I hope your business is off to a strong start in 2022. We are always looking for ways to assist real estate agents in growing their businesses by giving good information that they can share. Leasing Alert can help you by offering a free rental analysis on any property you or your clients are looking to purchase as an investment.
The real value
We have found most agents & landlords alike are going to websites like Zillow and looking at the estimated rent. Let us tell you why that may not be a great idea. Often, the “Zestimate” for a home is inaccurate, and you or your clients can leave money on the table. For example, Leasing Alert listed a one-bedroom 652 square foot condo in Canyon Country for rent in December 2021. The “Zestimate” on this property was $1600 per month, but after doing our market analysis, on this property, we determined we would be able to list this property for $1900.
We did and had the property leased out in three days to a very well-qualified tenant. This is just one example of why basing your price on the “Zestimate” may not be a good way to determine the value of a rental. By the way, the owner of the above example just purchased the property in September 2021. Our client purchased this property, and from day one will be cash flowing $300 above her mortgage amount.
Leasing Alert is constantly doing market analysis on properties under our management. Three months before a lease agreement is due to expire, we will analyze our rentals to ensure we are raising rents to align with the market value of each property. We typically raise rents at a minimum of 5% per year to keep up with the market rents.
In 2021, we increased rents across the board for most rentals to the maximum allowed by law. In California, strict rules limit property managers or landlords on how much they can raise their rents per year. If you fall behind on raising your rents for even one year, you could lose out on that money. Raising your rents annually will maximize your investment and help the bottom line at the end of the year.
Free rental analysis
If you have a client who wants to know how much they can receive from a potential property, send them to Leasing Alert. We will give them a free rental analysis of the property to determine if they are making a good investment. We will never try to take this client from you, as we are not in the business of selling real estate. Leasing Alert is licensed with the Department of Real Estate, but we do not have insurance to sell or list a property.
If you or your clients are holding off on raising rents, whether you feel you have a great tenant that you don’t want to leave or because you are unsure of the property’s fair market value, it will benefit you to speak with Leasing Alert today. Give us a call, and we will be able to assist you or your clients!