| How do you fix a price point for an apartment? | | | | charging - for similar rentals. Then, advertise |
| Take a guess? Figure it based on your carrying | | | | yours to undersell the competition. |
| costs? Check comps and do a market analysis? | | | | Why undersell? It's a basic rule of economics that |
| Charge whatever the market will bear? If you're | | | | price is a great way to compete. If you offer a |
| looking to place quality tenants, less is sometimes | | | | good product for slightly lower, you'll get a lot of |
| more. | | | | calls, which means you'll be able to screen more |
| We all want to make money with income | | | | applicants and get the best possible tenant into |
| property; the more the better! When you're | | | | the unit. Once you have a quality tenant that likes |
| looking for a new tenant, however, don't assume | | | | the place, you're golden - you can make increases |
| that you're going to make more money by | | | | annually that put your unit in line with others. |
| charging more. If your property is priced high for | | | | Tenants who don't have slumlords for landlords |
| what you're offering, you won't get a lot of calls, | | | | won't go to the trouble of searching for a |
| and the ones you do get will be either uneducated | | | | cheaper place because of the costs associated |
| about your local rental market, desperate, | | | | with moving. Your first-year discount got the best |
| unscrupulous, or a combination of any of these. | | | | tenant in the door, and providing quality housing |
| What to do? Perform your due diligence: check | | | | will keep them there. |
| the advertisements for similar apartments, make | | | | In conclusion, don't let your greed cloud your |
| appointments to look at them, talk to real estate | | | | judgment when you're trying to find the right |
| agents and others in the business, and get a clear | | | | tenant. |
| idea of how much others are getting - not just | | | | |