Basics of Property Management: Screening Potential Tenants
Price Your Home A Little Higher If It Has These Features
Jesse Obrien
One of the most important parts about listing your home for sale is determining exactly how much its listing price will be. To come up with this number, your real estate agent will conduct a thorough market analysis. This process will reveal what other homes in your neighborhood have sold for, as well as the sale price of homes with comparable features outside your neighborhood. In some cases, you'll want to price your home based on this analysis — but in other cases, you'll want to discuss some features related to your home that could allow you to price the home a little higher and still sell it quickly. Here are some features that can add to the price of your home.
Solar Panels
It's a significant investment to put solar panels on your roof or on your property, but this is an investment that will pay off financially through a reduction in your utilities bills. Given that the average house doesn't have solar panels, you should always consider pricing a home with this feature a little higher than other similar-sized homes in the neighborhood. It's reasonable to expect that you'll get the higher price, too, given that many people favor the idea of reducing their utilities bills through solar energy.
Corner Lot
If your house is positioned on a corner lot, its acreage is often larger than the lots around it. Even if your home is the same size as the others throughout the neighborhood, you shouldn't shy away from pricing your home a little higher if you're situated on a corner lot. Many buyers find this feature to be highly desirable; there's more yard for children to play in and the neighbors' homes are often a little farther away, providing a higher degree of privacy.
Swimming Pool
Unless every residence in your neighborhood has a swimming pool, you should carefully consider how you and your real estate agent will price your home. A home with a swimming pool should typically be priced higher than those around it that do not have this feature. People who dream of summer pool parties and relief from sweltering days will accept a higher listing price on your home. Your agent can help you to determine exactly how much this feature is worth. An in-ground pool should allow you to raise the price over a home with an above-ground pool, while pool features such as a pool house or other similar structure can also add value.
For more information, contact a company like Results1Realty.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.