You're a home owner who's looking to rent out your home or an existing landlord that needs to relist. How are you going to determine the rental rate?
I often hear home owners tell me they asked their neighbors, or they looked on some of those popular real estate search sites that offer estimates. Well, unfortunately, neighbors aren't always truthful and those websites don't know specifics about your homes. Most notably finishes inside and upgrades you've made.
The most accurate way is by conducting a CMA or Comparative Market Analysis. We as agents, have access to a database of publicly listed rentals, active rentals, closed rentals, etc. What we want to focus on are the closed rentals. These are the ones where leases were signed and a rental rate was agreed on. The problem with only looking at what is active is that it might not actually rent for what is being asked.
Also we keep in mind the time of the year. You can, and should, be more aggressive during the off-season, which is typically October - February.
If your home is listed and you're not getting interest, MAKE A PRICE ADJUSTMENT! Conversely, if you're getting a ton of interest and everyone wants to apply, you may be leaving some money on the table.
If you'd like professional assistance, visit our website and I'll give you a call today.
Call us or visit us today at:
Flat Fee Landlord - DC Metro
2106 Gallows Rd. #G
Vienna, VA 22182