The Best Rental Price
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* Annual escalation warrants a special mention when you calculate the best rental price. Important: if you address escalation in the initial agreement, it will not be an issue later. Annual small increases are acceptable, but why don't you consider escalation twice annually as opposed to once. For example: a 5% escalation twice a year as opposed to a 10% escalation once a year. This will appear a small amount to the prospective tenant but will in fact gross you more rental over a year. If you do not implement annual escalation, the value of your property will be affected. Let me explain. If you want to sell your property and the best rental price or income that it generates is not on a par with other similar units on the market, the new owner will be faced with a big rental increase and definite tenant rebellion. So it is important to stay market related with your rentals. |
* You can also consider a rental pool. You and other property owners in the same apartment block or development can form a rental pool, or it may be a service offered by your Property Management company. Each owner has a percentage share (based on the best rental price of his property). Prospective tenants can pick and choose amongst the vacancies without the landlords undercutting one another and the total rent collected is paid out according to the shares.
Finally - the best rental price is the one that is paid regularly, on the due date and without any hassles - the ideal situation when you Become a Landlord
To find the perfect tenant you can use this Free Rental Application Form and Tenant Screening Tips before you sign your Free Property Rental Agreement
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