When it comes to properly pricing your rental property, the best thing you can do is hire a professional property manager. A company providing property management in Nashville knows the local market and has the experience you need to ensure your home earns as much as it can.
Listing Price vs. Leasing Price
Your property manager will know whether it’s a soft market or a good market, and whether you should be aggressive or conservative. A lot of homeowners go to Zillow and look up prices to decide what their home should rent for, but that’s not always the best or most accurate place to go. It’s a starting point, but there is no good central source to go to online. Even if you look at what’s listed on Zillow or any other website like Craigslist or Rentals.com, or Hotpads.com, those are prices of what people are trying to get. Just because they’re trying to get that amount doesn’t mean it’s what they are getting. There are negotiations in rent just like in sales. Just because a property is listed at $2,500, it may lease for $2,100 or even less. You know what it was listed for but not what it leased for.
Pricing Flexibility
Lots of owners think their properties are worth more than they are. That’s where a property manager helps. We tend to be more conservative in terms of value. We want to give owners a figure that will ensure the home rents quickly. You might be able to get more, and we can start out a little higher. The more
you earn, the more we earn. We just want to be realistic, so we will drop the price if you don’t get any calls. Just lowering it a little can motivate people to start looking at the property. Don’t price too high because if the home is vacant for too long, you can’t make up that
lost rent. Some rent is better than no rent.When you’re trying to rent your property, always keep in mind that you want the income to start coming in as quickly as possible. Holding out for two months for top dollar doesn’t always make sense.
If you have any questions about rent prices or Nashville property management, please contact us at Browning-Gordon Property Management.
