4 Tips On Market Rent For Park City Property Management
One of the things that I remember most about getting my real estate license was a comment made by one of the instructors. It was something along the lines of "The two things that determine the value of any property are a willing seller and a willing buyer." What has always stuck with me about that phrase is the idea that any price set for something is ultimately an agreement between two willing parties. And for property management Salt Lake City the idea of setting rent is the same. You may feel that your property is worth $1,200 a month in rent. In fact you could feel that it is worth $12 million a month but until you find a willing party to agree to the price what you have is basically an estimate of value, not actual value.
The same can be said of a tenant who may be looking for a Park City long term rentals. They may think that the most they should pay for a property is $1,000 a month. However until they find a willing landlord to rent a property at that rate they are again just estimating. So how do you figure out market rent anyways? Well the old real estate adage location, location, location, certainly applies. Location is an important factor in determining your market rent. There are other avenues available to landlords that can help you with market rent for property management Park City.
- Do some searching online at sites like craigslist or KSL.com. These are sites that feature a high volume of available rental units so the likelihood of finding what a comparable property is being advertised for is good.
- Check what competing Salt Lake City property management companies are listing properties at. Many property management companies have a large pool of rental units and a better idea of what the market in general is doing. They can use sophisticated revenue management software that gathers copious amounts of data to set prices on rental units. As a small time landlord you can't afford this type of software but the results of using it, the prices of rental units, is available for your viewing. Take a look at what the big boys are doing.
- If you are currently vacant you should always start high. Set your new price above what the previous tenants were paying and see what kind of traffic you get. Vacancy is a great time to assess where marketplace rent has gone and if you are lagging behind comparable properties in Park City property management.
If your phone is ringing off the hook the first day you post the unit it could be one of two things. Perhaps nothing else is vacant in the area, and you should already know this after checking out your competitors. Or perhaps your rate is a bit too low. People who are scanning for available rentals will move quickly if there is a deal to be had. If you find your phone is blowing up the first day you post your property you may want to take a look at increasing the rent before committing to a new tenant. Remember it takes a willing landlord and a willing tenant to set the market rent. If you feel like you are giving the farm away you aren't all that willing.
If you would like more information about market rent, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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