Charging top rent for your residential income property will help you earn more and also increase the overall return you get on your investment. There are a few Escondido property management tips that we have employed which we find can be helpful in earning as much rental income as possible.
Use a Corporate Strategy
There is a specific pricing strategy that larger owners of 100 or 500 unit properties use to earn as much income as possible. They evaluate their leases a month before they mature. Then they offer the tenant a set of new rental options based upon market rents and what kind of lease the tenant wants. So if your tenant wants to go month to month after the initial lease period, you can charge a higher rent. For example, if new market rents are $2,000, your tenant will need to pay $2,150 for a month-to-month lease. For a six-month lease, the rent might be $2,075. They really maximize the situation, and it’s one very good way to make more money.
Achieve Maximum Exposure
It’s important to get professional ads on as many residential real estate websites as possible. We post our ads with great pictures and quality content on up to 110 different residential real estate websites. It makes a big difference. We also put out a lot of signs for the properties we have available. We want a lot of people interested in the home so we can choose tenants wisely and get top rent.
Clean Your Property Extremely Well
Presenting a super-clean property is so important and everyone can afford to do it. Have your place professionally cleaned, and make it spotless. The appliances, drawers and cupboards should be as clean as the rest of the house. It makes a big difference when you put in this extra effort. It gets you higher rents, and it also provides a standard for your new tenants. You can show them how you expect to have the property returned.
Create Competition During Showings
Sometimes, we will show the property at a specific time, like from 4:00 to 4:20 on a Wednesday afternoon. When you have something like this scheduled, you might get five or 10 prospective tenants to come and look at the same time. This creates competition and achieves higher rents. It has worked for us in the past.
Ask for Extra Rent
Sometimes, you just need to start at a higher rent level. If a tenant provides you with a 60-day notice, you have some time to experiment. If market rents are $2,200, try listing the property for $2,300. See if you get any interest for a week or 10 days. You never know, and it could bring you more rental revenue.
Please don’t hesitate to contact us at Francis Taylor Property Management if you’d like to discuss your rental and pricing strategy further.