Common sense and a little know how.
Read below to learn successful pricing strategies from our CHBO pros.
Coming up with the best rental rate to charge your renters takes a little science, some know-how and a little luck. Remember your goal is to connect with the right tenant for your property and get the highest annual occupancy to deliver the annual financial success you are looking for. If the property is overpriced your property may not get rented and if you underprice the property you could be missing out on expected profit.
The first step to pricing your property involves consulting a CHBO Property Specialist. Your Property Specialist will help you analyze data from our CHBO “By Owner” Annual Report as well as data from the Corporate Housing Providers’ Association’s annual report. We take those figures and cross reference them with daily feedback from individual property owners who are regularly getting their properties rented.
Your CHBO Property Specialist will also suggest that you do a little research on your own:
- What are other comparable rental properties in your area going for?
- What are area hotels charging?
- What are your minimum lease requirements? Shorter leases may charge premium rates. Check with your HOA because you may not be able to accept shorter (less than one-month) leases.
- What is your property’s real estate sale’s value? Take a look at Zillow to get an idea.
- Is your property conveniently located near commerce or other important locales?
- Are there any special amenities that can be factored into the rate, such as a gym usage or hot tub?
- Is your property furnished (and certified as CHBO Complete™)? Remember, furnished rentals command more than unfurnished.
- Do your photos convey the nature of your property – upscale and clean or homemade and blurry? Remember, being picture perfect can make the difference between attracting quality renters and no renters at all. Read more about getting picture perfect photographs and and get more tips that will inspire you!
Revisit your rental rate every few months and adjust for seasonal or market fluctuations.