a good feel for that market, and we’ll know how to price the home accordingly.
We always encourage landlords to talk to a property manager before you buy a rental property. If you are considering purchasing a rental property, the information your real estate agent gives you might not be accurate when it comes to how much rental income you will be able to expect from a particular property. When you are looking to purchase a rental property, contact us and we can go over the current data and help you get an idea of whether the property will cash flow for you the way you hope.
Any time you are setting a rental amount for your property, you have to keep in mind how it compares to other properties in the area. If yours is highly upgraded with things like granite countertops and a recently updated landscaping plan, you might be able to charge a little more. Think about the features that set your property apart. If you are thinking about putting some money into upgrades in your rental home, talk to a property manager first. We can help you decide which upgrades are worth your money and which will not make a difference. For example, vinyl flooring might be just fine, and there is no need to spend a lot more money on tile floors. For rental properties, there are certain upgrades that do not provide the return on your investment that you think you are going to get. It’s important to have this information before you start spending money and before you try to attach a rental price to your home.
If you have any questions on how to price your rental property, or what kinds of rental income you can expect from certain properties and upgrades, please do not hesitate to contact us at Windsor Property Management, and we would be happy to talk to you.