If you are ready to relocate and you do not like the idea of selling your house, renting it out could be a great option. A tenant could help you solve your problem with your mortgage. If you have no problem with your mortgage, you can save the money that you have earned for the future. 

When you are introducing your property in the market or when your rental property is vacant you need to set the right rental price for it. The right rental price is crucial since it will attract tenants and will generate income. Here are some of the factors that could help you set the right rental price for your property.

Research Listings

The best way to ensure that your rental property is fairly priced is to check what your competitors are offering and charging. This is also the same measure that tenants are using to see if your property is fairly priced. You can check listings on the Internet or search on the web at https://www.pcfpropertymanagement.com/. This will help you compare your home with other homes in the area.  

Get the average and compare your property to what your competitors are offering. Through this, you should be able to offer a realistic and fair price. You can also visit Google My Business to see what other landlords are charging. Some sites are using listings data that shows what other landlords would like to get for their properties.

Ask Professional Advice From:

Real Estate Agent

The best person to talk to about setting the right price is a real estate agent. However, you should make sure that he has extensive experience with rentals. If they are only into selling, they have limited knowledge about the rental industry.

Other Landlords

Your fellow landlords near your area could also give you advice on how to set the right rental price. It would be easier if the landlords offer rental properties that are similar to yours. This includes the same number of bathrooms and bedrooms and square footage.

Associations

Landlord Clubs, real estate investment groups, and rental housing associations are valuable groups that can help you set the right rental price for your property. You can find mentors and networks in these groups that will help you with your venture. You can also check with PCF Property Management for more information.

Compare and Match Actual Rent Data

When a real estate agent evaluates a home for sale they refer to the actual sales and not the listing price. The same goes for rental properties. The actual rent prices will tell you what other landlords in your area are getting in rent.

Final Tips

Usually, professional investors charge 1.1 percent of the actual home value as their monthly rent. For instance, if your home’s actual value is $100,000, your monthly rent is around $1,100. However, in reality, homes with a value of more than $100,000 are often rented at less than 1.1 percent of the actual home value.

Before setting the final rental price, make sure that you have computed your ROI or return on investment. You can factor in the price of the rent as well as the expenses. This includes insurance, property taxes, mortgage loan principal, and interest. You should also include the maintenance cost and possible legal cost in case you have to resort to legal process file damage to property caused by the tenant or to evict a tenant.

Media Contact
Company Name: PCF Property Management
Contact Person: Emilia E. Aycock
Email: Send Email
Phone: (843) 800-8778
Address:81 Calhoun St Suite B
City: Bluffton
State: SC
Country: United States
Website: https://www.pcfpropertymanagement.com/