Determining the rent of your apartment. Get it right in the 1st time!

One of the most baffling situations any apartment owner gets caught to is the rental price of their apartment.
How do you figure out what a good rate is? What are pros and cons? Am you asking too much or too little?

Many a time, I have noticed that apartment owners are either asking for sky high rates or do not have an idea on how much to ask as the rent for their apartment. On a few occasions, I have come across a bunch of owners who are happy to give it out for a nominal rent purely because they want someone reliable to look after their place. The motive of such owners is not to make money or profits but to ensure that the house is maintained well and that the people living in it are honourable and dignified.

So what is the best way to set about pricing your place?

One of the first things you must do is to inspect your own apartment very carefully and fix all the flaws. This is only if the apartment is used and requires your attention.

There is always a range in which apartments could be rented out especially if they are in complexes and this range should be identified, if you are not living there or do not know how to do this, get hold of another owner in the same complex or simply get hold of an experienced realtor who might be able to shed some light on the numbers.

Once you know the minimum and maximum ranges, you should wisely arrive at what you think is a reasonable figure (preferable somewhere in the middle) and be flexible when it comes to negotiating with clients. Any sane person, once a few lines are exchanged with the potential tenant, understands the calibre of the client and is in a good position to gauge whether the client is worthy of the apartment or not.

This is the simplest way to approach this whole scenario. Do not go by the fancy numbers told to you by various people. There is always the market price and then there is your price which has to somewhere around the market price.