A question that comes up with owners all the time is: how much can I charge for my Albuquerque rental property? The answer is pretty simple. You can ask anything you want. But the best strategy is to set your rental price at a level that will attract lots of interest and quality applicants in the shortest possible time. This will allow you the luxury of sorting through multiple applications which should yield that superstar caliber tenant.
Remember that rates are set by the market. And the internet makes it very easy for potential tenants to shop you and your competition. The best applicants will quickly eliminate overpriced properties and they’ll go view the properties that are priced right. Don’t make the mistake of being overpriced. Potential tenants are searching online. They are smart consumers who know what is available and where the price should be.
Our experience has shown that aggressive pricing will attract great tenants who stay longer, complain less, lease quickly and take better care of the property. That results in lower advertising, turnover and vacancy costs for you. It’s like having an on-site property manager when you’ve got a great Albuquerque tenant in place. So, the right pricing strategy is a valuable tool you can use to reduce vacancy, keep maintenance costs lower and make your life much easier.
Cost Effective Pricing
Remember that overpriced rental property will cost you money. That little extra you get in rent every month won’t translate into extra income in your pocket. Instead, you’ll find yourself paying for long vacancy times, excessive maintenance calls, and late rent payments. And, this in turn will make managing a property much harder than it has to be.