How to Accurately Price Your Long Beach Rental to Rent Quickly in Any Market
Dustin Edwards • May 22, 2020
Right Price Gets the Right Tenant and Best Yield
A rental property that is priced too high sits without a tenant and costs you money. A rental property priced too low doesn’t allow you to get the best yield on your property. A rental property priced just right gets you a great set of tenants to select from and maximizes your return on investment. We invite you to find out how to price your Long Beach rental for maximum return in any market.
Comparing Your Rental to the Competition
The first aspect that we evaluate when we are looking to price a rental on the market are the comparable properties that have rented. For this element of the evaluation it is important to evaluate the core aspects about the subject property such as the number of bedrooms, number of bathrooms and the size of the property against the other properties that have recently been rented. Using these baseline metrics one can get an idea of what your property could yield in rent.
Comparable rent data is one of the most difficult portions of the equation to acquire when you manage one rental. We have the advantage of managing over 800+ properties on any given month and utilize specific industry software to help us compare other rentals in the subject property neighborhood.
Availability of Rentals in the Neighborhood
Just as in any market the aspect of supply of available rentals will have an impact on the monthly rent. When renters have a number of options available to them they can easily go to the competition vs. your rental which can put downward pressure on the monthly rent you could achieve. Likewise when there are a limited number of rentals for lease available in a neighborhood (think Belmont Heights or Park Estates) then you could see the ability to get a stronger yield on the monthly rental amount.
Condition of Your Long Beach Rental
One of the reasons we meet with every property owner at the residence for a walk-through, even before we work with them, is to help us gauge the condition of the property. In our experience the stories you hear of owners stating “it’s just a rental” when it comes to how a property is treated is not how we like to prepare homes for rent.
When we walk a property most often we see that properties suffer from paint that has lost its luster and flooring that has been well used over the years. Re-painting, even if it’s touch-up, and cleaning the floors can make a big impact to the rental price. Take time to evaluate your property after each tenant
looking at anything from electrical sockets to dripping faucets to ensure that everything is in great shape.
Being able to attract a tenant who will pay your desired rental price and for rent for years to come means preparing the property so the condition is truly move-in ready. This doesn’t mean you have to have sparkling granite and stainless appliances (although these features and property upgrades
would allow you to get an even higher rental amount), it simply means that the property needs to allow a tenant to open up the doors and start enjoying the home.
Unexpected Property Features that Could Increase Rent
Unexpected features are items that aren’t common to properties within a specific neighborhood but ones that can attract a select group of tenants. For example, consider a dog run. A dog run is a great feature for those that have a dog and, if you allow pets in your rental, a nice enhancement to a property. Another unexpected feature is a storage shed. Many tenants have come from other states and have additional items in a local storage facility. If your property has a smaller shed this could enable a tenant to forgo their 3rd party storage and allow you to charge a small premium on your rental. With the uniqueness of properties in Long Beach there are far too many unexpected features to mention, but taking the time to understand what renters want will help you to price your rental with the added features.
Pricing your rental property in Long Beach will come down to many factors and even dictates the volume of prospective tenants that you can receive. When you want help pricing your rental, in any market, we invite you to call us today at (562) 888-0247. Or if you prefer a complete evaluation of your property we invite you to fill out our Free Rental Analysis.
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Your property’s roof is its first line of defense from the sun, rain, and wind. Which means it will eventually wear out. Many landlords overlook this since a roof is generally designed to last twenty or so years, and they simply forget until the signs begin to show. Below, we’ve compiled a short list of five signs it’s time to replace your roof for when doing property inspections. Tenant Complaints When your roof has become damaged, your tenants will likely be the first to notice. When tenants report water stains on the walls and ceilings, it's a sign that you should inspect your roof. In severe cases, your tenant may notice water dripping from roof leaks. This moisture, if left unchecked, can lead to the growth of mold and mildew, which can be a health concern for your tenants. Some tenants simply move out, assuming the odors or recurring respiratory issues are caused by the rental and not just the roof. This leaves you with a vacancy to manage, and if you’re unable to find the leak during this period, the following tenant may have a negative experience as well. Many landlords have found it beneficial to have property inspections regularly in order to preserve both the property’s value and the tenant’s trust. Roof’s Age Even with the highest quality materials, a roof still has a shelf life. Most roofs in Long Beach, CA, use asphalt shingles, and these generally last around twenty to twenty-five years. Once they've passed this threshold, the faults begin to show themselves. A sagging roof line is a sign that your roof is due to be replaced, as it's a serious concern. It often indicates that moisture has entered the underlying decking and caused some structural damage. From ground level, you may not be able to notice these problems. However, during an inspection of the property, an experienced inspector should be able to notice soft spots or contours on the roof. These forms of damage often get worse over time. Coordinating these inspections and preventative maintenance can be difficult for landlords with an extensive portfolio, which is why many enlist help. Shingle Damage Damaged shingles are one of the most obvious signs that your roof is deteriorating. If you ever notice cracking, curling, or patches with missing shingles, the roof is no longer providing adequate protection to your property. Although you can buy time with spot repairs, if the entire roof shows signs of damage, it’s likely time to replace the roof. Aside from protecting your property, the roof affects your property’s curb appeal. A patchy and worn-out roof can drive down the rental appeal. Prospective tenants will easily be able to spot the differences between pictures taken in the listing when compared to the property in person. This can not only hurt your chances of filling a vacancy, but it can also hurt your reputation as a landlord. Granules in Gutters After heavy rainfall, it's a good idea to inspect your rain gutters. If you or your property manager notice large amounts of black or gray granules, it means your roof shingles are breaking down. These granules are critical for shedding water off the roof. Once the granules fall off the shingle, the shingle begins to degrade faster under the sun and elements. If you’re not sure how old your roof may be, Loss of granules can be a strong indicator that your roof is nearing the end of its lifespan. Regular gutter cleaning and roof inspections can help catch these problems early before they become expensive repairs . Increase in Utility Bills Your tenants complaining about their utility bills increasing or poor temperature control in the rental may not realize the roof is to blame. A failing roof can result in subpar insulation and ventilation. This can lead to higher heating and cooling bills for your tenant. This can be frustrating for your tenants while putting more strain on the HVAC system. This puts more wear and tear on your HVAC system. Being aware of the warning signs and being proactive can protect your rental property, maintain tenant satisfaction , and avoid emergency repairs. If you need help inspecting your roof or you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
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