Brittany:
Hi. Brittany and Hunter here again with 10 questions that you should ask a property manager before hiring them. A property manager should be able to compare your property to other proprieties in the area and do a market analysis of all the available listings near your property. They also should be able to factor in the unique aspects of your rental property. Hunter, how do you evaluate how much a property can rent for, for your owners?
Hunter:
Yeah, that's a great question. I guess my first piece of advice would be not to necessarily price the home what your realtor is trying to sell you the property, not necessarily what they think. Certainly not what your coworkers think, what your cousin or your Aunt Betty thinks. I would certainly lean on a professional for determining the correct rental price because it's critical, because you don't want to price it too high where it sits on the market too long, and of course you don't want to leave money on the table either. So you want to make sure you hire a professional when determining the correct rental price.
Hunter:
The other thing, I would be leery of any companies that may be promising you the moon. I have seen, time and time again, prospective owners may go with a different company because the property manager or the salesman promised them the moon. Then many times I get calls back two, three months later, "Hey, let's get this property rented."
Brittany:
Right.
Hunter:
I now understand what you were saying about picking a realistic rental price. We've had them come back to us all the time in that regard. Because I'm a straight shooter, I'm not going to promise you the moon, I'm going to tell you what my professional opinion is and I'm not going to fudge that in order to make a sale.
Hunter:
Also, we have over 25 years of experience in this market. We have managed thousands and thousands of properties over the last decade or so, so we have a really good feel for pricing in the market, but we also have several paid subscription services from third-party vendors that we also rely on that's pulling data from all over the county. We have a lot of resources that we can also rely on as well.
Hunter:
Again, if I can just say again, the most important thing is hire a professional to price the property and don't go with the company that's promising you the highest rental value because you lose out on one month's rent if you price it too high. It's not worth it.
Brittany:
Okay. Thanks, Hunter-
Hunter:
You got it.
Brittany:
... for sharing how to evaluate how much a property can rent for.
