Mendell Gosnell, CPMPrincipal Broker, Centurion Real Estate Services · Helping Real Estate Investors Build Generational Wealth Through Smart Property Management | Branch Offices in Salem, Corvallis, Eugene and Redmond.

How Much Will My Property Rent For?

30 May 2015 · 3 min

Watch on YouTube

2:50

In this video, Mendell Gosnell of Centurion Real Estate Management explains how to determine the optimal rent for a rental property. He emphasizes the need for a comprehensive market rental price analysis to set a competitive rate that minimizes vacancy. Gosnell outlines three key reasons for conducting a thorough market analysis: the market’s frequent changes, the importance of listening to market signals rather than arbitrarily setting rent, and maximizing investment return. He then provides three actionable tips: objectively assess the property’s location, amenities, and appeal; use multiple comparable rentals to narrow the price range; and monitor advertising response (call volume, days on market) to adjust rent quickly if needed. The presentation frames pricing as both an art and a science and positions Centurion Real Estate Management as a valuable partner for landlords seeking optimal rental pricing.

Chapters

Hi, my name is Mendell Gosnell with Centurion Real Estate Management, and today I'd like to talk to you about how to price your rental property. What will my property rent for? is one of the questions that we hear often. It's a great question and one that I'll hope to address in this video. We often tell our clients that it's really important to do a comprehensive market rental price analysis in order to determine the best rate for your rental property. And setting the price, the best price in order to rent your property for the best price in the least amount of time, that's the real key there. If it has prolonged vacancy, it really negates trying to capture such a high amount. 3 important reasons for doing a thorough job in analyzing the market to decide on the best price. Point for your rental are: number 1, the market changes often; number 2, you really don't set the rent, but you analyze the market, listen to what the market is telling you, and respond accordingly; and number 3, in order to maximize the return on your investment. As a professional property management company, we can really be invaluable and really earn our commission in this one area alone. Lastly, 3 tips to help you determine the best price are: number 1, 1. Analyze objectively what your rental has to offer in way of location, amenities, overall appeal, and other factors. 2. Look for several comparables that will help you narrow your rental range. 3. Once you begin your advertising, evaluate the call volume, the days on market, and be quick to adjust your rent down if it looks like you're not likely to rent up in a timely fashion. So determining how to price your, your rental is definitely part art and part science. It's one of the things that we do particularly well here at Centurion Real Estate Management. We're very proud of that. We'd be happy to help you. Give us a call today if you have more questions. Again, thanks for watching and happy investing.