Today we are talking about how to price your rental property so it rents quickly. You have a mortgage to pay, so you don't want your property to sit vacant on the market. Pricing it correctly will help you.
First, check local listings for other properties in your area. We recommend three different sites – Trulia.com, Craigslist and PadMapper. On all those sites, you can put your address in and it will give you listings that are close to your area. Take a look at them and see if they have the same square footage and the same number of bedrooms as your property. You want to make sure you are comparing properties that are similar. This will give you an indication of what other local properties are listed for. Remember that the market always dictates what your property is listed for.
Pools and Gardeners
Decide if you’re going to include gardening and pool services in a tenant’s monthly rent. I always include gardeners in my personal rental property because it’s in an HOA and it has to be maintained. You don’t want to worry about whether your tenant is mowing every week or if weeds are accumulating. Hire a gardener and include that cost in the rental price. The same thing can be done with your pool. If you have a pool or a spa, you want it professionally cared for. If your tenant puts the wrong chemicals in, that can destroy the pool or the parts and equipment.
Property owners always ask about what to do with their refrigerator or their washer and dryer. Whether you leave those appliances is up to you. Remember that tenants aren’t going to take care of them the same way you might because they don’t have a personal connection to them. If you are leaving appliances behind, sign an appliance addendum. This will explain that the tenants can use the appliances in the house, but if they break or need to be replaced, you will not pay for it. The tenants will have to replace the appliance instead because it’s a luxury for them in the property.
You don't have to pay for utilities as a landlord. We recommend that tenants pay for their own PG&E usage and their own water and trash bills. You cannot control how much they use, so it's best if they pay their own utilities. Otherwise, your bills can get quite high if you pay for them. In some municipalities, you can be responsible for any outstanding bills that the tenants don't pay. For example, an unpaid bill for trash service could end up on your tax bill.
If you have any questions about vacancies or properly pricing your rental, please contact us at Property Management Experts, and we'd be happy to help you.
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