Property Management Blog

Determining a Rental Price

Jason Wolf shares how our professional team of property managers at Utah Property Solutions comes up with an accurate rental price range for your property.

How much will my property rent for? This is one of the first things property owners ask us. Answering this question is not simply looking at the condition of your property and giving you figures. We take steps and use tools to determine suggested rent figures for your property.

To begin, there is the MLS or Multiple Listing Service. This is an accurate database where realtors are required to put information on properties they sell or manage. However, we are not required to report rental amounts or histories, and this makes it a little bit challenging to determine how much your property is going to rent for. There are also other things to be considered, e.g. season, the condition of your property and maintenance.

So where can we start? We do a search on major renting sites such as Rentler and Zillow and make a comparison between your property and properties that are already being rented out. This helps us identify a range for your property. The next thing we do is we subscribe to a service called Rentrange. This is where we put the data about your property, and it uses a certain algorithm to determine your "confidence score" and come up with a rental price. Next, we collect all information from these three tools and talk to our client to come up with a rent range.

Determining how much your property will rent for is not an easy task, but at Utah Property Solutions, we make sure we follow all necessary processes professionally to give you accurate information.

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