When you’re pricing your Chula Vista rental property, the goal is to earn as much money as possible in monthly rent. However, you also want to avoid long vacancies, which are terribly expensive, and you want to make sure you’re placing a highly qualified tenant.
We recommend that when you’re attaching a rental value, you do so with profitability in mind but also with a willingness to be competitive and flexible. You want to get your property rented quickly to a great tenant. Pricing plays a part in that.
Here’s our step-by-step guide to accurately pricing your Chula Vista rental property.
Step 1: Prepare Your Property for the Chula Vista Rental Property
A clean, attractive, well-maintained home will always rent for more. Make sure your property is one that will get the attention of qualified tenants. Make sure everything works, and have the home professionally cleaned and landscaped. You also want to consider making some cost-effective updates and upgrades. Small things like fresh paint, new flooring, and updated lighting can really improve the rental value of your home and won’t require a huge investment of money or time.
Step 2: Conduct a Comparable Rental Analysis of Your Property
Next, you have to get a good understanding of the local market. You’ll want to know what the price range is in Chula Vista generally, and you’ll also want to know what similar homes are renting for in your neighborhood specifically. Make sure you have access to good data. There are sites like Zillow and Trulia and HotPads that will tell you what properties are listed for, but what you really want to know is what those properties ultimately rented for. A local Chula Vista property management company can help you conduct a thorough and accurate market analysis. Consider using the data and deep market knowledge of experts.
Step 3: Attach a Rental Value to Your Home
Once you know what properties similar to yours are renting for and how long they’ve remained on the market at that price, you can decide how much you want to rent your property for. In addition to the local competition, you want to think about your property’s age, location, and condition. A home that’s close to great schools and commuter routes and recreation will rent for a lot more than a more remote property that isn’t close to anything. Compare your property to the others and price your place accordingly.
Step 4: List the Home and Prepare to be Flexible
When you get a lot of interest in your property, the price is probably in the right range. However, if no one is calling or messaging to ask for more information or schedule a showing, you might be a little too high in your asking price. Remember that interest and pricing can also be seasonal. It’s unlikely that you’ll get a lot of calls right before the holidays when you’re in the middle of the school year and many people aren’t thinking about moving. Prepare to adjust your price if you’re not getting a lot of interest and it looks like your home will be vacant for longer than you want it to be.
We’d be happy to help you price your Chula Vista rental property. Please contact us at Encore Realty, and we’ll tell you more about our process and our leasing services.