3 Reasons to Take a Tour of Your Rental Competition

By E-Renter Tenant Screening
Posted on May 23, 2011 under Landlord Tips | Be the First to Comment

Landlords have lots to do, with interviewing and screening potential tenants, checking on rental properties, doing accounting tasks and paperwork, and working on their rental units. But it’s good idea to add another habit to your list: checking out the competition. Sure, you can view plenty of photos online, but visiting other rental properties in person will reveal way more detail.

3 Reasons to Check Out Your Rental Competition

1. You can make more money: When you look first hand at other rental properties, you can rank your own accordingly. And, when you know what comparable properties are renting for, you might even discover you need to raise your rent. Are similarly sized properties renting for more or less than yours? What about those in the same area as yours? Do higher-priced rentals offer more or fewer amenities than you?
2. You can see why your vacancies aren’t filling up: Looking at other rentals gives you the chance to see what upgrades other rental properties offer, such as higher-end floor coverings, countertops or light fixtures. How do your units stack up? If you install new fixtures or appliances, will you be able to upgrade your tenants and charge higher rents?
3. You might forgo planned upgrades: Why spend money you don’t have to spend? If you are offering comparable units at competitive rents, then you might not recoup an investment of new carpets, upgrades in fixtures, or new appliances.

If you are a landlord who hasn’t toured competing rental houses, apartment complexes or duplexes lately, you’re missing an opportunity. You don’t have to confess why you’re there—just act like a potential tenant, or say you’re checking it out for a friend, your daughter or your son. Or say nothing. Many apartment complexes are happy to give tours.