“those jumping at the bit to pay top dollar to rent your property are often those who can’t afford to.”
You: Are you crazy? Do you want to list below market value?
Well, perhaps; there are a lot of things to consider. While it may sound counterintuitive to list your rental property below market value, when renting –as compared to selling your home, price is not as important as is the quality of the person on the other end of the transaction. From our experience, those jumping at the bit to pay top dollar to rent your property are often those who can’t afford to.
There are a lot of things to consider when deciding whether or not to price your rental property aggressively, such as market conditions, but it’s a strategy often contemplated. By listing a monthly rental amount that’s fifty, twenty-five or even just ten-dollars below market value, you may draw a larger pool of prospective tenants, giving you a better selection of candidates and, often, the final agreed-to rental amount is higher. Keep in mind that the longer your home sits vacant, the more lost opportunity and costs you incur. Finding a quality tenant and doing so quickly is vital.
We personally rely on our better half, The Kormendy Trott Team, when it comes to listing properties for rent. If you have specific questions about the process or listing your home for rent, feel free to reach out to them directly.