Alex Smith - Wednesday, December 12, 2018
Hey everybody. My name is Alex Smith. I’m the team leader for our office here in Chattanooga at gkhouses.
One question that we get asked pretty much right off the bat every time is, “How much can I rent my house for?”
Perfectly good question. So, really, the short answer is it’s, ultimately, it’s up to you.
Kind of the long answer is we have kind of two data points that we use to kind of, you know, get to create an expert opinion and give that to you and then you ultimately get to make the final call.
But that first data point I was talking about is a report called RentRange.
So pretty much what we do to create that is we input the bedrooms, we input the bathrooms, the square footage and then the address of your house.
And basically what RentRange does is it does some runs some comparables for houses that have been on the rental market.
In the past and then it spits out a rent price and a confident score that is pretty much the likelihood of what…of whether or not it thinks you could get the price that it states.
So it’s really comprehensive. It’ll show you the high…it’ll show you the high rent for the area, it’ll show you the low rent, also have the average rent.
It’s also got some trends in the area like is rent going up, is rent going down. And then the second data point which is one thing I really like to do is an in-house visit.
So what the in-house visit is going to tell me, it’s gonna give me some context for the area that the house that it…the area that the house is in.
It also gives me some context for the overall condition of the house.
Sometimes you just can’t really get a good feel for the house just from pictures and from, you know, you guys, the owners describing it to us.
And sometimes, you know, it’s just really good to just kinda lay eyes on the house.
The other thing I really like about house visits is you get to meet me, I get to meet you, we both kinda get to put a face to the name.
So those are our two data points and at that point we kind of, we share our expert opinion with you and then it’s your call.
You know, ultimately for what price you wanna put it out at, we’re happy to do. You know, we’re happy to put it out at whatever price you think is best.
And then, you know, we have a leasing team that is monitoring all of our marketing on a daily and weekly basis and, you know, if they think we need to drop the price, you know, we’ll ask you before we do that.
So that’s pretty much how we determine how much you could get for your rental house. So we’d love to hear from you. If you have any questions, we’d love to get back to you, so just feel free to shoot those over our way. Thanks.