ANALYZING THE MARKET
Setting the rent price is a delicate balance, you want to maximize income without losing tenants. A great start is to analyze the current real estate market. This analysis ensures your rent is competitive, fair and reflects your property’s value.
RESEARCH TOOLS: • Online platforms like Zillow and Rentometer • Local real estate listings for a closer look at comparable properties • Economic news sources for trends in the real estate and rental markets A well-researched understanding of the market ensures your rent increase is justified and aligned with current trends, making it easier for tenants to accept and understand the changes. It also gives you great background for discussions with tenants if that becomes necessary.
THE THREE MAIN FACTORS TO CONSIDER ARE:
• Location: The desirability of your property's location can significantly affect rent prices. • Property Type: The features and amenities of your property compared to others in the area. • Economic Trends: Keeping an eye on the regional and broader economic landscape can help you anticipate market shifts.
LEVERAGING PROPERTY MANAGEMENT SOFTWARE
Property management software can streamline the process of managing rent increases and tenant communications. For example, Doorspot’s software provides multiple benefits including:
• Broadcast Notifications: Efficiently inform tenants about rent increases. • Communication Logs: Keep a detailed record of all tenant interactions.
• Financial Tools: Easily update future invoices to reflect the increase. • Flexibility For Tenants: Some of these softwares offer payment options for tenants.
Click here to book a demo and learn how Doorspot can help you handle your rent increases and more.
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