Property Management Blog

Which is Better for Phoenix Property Owners – Getting the Highest Rent or the Most Income?

David Swaim - Tuesday, September 18, 2018

All owners want to earn the highest rent possible. However, the highest rent doesn’t necessarily equate to the most income per year. Many owners will come to us with a certain figure in mind that reflects what they think their house is worth. Maybe someone down the street rented their home for a certain amount, and the owner we’re working with thinks their property is nicer. They might deserve more, but we lose money when the property is vacant for too long. If you have a home and you want to rent it for $1,550 when it should rent for $1,500, it might take you a month to rent it out. Now, you’ve lost $1,500 trying to earn $50.

Prepare Your Income Property for the Market

Price the property right to begin with. Then, make sure the property is in its best possible shape. It doesn’t have to be completely renovated. But, make it clean. By clean, we mean hotel-clean, not bachelor-clean. The number one complaint we hear from prospective tenants is the lack of cleanliness in properties. You should have the level of cleanliness you expect in a hotel.

Marketing and Advertising

Today is an age of online marketing, even when it comes to your property. You must have great pictures. If you cannot grab the attention of prospective tenants with a great picture, you probably won’t get them to look at your property. It’s also a good idea to have a video. A two to three minute marketing video is a great asset. People will know what to expect, and potential tenants will want to see the home.

Phoenix Property Management: Showings

Accessibility is also important. Don’t make it difficult for tenants to see the property. If they call and don’t get an answer, or it’s impossible to schedule a time to see the home, tenants will be turned off. They are looking for immediate gratification. It’s important to have someone answering the phone and any questions. All of these things get you the most income per year, which is better than earning the most per month. If you have any questions about income or anything pertaining to Phoenix property management, please contact us at Service Star Realty.