Determining Your Rental Value
What you need to know as an owner is that examining market trends should set your Kansas City rental value. While you’re determining your price, consider how long you’re willing to wait for a tenant who will pay your asking price. Strong markets see renters lined up at the doors ready to pay the asking price for a great unit. In soft markets, those rules go out the window. Because market value fluctuates so often, rent aggressively.
Calculating Rental Property Value
A wise property management exercise would be to consider your loss for a 12-month period in determining rental value. For example, if you have been receiving $1,500/month in rent and the unit is vacant for three months because you cannot find a tenant to pay that amount, you are losing a total of $4,500 in rent, along with any expenses accrued throughout the three-month period. Over a one-year period you stand to loose $600 if you reduce the rent to $1,450.
Finding the Sweet Spot: Selecting the Wise Asking Price
Working with National Property Management Group will give you the advantage of setting the right rental value upon your property listing. We are aware of market trends and are your ally in getting a home off the market fast. We work to minimize loss from lack of renters by providing a value that will attract renters, without undercutting your profits. Our property management experience and knowledge of the market trends allows us to properly advise you of a wise asking price. You will be able to move a renter out, make necessary repairs and upgrades, and move another renter in a timely manner.