Over the next three weeks, we will review BIG mistakes made by rental property owners... three, in particular. Big mistake number one?
#1 Relying on newspaper classified ads when setting market rent rates.
Prospective tenants have many avenues by which they can compare rents besides the newspaper: Local property managers, Realtors, and Internet listings. Property owners renting their own units need to check these sources in addition to the newspaper.
Real estate agents can discuss current market rents broken down by areas.
In order to assess current market rent rates, owners should also check sites such as craigslist.com, yahoo.com, rentnet.com, as well as local property management websites.
The best thing you can do is to go out and see some other units personally! Be honest with the landlord and ask if you can tag along when he/she is showing their unit to other prospective tenants.
Utilizing these additional sources, you are better informed as to what the market rent for your units should be. Check in next week for #2 on the list of big mistakes made by landlords.
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