104. How to Keep Your Investment Property at Market Rent

If you plan on selling in the next one to five years you need to be thinking about this because you may be leaving money on the table. The only way to MAXIMIZE the value of your investment property over time is to raise the rent. Today we cover:  The most important variables you need to consider.  How to determine market rent.  And the different lenses buyers and sellers must look through. Here are some quick pro-tips from the episode: Pro-tip #1: Use the 1% rule of thumb: In general properties rent at 1% of their value per month. Example: $80,000 House = $800 Rent Pro-tip #2: Don't sign a 24-month lease right now. It might cost you if market rents continue to rise. Pro-tip #3: If you up the rent and your tenant says "Nope!" Ask them to call around. They will discover you are at market rent. Pro-tip #4: When determining market rent, ask your leasing agent or your property management company. They're going to tell you. It's what they do all day every day! But be sure to ask them what comparable properties they are managing. Have any questions? Shoot me an email: [email protected] Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N. Griffin, Jr., Atty Griffin, Clift, Everton & Maschmeyer PLLC.