Have you thought about what you want your monthly rental fee for your home? Is it compatible with the current rental market in your area?
Are you clear about what type of prospective tenants you would like to see residing within your home? Will you allow pets?
Do you know what you want to achieve by renting your home? Would you rather ride the market until it comes back or supplement your income long-term?
The first thing to look at when embarking on any rental venture is to set rental goals. Having a vision of what you want to achieve by renting your home is an important barometer that can confirm whether you are actually succeeding.
To accomplish your rental goals, however, you should first understand how to properly set them in a manner that defines your success. Contrary to popular belief, you can’t just say “I want this to happen,” and “expect it to happen” without a lot of hard work.
Here’s something to think about: As of 2014, according to Homes.Com, there are 12,630 available rental listing in California. Therefore, in order to achieve success, making goals – realistic goals – has never been more important than it currently is now.
Here are our three golden rules for goal setting:
1. Make Sure to Be S.M.A.R.T
Making sure your rental goals fit within the S.M.A.R.T acronym actually helps to make them easier to understand, and therefore, easier to make a reality.
S = Specific
M = Measurable
A = Attainable
R = Realistic
T = Time-Related
2. Physically Jot Your Ideas Down On Paper
Grab a paper and a pen. I’ll wait…
Now physically jot down all of your rental goals – both short and long term. No…thinking them in your head doesn’t count for this rule…as you more likely to forget them! Make sure they remain relevant to want you wish to accomplish.
3. Visualize Your Goals Daily
One of the best rules I can supply you with is this: Place your goal sheet somewhere where you’ll be able to visually see it each and every day. You can place it in your office or home – or both.
Visualizing your rental goals daily helps to reinforce and focus your brain to subconsciously achieve all of your goals whether they’re personal or professional.
If you’d like more information on preparing your home for California’s rental market, please feel free to contact ProEdge Property Management at (831) 438-3343. We look forward to the opportunity of making your rental goals a reality!