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3 Tips To Setting The Right Rent Price
In an ideal world, the perfect price for your property would make you the most amount of money! Unfortunately, the real world does not always happen. Your goal is to set the rent at the highest point you can to attract tenants, cover your expenses and hopefully put some money in your pocket. You do not want to put it so high though that you are not able to find tenants quickly!
Below are 3 tips to help you find your perfect selling price.
1) Do not set your house price identical to any other 3 bedroom houses out there. Why? Because your house is different! Set your house price based on view, updates, square footage, and layout.
2) Check out other houses in the area that are for sale. This will give you an idea of the going rent in your area. Do this for a couple of weeks. Keep track of which houses are getting rented quickly, which houses have lowered their rent, and which ones have been listed for many weeks.
3) You will not just set a one-time price for your rental and then forget about it. You must constantly look at the market and adjust the rent based on demand. When there is greater demand for your particular unit, you can charge a higher rent.
Give Front Street Brokers a Call. We look forward to helping you throughout your entire process!
Trivia about Mike: Prior to working in real estate, Mike worked for few years on movies and TV shows around the world as a Camera Boat Operator and Marine Logistics Coordinator, including the TV serie....
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