One of the questions landlords most frequently ask us is how to determine rent. Rent is usually based on two things; the size of your property, and the location of your property. The size of your property includes the square footage and the number of bedrooms and bathrooms you have. When it comes to location, tenants will be looking at how central your house is. For example, a house in a good school district will be more in demand, and therefore it will rent for more.
Property Management Northridge: Researching Rents
We always recommend that our property owners do some extensive research on the Internet to decide the right price for their property. Craigslist is one of the most commonly used sites by both owners and tenants. You can find out what homes similar to yours are renting for, and that will help you price your own property.
Property Management Northridge: Marketing
Once you have done research and determined the right price for your home, you will begin actively marketing your home on the Internet. The first two weeks of your marketing period will be the most crucial, and I’ll tell you why. The number of phone calls you receive during this time frame decides your next step. If you get 20-25 calls from Northridge tenants in the first week that your property is listed, that means you have done a good job. But the number of applications you get may not be enough. So, you’ll want to revisit your marketing strategies, do a little more research, and go back to Craigslist. It might be necessary to adjust the price so it’s more competitive. However, if you received 100 calls in the first week, your price is probably right. You will get enough applications and have a good pool of tenants to choose from. In either case, to be able to find the right price and get the right tenant, you have to be responsive.
If you have any questions about pricing your Northridge rental property, or you’d like to hear more about our Northridge property management services, please contact us at Core Alliance Management. We serve the entire San Fernando Valley.