Determining a fair market value for your rental property is both an art and a science. Using one’s experience to subjectively price a property is a good start. Backing it up with an objective market analysis is even better. On the other hand, basing a rental price on one’s financial needs instead of the market can lead to a mispriced property.
Often above market rates will lead to longer vacancy periods, lost rental income, high risk tenants, and eventually settling with a lease at the prevailing market rate. Pricing below market, while it may move the property quicker, essentially hides your property from qualified prospects seeking a comparable market-priced property. The key to success is taking a balanced approach to pricing rental properties.
At Lindsay Leasing, we use our extensive experience and market-based values to establish an initial asking price. In addition, we are sensitive to feedback and days on market so we can recommend “real-time” property and/or price adjustments. This assures a prompt lease at a fair market rate with a qualified tenant. On average, our listings are leased within 14 days–making us one of Sarasota’s leading rental agencies.
The challenge to efficiently find the right tenant at the right price is a tall order. It begins with a comprehensive marketing strategy that provides maximum market exposure and ends with a successfully closed lease transaction. With so many rental properties on the market, many owners ask “How do you make my property stand out from the crowd?”
It’s not uncommon to find many rentals being advertised ineffectively. Poor photography, inadequate property descriptions, and minimal internet syndication all affect advertising efficacy.
You can stop worrying about the marketing details when you list your investment rental property with Sarasota’s leading property management company. Lindsay Leasing will shoot quality photography, write eye-catching copy, and produce a 360° panorama tour¹ to professionally market your rental property. Furthermore, we expose your property to our ready-to-rent base of prospective tenants and advertise on popular real estate websites like Zillow, HotPads, Realtor.com, FlipKey, MLS, and many more. We personally manage all inquiries, answer questions, qualify prospects, and perform showings.
Once we have an accepted offer and approved tenant we start preparing the lease. The lease will contain the terms and conditions you and the tenant are agreeing upon. It will contain the basics like rental term, rental rate, security deposits, pets, due date and what’s included in the rent. In addition, it will have language around fixtures and alterations, use of premises, smoking, utilities, vehicles, maintenance and inspections, vacating, right of entry, disputes, and other legal matters.
While it may be tempting to use a DIY lease, many legal problems can arise where you’ll regret not having an attorney-prepared lease. If an eviction or a dispute needs to be settled in court, having a strong lease protects your interests. Hopefully, that never happens, but if it does, it is our responsibility to make sure you’re protected.
A attorney-prepared lease is the single most important document in protecting your investment and ensuring you have a contract that reflects current laws and regulations. In addition, the full legal resources of the law firm who prepared the lease are available–just in case. This reason, along with many others, is why Lindsay Leasing has never had an eviction or been to court regarding a dispute.
The purpose of a property inspection is to document the property’s condition noting any defects, as well as recommending further inspections by appropriate trades. As a residential property manager, we perform inspections before listing a property to uncover any deficiencies or minor improvements that may increase rent yield. While we do not always find every deficiency, often what we do uncover is quicker and less costly to correct prior to occupancy.
Property damage is not only expensive, but also stressful. Often times a tenant can argue the damage was not their fault…maybe it was preexisting or ordinary wear and tear. Determining who’s responsible and more importantly, who is to pay, isn’t always clear.
This is why Lindsay Leasing always performs a full property inspection before a tenant moves in, at renewal, and at move-out. This process documents the property’s current condition, including any preexisting damage relative to renewal or move-out conditions. Spot inspections during a tenant’s occupancy help identify routine maintenance needs and potential repairs.