The problem:

What is the right rental for your unit? What if you’ve been out of the market for quite some time and now you need to have a quick idea of ​​the correct rental rate? One that is not so low that it rents in a minute and you are stuck with a below market income for years to come. And one that’s not so tall that you’ll waste precious time receiving nothing for months before learning the lesson.

If you are like most of us, you should dial that number to cover expenses as soon as possible. Well … here are some ideas and tips to help you get through it.

Get to the right number

Research is the way. You have to catch up on the market. When you buy a home, there is a wealth of information on pricing. It has brokers and the MLS and now all these web 2.0 search engines with loads of cute new toys and more detailed information than ever before. The same is beginning to happen for rentals as well.

The market:

Comparable:

1. Compare units similar to yours by calling the advertised units. Ask them like you’re a stakeholder and ask about square footage and amenities. Hear his speech about transportation and other good neighborhood features. Write it.

2. Talk to property managers and leasing agents. Check their sites for similar properties and use it as your comparables for high and low rent range.

3. Check out the new websites for ads like shark property or trulia. They can be of great help.

4. Check the local newspaper and especially the rentals in the free newspapers in the neighborhood.

Staging:

Stop by those buildings that sound similar to yours and see what they look like. Check:

For. Landscaping: good grass, pruned bushes and nice plants. People will feel good about an uplifting property. If your competition is doing this, consider how you can improve the appearance of your property.

B. If you have a backyard, consider some gardens with native plants. They will be low maintenance and use less water.

Mod cons:

1. Digital Services: Having cable or DSL and other digital options is high on people’s list, especially on the shores and in exclusive areas. Many high-rent properties are even installing iPod docks.

2. Upgrades that really add to the price: hardwood floors, new paint, granite countertops and stainless steel appliances, tile floors in kitchen and bathroom.

3. Parking is a plus and in high demand.

4. Consider installing a coin-operated washer dryer. People need time savers and it can be a small income generator.

5. Even consider approaching a local business to create a business network that can offer, for example, discounted dry cleaning services to tenants. Local restaurants may be open for take out and / or discounts in your building.

The highest possible returns on your investment will come from the intensification of services.