Why Have a Buyer's Agent When Purchasing a House?Buying a house is one of the most significant undertakings you'll make in your entire life. It's not simply about finding the right home for you and

Dated: August 15 2020
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When you are first bringing your property to market or when you have a vacancy at your existing rental, you need to set a price for your rental. There are several factors to consider that can help you set the right price for your unit. The right price will attract prospective tenants to your property and will generate some income for you as well.
When you are trying to decide how much to charge for your rental, one of the first things to do is look at the competition. You want to focus on rentals that are as similar to yours as possible, so you should consider:
Do not set a standard price for all one bedrooms, or set a standard difference in price between one bedrooms and two bedrooms. Unless the units are exactly the same, this strategy will hurt you in the end. You should charge slightly different rents based on how desirable the unit is.
Everyone has a different goal when owning property. Regardless of your goal, the right rent should, at a minimum, be enough to cover all of your expenses for the property. The rent should cover:
Keep in mind that many property owners, especially those with large mortgages or construction loans, do not see an actual profit until they sell their property or until they have owned the property long term. Regardless, if the unit is not benefiting you in some way each month (paying down your mortgage, reaping tax benefits, putting money directly in your pocket), you have not set the right rent, or worse yet, you have over-invested in the property.
Have prospective tenants been calling to see your property? If not, the price of your rental may be to blame. If your rent is set too high prospective tenants will stay away. If your apartment does not have the location or amenities to back up the higher price tag, prospective tenants will move on to another property.
Setting a price for your rental is not a one time event. You must constantly look at the market and adjust the rent based on demand.
For example, when the economy is bad, the demand for rentals can go up because people can no longer afford their homes and are forced to rent instead. A bad economy can also cause a greater demand for smaller, cheaper apartments because people have to downsize. Another example is, in the summer, the demand for larger apartments may be greater because families are trying to move before the school year starts.
The basic rule of thumb is, when there is greater demand for your particular unit, you can charge a higher rent. When there is less demand, you may have to lower the rent to attract tenants.
See article: https://www.thebalancesmb.com/how-to-set-the-right-price-for-your-rental-2124972
Tammy Broxson is the Broker Owner of Broxson Real Estate Group, a boutique real estate brokerage in Florida. Tammy is also a State of Florida Real Estate Instructor and a mentor to other real estate p....
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