Giving advice is an art. You must present your opinion in a well-reasoned way, based on facts and data. It can’t come from a lack of expertise, it must be drilled down. Many of your clients will come to you for advice, and it is your job to guide them. Many soon to be clients might come to you for advice, seeking a different opinion than one they’ve received. Here is how we approach giving out well intentioned, well-reasoned Littleton property management advice.
First you take all the variables into account. If someone is asking for a rent range on a unit in Littleton for example, then your number must factor in every subjective and objective data point. Subjective items include walkability, views or lack of views, position to neighbors, proximity to parks etc. Objective data includes your comparable units and what they have been priced for. A history of the price is nice to have as well. Local expertise should be tapped into right away. If you have been managing units in the same neighborhood for some time, you can make a judgement call on a unit just by looking at it. That’s where you can start your range, and then narrow down where the rent is more likely to fall. There are tons of adjustments to make from your initial number. You must include identifiable trends into your assessment. If you can tell that the area is flooded with units or an available, unit nearby is quite similar in size and condition, these can affect your result.
You will want to describe this process to the person who takes your advice. If you can not only explain your line of thinking but rationalize what you’ve presented than your clients will respect that.
This comes with the obvious caveat that no one is perfect, and the numbers may not be right in the center of the bullseye. But there are many ways to correct for that and get to the exact price quickly. If you would like a rental assessment of your unit for possible Littleton property management, please reach out to one of our agents today.
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