There are over ten million landlords with rental properties in the U.S., which shows how important getting a valuation is.
Receiving a professional valuation is essential for setting the monthly rent and ensuring you're turning a decent profit. But if this is your first rodeo, you may not know where to start.
If that's why you're here, you've come to the right place. Here are three things to know about getting a rental valuation.
1. Research the Current Market
Before you get a rental valuation in Savannah, research the current market.
It's important to know if there's a demand for rental properties and if the short- or long-term is more lucrative. You should also consider the area as that will determine the rental valuation. For instance, if the property is in a good school district, you can charge more.
To get started, compare similar properties in the neighborhood. This gives you an idea of what you can charge and how you can generate a buzz online with the property listing. If you're overwhelmed, contact Savannah property managers and they'll get you started.
2. Conduct a Risk Analysis
Conducting risk analysis is a crucial part of real estate in Savannah. Although the industry changes quickly, you want to be prepared and know where you stand. This should include local employment rates, property taxes, and the type of applicants you'll attract.
Rate each one from one to five, which is the highest level of risk. If the property ranks highly in each category, you may lose more money from the investment than you gain.
3. Location Is Everything
The final rental valuation will rely on the property's location. People want to live near where they work and play, which means they're more willing to pay more.
To figure out how much to charge, decide who you're targeting. For instance, if your property is perfect for a young professional, note that the property is conveniently located and has transport links. This should then be reflected in the price.
But remember, the final valuation price isn't binding. Instead, it's a tool that determines the price you can start with. Once you have a basic price, you can set it higher or lower to attract tenants, depending on the current market.
Once you're happy with the rental valuation, search for property management companies in Savannah. The beauty of hiring a property management company is that they understand the industry inside out and know how to attract tenants.
As a result, you can focus on other areas of your business while professionals protect your investment, giving you peace of mind.
Our Top Rental Valuation Tips
Now you know what to expect from a rental valuation, it's time to get started.
At Savannah Property Management, we are determined to keep both our clients and their tenants happy. With 30 years of experience in the industry, we will protect your investment and ensure you make more money.
Ready to hire a property management company? If yes, then contact us today to chat with a member of our team.