The best approach to establish that your Battle Lake rental homes are leased at a competitive rate is to make recurring market comparisons. In conjunction with some seasonal maintenance and repair assignments that property management calls for, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you already have long-term tenants or are readying for new ones, a market comparison can secure that your investment homes are lucrative and your rental rates are uniform with those in your zone or area.
Making preparations for a market comparison originates with retrieving and knowing the exact information about your own rental homes first. You must be able to figure out the square footage of each rental home, together with the age and condition of each major element. From the roof to the appliances and everything in between, you need to have a clear picture of your rental property before you can be sure you’re doing a direct comparison to the other rentals in your area.
As soon as you’ve gathered all the data in reference with your own Battle Lake rental property, start sorting through comparable rental homes in that same territory. In the same way that the asking and the final purchase price of a house can differ, so can the estimated and proposed numbers vary from the actual rental rates.
A well-done market comparison can currently show you what rental property like yours is renting for and enable you to make a choice whether you must add to or lower your rent. If comparable properties are renting at rates higher than you have asked for in the past, increasing your rent can lead to increased income without losing your competitive edge. But, if properties alongside yours are renting for a reduced amount compared to your rate, lowering your rent to adhere to these can draw in new tenants and cut down the time the home remains deserted.
Admittedly, a market rent assessment may look like a lot of work but it is a salient feature in keeping those valuable investment properties profitable. The good news is that the professional property managers at Real Property Management Optimum can be of great help. We know the rental market in Battle Lake and the surrounding regions, seeing to it that regardless of where your rental homes are established, they are competitively priced. Contact us online or give us a call at 612-730-8293 and ask about our FREE market rent assessment.
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