Vantage Property Management
Better Qualified Tenants.
Less Time on the Market.
Higher Comparable Rents.
A lot of times, when assisting property owners with decision as to the amount of monthly rent to ask, I hear property owners saying things like, "I want the monthly rent to be $XXX", or "I need to get $XXX rent per month".
The reality of the matter is that neither the landlord, nor the tenant actually determines what the rent will be; the "market" itself does. In other words, what is the highest amount that a tenant is willing to pay in a normal local rental market? Usually, in our local market, there is enough rental inventory available so that the prospective tenant has a fair amount of choices.
The above being said, the key to getting a property rented in a reasonable amount of time is to have done one's market research homework before putting the home into the rental market.
This becomes so important, because in this "information age", the tenant has already done his/her market research long before starting to actually look at homes.
That may be as simple as looking at property by way of the numerous free on line sites, or by way of one or more Realtor, property management sponsored web sites.
At VPM, we have some unbelievable tools available for assisting property owners with establishing the highest probable rent which can be expected.
So, what are the criteria that the prospective tenant will be considering when starting the search for a rental home?
Number 1 on the tenant's list will be, where is the property located. We've all heard the term "Location, location, location".
Once the local area has been narrowed down, the next items for the prospective tenant to consider is the size of the home; number of bedrooms; number of baths and, very importantly, what is the overall condition of the property.
Before putting your investment property on the market, contact VPM for a "no obligation" rental market analysis.
How to correctly “price” your rental property.
Vantage Property Management
410.729.2770
1120 Benfield Blvd.
Millersville, MD 21108