Just under 40% of Boise residents are looking for a rental property to call home. How can you become the investor with one of the most appealing and successful rental properties in the city?
For starters, you need to know how your property compares to others. A Boise rental valuation is the first step in creating a competitive and lucrative real estate portfolio here in Idaho.
What makes rental valuations so important and what can you learn from them? Read on to find out.
Maximizing ROI
When you're starting to build a real estate portfolio, you likely have high expectations for profitability. However, as a newcomer to Boise real estate, you may not know the best steps to determine just how profitable your rental properties are.
Likewise, if you haven't gotten a rental valuation in a few years or raised your rent, it's possible that you could be charging more. Thanks to inflation, it's likely that you're paying more for things like utilities and maintenance. Undercharging for rent means that you're losing profits.
Staying Competitive
On the other side of the spectrum, rental property owners who don't get a professional rental valuation may be overcharging for rent. At first glance, it may not seem like there's a downside, especially if you can secure a few willing tenants.
The problem is that if you're overcharging for your neighborhood or the quality of your amenities, you'll start to lose competitiveness quickly. It will only take preliminary research for potential tenants to realize they can get a better deal elsewhere.
Determining Best Upgrades
As a rental property owner, you can't expect to pocket all your profits. Oftentimes, reinvesting in your property is the best way to maximize your ROI in the long term.
Rental valuations take into account more than just location and square footage. An experienced property management company will also assess the state of your property and the improvements it needs to attract higher-paying tenants. After your rental valuation is complete, you can build a maintenance and upgrade schedule that better aligns with your goal to increase your ROI.
Assessing Property Management Partnerships
Are you debating hiring property managers? If so, there are many factors you'll want to consider first, from experience to the services they offer.
Requesting a rental valuation is a great way to assess a property manager's approach. If you don't feel that a valuation reflects the true value of your property, you can keep looking until you find a company that sees the potential in your property that led you to invest in it in the first place.
Call Wave for Boise Rental Valuation
How can you become one of the most competitive and successful property investors in Boise? It all starts with professional rental valuation, and Wave Property Management can help.
Wave is one of Boise's only property management companies with in-house real estate experts, accountants, and maintenance technicians. From rental valuations to tenant relations and beyond, we have your back. Contact us to set up your rental valuation today.
