Setting your rental price is an important aspect of managing a rental property. It affects your income and ability to attract quality renters.
These handy tips from the First National Neilson Partners Property Management team will help you understand how your Neilson Partners property manager determines a price for your investment property.
Research the market
Before setting a rental price, your investment property manager will research the current rental market in the area, looking at comparable properties, location, size, and home features.
This enables them to recommend a price that is competitive and in line with local market conditions.
Consider your target market
At Neilson Partners your property manager will always be thinking about the type of renter you want to attract, and what they are looking for in a rental property. Your property manager will then write an advertisement to specifically target that particular audience's interests.
Offer incentives
Rental Providers can offer incentives to attract renters to your property. Incentives could include:
- Flexible lease terms
- Pet friendly
- Regular garden or pool maintenance
This can help you attract more potential renters and increase the demand for your rental property.
Be flexible
First National Real Estate Neilson Partners recommend that as a rental provider, you are open to negotiating your asking rental price with your potential renters if necessary.
If you are flexible and willing to work with your renters, it is possible you may be able to find a rental price that works for both parties.
If you're new to property investing and are looking for exceptional property management, or a current residential rental provider looking for a new managing real estate agent, please get in touch with our Business Development Manager Lily Thompson on 0427 222 827 who is more than happy to answer your questions and provide guidance where required.
