Are you a Landlord, or are you thinking about becoming a Landlord? Well, we’ve got a great tip that will save you time and money!
When helping landlords, we occasionally suggest taking an approach where they price their lease slightly below market value. There are a couple of benefits to doing this. First of all, you get a lot more interest in the property and when you have more interest, that means you’ve got more people to choose from. You are then able to filter through them to find the perfect tenant. The other benefit is that you’ll get someone in there quicker, which means you’re generating income sooner.
As an example, if a home like yours were to rent for $1,800/month, you may want to list it for $1,775 or even $1,750 to ensure it gets leased right away. If you were to list the property for $1800 and the property stays on the market for just 30 days, that’s one month of income lost. Now, take that $1,800 and break it down monthly, it would be $150 dollars a month that you’ve lost, netting you $1,650 instead of $1,750 or $1,775.
If you’re in the market of renting a property and have more questions or would like assistance, feel free to send us an email at info@kormendytrott.com or call us directly at 1-800-617-0090.
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