**This article was originally published on April 13, 2017, and updated on Nov 26, 2020.
1. The Price is Right
When it comes to determining your rental property’s price, it should be weighed carefully against similar rental homes in the market. Size, amenities, the age of the home, and cosmetic condition are all things that will influence the price. Finding the right price for your rental home is a crucial part of the leasing process. Approximately 80% of potential tenants come to see the home within the first three weeks it is on the market. If the home is overpriced, that could lead to longer vacancy periods, negatively affecting your cash flow.
Furthermore, consider Zillow’s Rent Zestimate. Zillow’s Rent Zestimate estimates the monthly rent price, computed by using a formula created by Zillow. The Rent Zestimate pulls its data from public property info and similar local properties listed for rent. Because many tenant prospects use Zillow, you want to make sure your listing price is comparable to Zillow’s Rent Zestimate.
At Real Property Management Lakeside, our property managers utilize the most thorough and efficient systems in place to lease your rental property quickly. Our experienced managers lead the industry in leasing properties.
2. Pets or No Pets?
By not allowing pets at your rental property, you are doing more harm than good. Disallowing pets reduces your potential tenant pool by half, and reduces the time tenants will stay in your home.
Studies have shown that rental property owners who allow pets in their properties take a larger monthly rent rate, and pet owners are willing to pay. Studies show that pets typically don’t cause any more damage than human residents. If they do, the Security Deposit/Pet Deposit is more than enough to cover repair costs.
Our Real Property Management Lakeside property managers encourage all rental property owners to allow pets on their properties to increase their pool of potential tenants, reduce vacancy days, and increase their rental income.
3. Application Screening
Many property owners don’t truly understand the importance of properly screening tenant applications. Our property management team relies on complete background, credit, criminal, and employment checks, as well as references from past landlords. By performing these verifications, we can find reliable tenants that are more likely to care for your property.
Placing tenants with their applications properly screened protects you, your investment, and the neighborhood in which it lies.
Whether you are a new rental property owner or a seasoned veteran, Real Property Management Lakeside can help you achieve your investment goals by ensuring that the leasing process goes smoothly and quickly. Contact us today for all your central Florida property management needs and questions.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
