Table of contents
- Price Rental Property
- Repairs & Maintenance
- Collecting Rent
- Affordable Property Manager
- Go Play Golf
Pricing Rental Property
Many landlords use the 1% rule to determine rental rates, where rent is set at 1% of the home's value. For instance, a home valued at $220,000 would typically rent for $2,200 per month.
Setting the rental price involves considering various factors like the local rental market rates, changes in market conditions, and additional offerings such as furnished options, utilities, and parking. Beyond the property's features, rental prices can also be influenced by the neighborhood and nearby amenities.
.
Repairs & Maintenance
Utilize accounting software or a basic spreadsheet to budget for repairs, maintenance, and utilities.
Allocate approximately 50% of your rental income for repairs, considering that maintenance costs typically amount to around 1% of the property value annually.
Additionally, estimate the expenses for gas, electric, water, sewer, and garbage if they are included in the rent price when your property is leased.
Collecting Rent
After establishing the appropriate rent amount, it is crucial to decide on the most convenient rent collection method, whether online or offline, based on tenant preferences. To cater to a wider range of tenants, offering various rent collection options is recommended.
According to the Housing Trends Reports survey, 58% of renters prefer online rent payment, yet only 36% have access to this method. Consider other rent collection alternatives as well.
Contact Affordable Tech Savvy Property Management
At Lakewood Realty, we offer a full-service management solution that covers all aspects of property management. Our services include property listing, tenant screening, and rent collection, providing a comprehensive approach to managing your property effectively.
We have extensive experience managing a wide range of properties, including commercial and residential units such as condominium communities, single-family homes, in-law suites, duplexes, and commercial buildings. Our services are offered at competitive and affordable prices, ensuring that your property is well taken care of while maximizing your returns
Lisa Marie Grimes
Property Manager
Go Play Golf
Let Lakewood Realty manage your investment property at affordable rates, freeing you to enjoy your favorite activities !
