Property Management Blog

One of the most important questions that investors ask when discussing renting out their properties is, "How much rent can I charge?" Here are a few considerations when setting the monthly rent for your property from the pros of property management in Norfolk, VA. Make sure to consider the:

• Location. Where is your property located? How far is the commute to downtown or other business centers? Consider how popular the area is where your property is located. How far is your property from schools, stores, hospitals, restaurants, and entertainment? What is your property's Walk Score?
•  Condition. This is one of the most important factors. How does your property appeal to potential renters? When you show it to potential applicants, your property should be in the best shape possible, as clean as possible, uncluttered, and "rent-ready," meaning it's completely ready for a tenant to move in. In order to maximize your monthly rent amount, make sure to avoid showing a property that still has work to be done. When a property is rent-ready, it can create a sense of urgency in an applicant, who may be eager to move in right away.
• Price. Don't forget to do your research - how much are the other properties in the area renting for? You don't want to be too far off in terms of how much you're charging, or your property will become an outdated listing, which will lead other potential applicants to believe there is something faulty with the property.

If you consider all the components as recommended by the agents of property management in Norfolk, VA, you're bound to get the maximum rent amount possible!