When it comes to owning rental property in Memphis, there are a few things that professional property managers wish property owners knew about the overall leasing process. We interviewed a few of our Memphis property managers to come up with the top THREE pieces of advice for those looking to lease their rental property with a property management company.
The Price is Right
When it comes to determining the price of your rental property, it should be weighted carefully against similar rental homes in the market. Size, amenities, the age of home, and cosmetic condition are all things that will influence the price. Finding the right price for your rental home is a crucial part of the leasing process, as approximately 80% of potential tenants come to see the home within the first three weeks it is on the market. If the home is overpriced, that could lead to longer vacancy periods, which negatively affects your cash flow.
At Real Property Management Investor’s Choice, our property managers utilize the most thorough and efficient systems in place to get your rental property leased. Our experienced managers are highly trained and lead the industry in leasing properties quickly.
Pets or No Pets?
By not allowing pets at your rental property, you are reducing your potential tenant pool, reducing the time they will stay in your home, and may be increasing your vacancy days.
Studies have shown that rental property owners who allow pets in their properties take in a larger monthly rent rate, pet owners are willing to pay. It has also been found that pets typically don’t cause any more damage than human residents, and in the event that they do-the “pet rent” charged is more than enough to cover the costs for repair.
Our Real Property Management Investor’s Choice property managers encourage all rental property owners to allow pets on their properties to increase their pool of potential tenants, reduce vacancy days, and increase their rental income.
Many property owners don’t truly understand the importance of properly screening tenant applications. Our Memphis property management team relies on complete background, credit, criminal, and employment checks, as well as references from past landlords. By performing this verifications, we are able to find reliable tenants that are more likely to care for your property.
Placing tenants that have had their applications properly screened protects you, your investment, and the neighborhood in which it lies.
Whether you are a new rental property owner or a seasoned veteran, Real Property Management Investor’s Choice can help you achieve your investment goals by ensuring that the leasing process goes smoothly and quickly. Contact us today to see how we can help you! www.rpminvestorschoice.com