MARKETING THE PROPERTY
Setting the right rental amount
At CRM Properties, we often get calls and questions about how we determine what a property will rent for. We also get many owners who tell us they want a certain amount of rent for their property. We have a process to determine what a property will rent for, and getting that amount right is very important.
Gathering Market Data for Comparative Analyses
By managing nearly 750 properties in our market, we’re the rental property pricing experts. We know how long it takes for a property to rent and we know what the public is willing to pay for a home. In addition to that, every single property that we manage is classified in our software based on its location. We have to consider the property’s city and neighborhood. When we’re listing a new property on the market, we have comparable homes to consider when we’re pricing.
If a home has three bedrooms, one bathroom, and 1,000 square feet on the south side of Kokomo, we can see whether we have similar properties in our database. This helps us support the rental value we believe the property has earned.
Pricing and Time of Year
We look at other variables that will play an important role in determining rent amount, including the season. Obviously, early summer and spring will bring you rents that are a little higher than what you can get in fall or winter. Families won’t want to move during the school year and people are less likely to move when the weather is cold.
Consider Property Amenities and Updates
We also look at the amenities of the property. Is there something that stands out and is different about this property compared to the others? Then, we can determine how we will adjust the rental price based on the property’s amenities.
Updates are also important. The condition of the property is something owners can control; so make sure it’s in excellent shape before you rent it out. If there are newer things within the home, we factor that in when determining the rent.
Rent Price and Tenant Retention
You need to balance maximizing your rental income with maximizing the longevity of our lease. This is an important thing to consider when you’re deciding on a price. Do you want to get as much as you can or do you want to get the tenant to stay as long as they can?
Sometimes if you try to maximize the rent come close to pricing the home too high, your tenants will not stick around as long. They’ll move into the next property that comes along with a lower price tag. If you want to retain great tenants, you may not want to price the rent as high as possible. Instead, place it somewhere in the middle.
Ultimately, determining that rental dollar is very important to avoiding vacancies and keeping tenants for the long term. If you have any additional questions or if you are curious as to what kind of rent your property can get, please contact us at CRM Properties. We do offer a free rental analysis, and we can answer any questions you have.
Professional Photos & Online Advertising Exposure
Our property management packages include a marketing strategy that brings maximum exposure to your property in the market. Increased exposure will give you the greatest number of potential tenants, which will result in saving you time and money. At CRM Properties, we have a wide variety of marketing strategies to rent your property. Some of the tools that we use for our marketing strategy is listing your property in our site and over 100 other sites, like Zillow, Trulia and many more and add a marketing description.
We also take professional quality photographs and marketing videos. Properties with professional photographs move up to 40% faster than those marketed with amateur or bad photos. Our position in the community is a huge advantage because we have a constant flow of prospects looking for properties that call our office and come to us. These are some of the tools that we use but are not limited to. You should view your marketing as an investment and any good investment will generate a return. Let our experts find your next tenant.
Indianapolis Property Management Services – A Wise Investment
Too many people get into the rental property market as a means to grow their investment money thinking it’ll be a passive investment. It’s a good decision for the most part, as property values tend to increase over time no matter where you are and the rent payments almost make this investment self-funding. However, what appears to be a perfect plan on paper often turns out to be anything but in reality. Tenants create management situations, whether they are good or not so good, and rental properties take time to maintain, even if they’re relatively new.
Unfortunately, a lot of rental property investors do not go ahead and hire Indianapolis property management services because they think it’d be too costly. In most situations, this thinking is misguided. As you’ll see below, CRM Properties can help you understand the full value of your rental property such that it’s quite possible that you can charge more in rent than you would have otherwise. Given that potential, it’s also quite possible that this extra rent revenue will help to pay for your property management in Indianapolis. Once again, you’ve achieved a largely self-funding model.