At Vintage Real Estate, we recognize that there is a lot that goes into having an investment property. When you decide to purchase an investment property or rent out your existing home, knowing where to start is half the battle, including deciding on what you’ll charge in rent.
When you search for a property manager in your area, thousands of results for “the best property manager” show up. When you search for how much you should rent your property for, over 700 million links for “rent calculators” come up in your search. So, to answer your initial question, if you have an investment property, where should you begin the process? If you are in the Tampa area, we suggest starting the process by using the free rental analysis tool on our website. This blog will go into greater detail about how to use the tool and our help to determine exactly how much rent you should charge and the next steps you need to move forward with confidence with your investment property.
How Rental Analysis Works
At the surface level, coming up with a fair number to charge for rent may seem like a simple formula where you put in your property address and the number that you should charge pops up. We wish it was that simple. It’s important to remember that there is more than meets the eye when it comes to a rental analysis. The rental numbers can change depending on the season that we are in. The number that you get during the spring may not be the same number you get in the fall, just a few months later.
The process of conducting a rental analysis is a lengthy and time-consuming process. We highly recommend leaving it up to our market professionals rather than trying to conduct an analysis on your own. During a rental analysis, the market professional does extensive research and an analysis on the specifications of your property, other similar properties, current market trends, and the surrounding areas to come up with the proper rent amount. Because this process can sometimes take months to complete, we do not recommend trying to do an analysis on your own--the information that you come up with may not be accurate.
Why Rental Analysis is Important
Getting a good rental analysis done is probably one of the most critical steps in having an investment property. Your home needs to be priced just right because a home that is priced too high will be difficult to rent out, while a property priced too low will cause you to lose money over time because the rent will remain below the market standards. Anything less would be a disservice to our clients.
At Vintage Real Estate, we understand the ever changing market trends, and we make sure to price the properties that we manage accordingly. We have been in the property management field for 15 years and our experts have cultivated priceless information on the market over the years. We make sure our clients get an accurate analysis so they have peace of mind that they are getting a good return on investment (ROI). After all, one of the most important factors of an investment property is knowing that you made a good investment.
How to Use Our Rental Analysis Tool
There are millions of rent calculators on the internet. However, not all of those tools were created equal. In addition, not all of those tools conduct an actual analysis. Most of them have you plug in a couple numbers and compute the rent amount based on the rental averages in the area without any market research or analysis done. In order to serve our clients better, we created our own rental analysis tool as a resource and made it available on our website. You can access the tool here.
This innovative tool utilizes a combination of current market trends in the Tampa area and current property value to determine the appropriate rent amount for your property. We want to make sure you are getting a good return on investment (ROI) and that requires accurately pricing your Tampa area rental home.
Using the tool is easy. Here are the steps to using it:
Type in the address of your Tampa area investment property.
Click submit. The form will then direct you to put in relevant information about your property. You should have the number of bedrooms, bathrooms, property type, and square feet of your investment property handy.
Lastly, the form will ask for your contact information as well as your mailing address. The rental analysis report will be emailed to you and you will also receive a text, a phone call, and a postcard from us.
Please note that the actual rental value may increase or decrease based on property location, condition and amenities of the property. To receive the most accurate rental analysis, please contact us after you receive your rental report and ask to speak with one of our market experts.
Benefits of Using the Rental Analysis Tool
There are two main benefits to using our rental analysis tool. For starters, one of the benefits is that our tool is 100% free to use! The second main benefit of using our rental analysis tool is having peace of mind knowing that our tool encompasses years of market research and analysis to give you the right pricing for your Tampa bay investment property. When you are using our analysis tool, we want you to know that you and your investment property are in good hands.
Next Steps After Using the Rental Analysis Tool
Once you have received your rental analysis in your email, you will receive a text, a phone call, and a postcard from us. We recommend you speak to one of our market experts at Vintage Real Estate about the analysis you received to ensure you receive the most accurate and current rental analysis. From there, we would be happy to discuss whether or not working with a property management company is the right decision for you! We are here to help you take the stress out of managing an investment property in the Tampa area and hope to get a chance to work with you!