When we talk with Property Owners about our San Antonio Property Management Services, we all know one of the most important questions we can answer is: "How much will my home rent for?"
There are a few things to consider when coming up with the right market price.
1. The Market does not care how much the Mortgage is
Not all homes have mortgages, or some may have overpaid, while others may have put a large downpayment, and some had a zero down payment. While this is an important PART of the Property Owner's math to consider, it is not the right number to use to base the rent on.
2. The Market does not care how much you need to make each month
Renters should never know how much you need to clear each month or what you paid for something. While it may be well-intentioned of someone to show them the costs to justify the charge, it's not how the pros handle it.
3. My Neighbor told me they got $XX for rent
While many neighbors are well-intentioned, they may be less than forthcoming about ALL of the details behind a transaction. There is more than just the rent amount that goes into what someone pays. For example, is the neighbor having the grass cut for them, or including pest control, etc.?
4. Location, Location, Location
We've all heard that location is everything in Real Estate. Well, not exactly... there are three things to consider in this... Price, Location AND Condition.
The Condition should be 'Hotel Ready' and ready for tenants to move right in without having to clean or fix anything. Anything less than this, and the property is not ready, and it will affect the Price.
The Location should be 'decent'. This is to say it should a regular neighborhood for the area, not backing up against a major street or railroad tracks, etc. It doesn't have to have a Million Dollar View, it just needs to not be surrounded by huge detractors.
The Price should be appropriate for the area AND the condition of the home.
5. Determining the Market Price
As a Professional Member of the San Antonio Board of REALTORS (SABOR), we have access to the actual list prices, and the final rented prices for homes in most areas of the San Antonio Single Family Rental Market.
These are known as 'Comps' in the business, or 'Comparables', and should be roughly similar to your home, and within a reasonable distance to your rental property.
We'll use these prices to help us determine what your expected rent range should be. With this information, TOGETHER, we will set your target rental price.
Normally, when we put a property in the market, we want to stay within bounds of what others have already paid, and maybe adjusting slightly for market increases and/or property condition and features.
Get a Quote - If you would like to 'Get A Quote' for the potential Market Price for your San Antonio Rental Home, visit our Quote Page, and enter the information in the Address Box
We hope this helps, and if you need help with your San Antonio Rental Property Management, just Contact Us. We are happy to talk to you if you are considering making your home into a rental or just have a few DIY Questions.
If you're PCS'ing, we have the resources to help you get your property clean and ready so that you can focus on your upcoming move. We are a Veteran Owned Company, Offer Military and Veteran Discounts and as always, are happy to help!