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Any Property Management recs in Seattle area? :(
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Mentor
I’ll take an average of the all the rental listing in the neighborhood and then adjust slightly based on how I evaluate the quality of my unit vs the other listing.
I have also used the free trail on rentometer to see if I’m in the right ball park for my rent.
Also important to keep in mind if you have good tenants! If you do, I’d def come in a little lower than market value to incentivize them to stay if they’re great renters!
I've tried the bidder approach and it worked. I printed out the comps in the area and outline current drivers in the market: insurance and taxes - 40 - 70%+. Then asked them to do their own research too and make an offer. You will be surprised where they land. If they don't make an offer in good faith, I counter with what I need to make it work for me. Check on YouTube for the bidder approach, but I'll be selective with which resident to apply to though.
What is going to be the justification for raising rent?
Costs are increasing, insurance…property tax. The justification is getting rent closer to market levels in that area, without creating a big jump.
I’m a Mortgage Lender at Town Square Mortgage. Reach out to a Realtor and have them run a Rental Study report for like properties in your area. It will be more accurate than Zillow.