During challenging financial moments, it can be tempting to try to do everything yourself—it may feel as if you are the only person you can count on. However, despite this being a natural impulse, challenging circumstances are often an excellent time to find partners and collaborators! In particular, many landlords find that experienced Leesburg property management can help them allocate their time well during a crisis or difficult moment.
From the desk of Gunn property management, Leesburg, FL:
If you've been looking at your rental property and wondering if you're charging the right rent, you've probably been thinking about all the factors that determine value. How do you know how much you can charge? It's important that you focus on the rent you can actually get, as opposed to the rent you want: the best way to do that is to perform a rental analysis.
Raising the rent is an issue may landlords struggle with, especially during times like these when you're wondering what your community can weather because of the COVID-19 pandemic. However, when the expenses of operating your property rise, your rates need to rise with it. The key is to avoid raising the rent beyond your renters' price range: increasing rates too sharply around a lease renewal is often a quick ticket to leaving you with vacancies to fill.
Deciding how much to charge for your rental property is no easy task. So many factors come into play when it comes to setting the rent, and as an expert in property management (Leesburg, FL area), we have seen all kinds of worst-case scenarios play out. Many landlords right now are also concerned about the impact that COVID-19 will have on the ability of their tenants to pay rent—so the idea of potentially lowering the rent on your property might seem frightening when you have a mortgage to pay.
If you own a house that you don't intend to live in, you're no doubt weighing your options on how to address this property windfall. Our Leesburg property management services are here to help you make the right call—and make the process as easy as possible.
- Are you the proud owner of a starter home your family has outgrown?
- Do you own a giant house that feels empty now that the kids have moved out?
- Were you gifted your parents' house as part of an inheritance?
- Are you being forced to rethink your location due to a career change?
In the ever-changing real estate rental market—and especially now during the COVID-19 pandemic—a challenge many landlords face is adjusting their marketing plans to attract millennial renters.
While millennials are currently the largest body of renters in the market, their methods of finding a property differ from previous generations dramatically. They have paved the way for a complete overhaul of traditional tenant expectations for how the rental experience should be. In some ways, during this time of social distancing as the new norm, this is a silver lining.