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Rental analytics & Determination

The three primary factors effecting the rental market for property managers in Tampa Bay are property condition, property price and property marketing. (Location effects properties at the individual level but since location can be fully compensated for by price, we will not consider it in isolation)

Condition: A property needs only to be in demographically-appropriate condition to rent, but it cannot be in disrepair. Do not mistake low-income for a willingness to accept a property that's not in livable condition. All tenants want a clean home, all tenants want working cabinets and fixtures, all tenants want air conditioning and heating the works. Don't expect to get away with providing any of these things just because you have a low income property. The quality of materials can be lower, but the quality of workmanship cannot!

Price: The good thing about residential properties (as opposed to commercial) is that there is always a renter for a property - if the price is right. No property in livable condition and with appropriate marketing should go un-rented for more than 30-days. If it does, the price is wrong. Adjust the price until your prospect pool is deep enough to get the home rented within one month. Any longer and you may need a new manager!

Marketing: The right marketing for the right priced home that does in the right condition will attract... you've guessed it, the right tenant! You'll likely need 5 showings to rent your property. So if you don't have enough callers to generate 5 showings, you'll need to ratchet up your marketing!

All of this is important groundwork to set. Because if marketing and condition are right, then the major factor that will influenced the speed of occupancy is your asking price. Asking price isn't a science - you can't predict rents to the penny. But comparable rents have a major influence on what you'll be able to rent your home for.

That's why we've created RentEstimator.com - a tool that allows you to estimate rent rates based on recent comparable rent rates in your zip code. RentEstimator is the single best tool available to help you determine what your home might rent for. Use it! Then give our agents a call. We'll help you determine if the rental estimate is accurate or whether or not special conditions apply that might effect your asking price.

Want to learn more? Call a Home Encounter property manager today!

  

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