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How to Determine the Perfect Rent Price for Your Rental Property
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Podcast Episode Title:
" How to Determine the Perfect Rent Price for Your Rental Property"
Summary:
Setting the right rent price is a balancing act. Price it too low, and you lose money. Price it too high, and your property sits vacant. In this episode, we break down the strategies and calculations to help you strike the perfect balance, ensuring profitability and attracting quality tenants.
Timestamps:
[00:00:00] Introduction: Overview of the importance of determining the correct rent price.
[00:05:00] Common Lease Violations: The risks of underpricing or overpricing and their financial implications.
[00:10:30] Effective Communication: How to research comparable properties, assess vacancy rates, and adjust for amenities.
[00:12:45] Legal and Escalation Steps: How the time of year impacts rental demand and pricing strategies.
[00:16:00] Key Takeaways: Finding the perfect rent price ensures profitability, tenant satisfaction, and market competitiveness.
About Garret Wong
Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.
Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.
Connect with Garret:
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Contact:
For feedback or questions, reach us at https://garretwong.com/contact/
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