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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

Pricing Your Long Beach Rental
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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By Dustin Edwards December 19, 2024
If you're properties are suffering from lack of heating this winter, these 3 common issues could be the cause.
By Dustin Edwards December 12, 2024
Although Southern California’s winters are typically mild when compared to other parts of the country, tenants still value a warm home during the cooler months. Taking steps to maintain a comfortable living environment shows your tenants that their needs are being prioritized. This is crucial for tenant satisfaction, especially during the holidays. Below are three methods to help keep tenants warm during the winter season. Maintain Heating System It's required for landlords to provide rentals with a working heating system, however, it's not uncommon for these to fall into disrepair either because of lack of maintenance or negligence. Scheduling regular inspections and maintenance before the coldest weather can help to ensure the heating is reliable and efficient. Cleaning air filters, and checking for cold spots, or irregular noises can help prevent small issues from escalating into expensive repairs. Preventative maintenance can help to reduce the chances of inconvenient calls for emergency repairs. Being proactive with your maintenance can also help you protect your investment while earning goodwill from your tenant. Another factor that can affect your heating system is drafts around windows and doors. These drafts can cause your heating system to overwork which makes the system less efficient, and reliable and ultimately reduces the lifespan of your heating system. You can address this by inspecting the seals around doors and windows for gaps or cold spots. Replace worn-out seals and caulking where it's needed. Offer Smart Thermostats Consider providing your tenants with a smart thermostat for energy-efficient heating. This can not only give tenants control over their comfort, but it's also a great tool to reduce energy usage. By providing this upgrade to your tenant, you show a commitment to your tenant’s satisfaction which can in turn result in a long-term tenant. These kinds of devices definitely benefit your tenants, though they can also contribute to the longevity of your rental property as well. Additionally, you can give your tenant a smart thermostat as a holiday gift . This can show your tenant that you’re not simply collecting rent while protecting your investment. Reverse Ceiling Fans The direction in which a ceiling fan rotates is oftentimes overlooked, and it can have a great effect on the temperature of a home. A ceiling fan is typically seen as a way to cool down a home during the hotter seasons without using the air conditioning . Reversing the spin of a ceiling fan can help to circulate warm air more efficiently during the cold season . This is because warm air rises, and a fan rotating clockwise will push the warm air back down helping maintain warm temperatures. Most fans have a switch on the motor and it is easily accessible for most people with a step ladder. This easy adjustment helps reduce the need for your tenant to use the heating system. Tenants will notice a more consistent and comfortable temperature indoors. This should also help reduce costs on their energy bill. Reversing the rotation of the ceiling fans also takes some of the strain off of the heating system. This helps to ensure it operates efficiently for years by reducing the wear and tear on it. Taking proactive steps this winter season to ensure your tenant’s comfort demonstrates a landlord’s commitment to their tenant’s comfort. A comfortable tenant is a satisfied tenant , which can lead to a long-term tenant and steady rental income. Consider it a small investment for long-term success. If you need help keeping your rental warm or managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
By Dustin Edwards December 5, 2024
Discover 3 Gift Ideas for your tenants this holiday season.
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