Why Rental Pricing Strategies Are So Important

Renting out your home often comes with a mix of emotions and expectations. Managing your expectations as the owner and those of your tenants is a crucial part of the rental process. Here are some tips to help you achieve successful outcomes. Understanding the Rental Market Before renting out your home, do your research. Look at your local rental market. Are there a lot of homes for rent in your city? What about in your neighborhood? Do they sit unoccupied or are they rented out quickly? What is the average rental price for a home that is similar to yours? It’s important to set competitive rental prices while understanding supply and demand. If you work with a reputable property management company that has local expertise, they will know the market well and will properly price your rental. Preparing Your Home for Rent Ensure your home is rent-ready by prioritizing safety. As a landlord, you will be required to keep the premises fit for human habitation . This Washington state law encompasses many safety standards and home repair projects. For example, landlords must make sure that carbon monoxide and smoke detectors are in working order, as well as major electrical and plumbing fixtures and appliances. Now is the time to make any necessary repairs and deep clean your property. Whether you are renting your home furnished or unfurnished, everything should be in good condition. Check out our article for tips on preparing your property for rent . Additionally, you may want to consider some budget-friendly upgrades to enhance your home before you rent it out. It can increase the value of your home and attract more attention. Setting Realistic Financial Expectations While an investment property can be financially beneficial, we highly recommend calculating potential rental income and expenses. It’s important to understand the costs of property management and maintenance. Also, you’ll want to prepare for potential vacancies and financial fluctuations. Consider the legal side of rental properties as well. Every landlord should be familiar with local, state, and federal fair housing laws . For instance, Washington has specific laws about how security deposits are assessed, held, and returned to tenants. Increasing the rent or terminating a lease requires adherence to specific guidelines. Therefore, you’ll want to take time to do your research and consider these legal factors when pricing your home for rent . If the legal side of property management or the time required to effectively manage a rental seems overwhelming, you may want to utilize a property management company. While this does come at a cost, it can be beneficial , saving you time and money by offering professional marketing, preventative maintenance, built-in tenant screening, and property managers who are well-versed in landlord-tenant laws. Check out our local experts here at Windermere Property Management . Communication and Relationship Management After screening potential tenants, conducting credit checks, and calling references, it is essential to foster positive landlord-tenant relationships with your new renters. This begins with clear, open communication. Setting expectations with tenants from the start paves the way for transparency and builds trust. Renting out your home requires both project management and relationship management. This means that you are ready to handle sudden, needed repairs, answer contract questions, and deal with unexpected issues in a prompt and professional manner. Long-Term Planning It’s wise to set long-term goals for your rental property from the start. Renting out your home for a couple of years while you’re living elsewhere comes with one set of expectations and requirements, while renting it out as passive income for the next 10+ years is very different. Additionally, if you plan to sell it within the next few years, you will also have certain objectives to meet regarding upkeep and preserving or increasing its market value. Your local rental market may also change, so creating a plan that is both proactive and flexible is the key. If you have any questions, our property managers are here to assist you.

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Rainy days in the Pacific Northwest aren't for everyone, but there are many ways to make them more enjoyable. And, as we head into spring, keep in mind that this darker rainy season is temporary. Soon, we'll have more daylight hours, and spring flowers will be blooming. Check out these ideas for making rainy days as fun as possible. Stay active Whether it’s joining a local gym, starting an at-home gym practice, or going for a walk despite the rain, staying active is essential for your mental and physical health during the rainy season. Also, nature is the Pacific Northwest’s playground. Many local trails have thick forests that provide shelter from the rain and shield you from the worst of it. Invest in proper clothing and gear Similarly, if being outside and staying active is your preferred activity method, don’t let the weather stop you. Investing in proper clothing, shoes, and gear can make almost any day an outside day. Many local stores, like Wildernest on Bainbridge Island and Flicka in Poulsbo, have waterproof jackets and shoes . Invest in a pair of warm wool socks to keep your feet dry. On really cold days, put a pair of warmers into your gloves or shoes. Talk to a doctor about options If you're new to the Pacific Northwest, consider talking to your doctor about other ways to help your body physically adapt to the winter weather and darkness that is unique to this area. They might recommend daily vitamin D supplements and a sun lamp . Sun lamps mimic natural light and can be effective for those with Seasonal Affective Disorder. Speak to your doctor before making any changes. Try boredom busters for kids Do you have kids who are starting to bounce off the walls or are (conversely) staying glued to their devices? Check out this list of fun boredom busters to break up the long days. Even a quick card or board game can put a spark of controlled energy into the room. There are also many local indoor play spaces to choose from in the area. There are play spaces for toddlers , indoor trampoline parks , laser tag venues , and arcades for teens. Lean into seasonal sports Enjoying a winter sport can mean everything from watching it live to watching it on TV to participating in it. Living so close to the Olympic Mountains and Mount Rainier means various options for skiing, snowboarding, tubing, snowshoeing, and more. In addition, for those looking to watch sports live in the winter, Seattle is home to many professional teams, as well as minor league and college teams. If you prefer to stay off the roads and in the comfort of your own home, invite a couple of friends over to watch a game together. Start a new hobby For many, the rainy days provide a little more time since there’s often less running around. You can use that extra time to pick up a new hobby. Perhaps you’d like to get on the sourdough bread bandwagon, pick up woodworking, or learn how to knit. Maybe you’ve never made a mosaic but want to give it a try. Whatever you choose, these slower days provide the perfect opportunity to give it a whirl. BARN (Bainbridge Artisan Resource Network) hosts a range of workshops in an incredible space. Be sure to check them out. Choose an indoor home project to complete Meanwhile, if you feel stuck at home and don’t feel like picking up a new hobby, then why not tidy up your home a bit? Since this is the time of year when you may find yourself at home more, think about doing something that will make it feel more inviting. Purge old clothes, household items, and toys no longer being used. Pick a room to reorganize or rearrange the furniture. Hang up the pictures that you’ve been meaning to get to, or re-paint your home office. Tackling and completing a home improvement project will create a great sense of accomplishment. Take the time to slow down On the other hand, many take rainy days as an opportunity to embrace a slower lifestyle. That could mean spending the day reading a book or finding a new series to binge-watch without feeling guilty. Perhaps you let yourself enjoy a cup of coffee or tea in the morning for a longer amount of time. Or, since it’s dark outside, go to bed earlier or sleep in on the weekends. Some call it wintering and fully accept the conditions of this season while remaining home. Embrace Scandinavian Hygge Concepts Faced with even worse weather challenges in the winter than those in the Pacific Northwest, many Scandinavian countries still top the world happiness charts. How do they do it? Explore the concept of Danish hygge and find ways to embrace it in your own life. Check out this list of 100 Ideas to Add Hygge Into Your Everyday Life . Candles, warm blankets and a favorite mug for hot drinks are just the tip of the iceberg to creating a life of hygge. Plan a future trip Having something to look forward to can help pass the time during long rainy stretches. Think of an activity or trip that you’d like to do in the future and start planning. It could be an overnight trip or your weeklong summer vacation. It can be a camping trip, a day at the spa, or an upcoming concert. If all else fails, plan next year’s vacation to somewhere warm during this time to escape the cold days. It doesn’t matter where you go, or when you go, or for how long. Simply put something on the calendar you’re looking forward to and start making it happen. We know the rainy season isn't for everyone. Keep in mind that longer, sunnier days are on the horizon. In the meantime, take advantage of some of these ideas to make the next few weeks (and future winters) not just bearable but enjoyable.

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