Rent in Phoenix, AZ: Overvalued or Undervalued?
April 18, 2018
Our biggest value at Austin Fleck Property Management, serving Phoenix, AZ and the surrounding communities, is a commitment to uncompromising professionalism in our representation of your investment. You trust us as your property manager to market your property, to take care of maintenance and repair issues, and to find the best tenants for your home. You trust us to collect rent and to handle any problems that may arise. We value your trust.
You’re probably aware that we have a rigorous screening process to separate the proverbial wheat from the chaff. We aim for the highest quality renters for your property, because we want to protect your investment through renting to people who will enjoy your home, take good care of it, and stay for longer periods of time.
So, what happens when a tenant comes to us and says, “I like living here, but the rent is too high”? Like you, our first reaction is, “You gotta’ be kidding!” We are also thinking, “You don’t know what a great deal you have, what a great place you live in; you don’t remember how we have been available to solve every issue you have had with the property; you’re not going to find a better value anywhere.” But we keep our opinions to ourselves, because we also value good tenants.
Rent: Overvalued or Undervalued?
We know the economy is still challenging for many people, and it’s not uncommon for tenants— even good ones—to ask for a rent reduction. But before granting a reduction, there are a number of questions that must be considered. The first questions concern finances.
- What would vacancy cost you if you refuse the request?
- How much of a reduction are they requesting?
- What is the remaining term on their lease?
- What is the amount of reduction, multiplied by the remaining lease term—versus the cost to you of a month’s vacancy, plus rent ready expenses?
The next set of questions are character driven.
- How have they performed during their tenancy?
- Have they paid on time?
- Have they taken good care of the property?
- Are they free of any HOA or city code violations?
- If they have been good, responsible tenants, is it worth granting the request in order to keep them?
The Value of a Property Manager
In our experience, there are no cookie-cutter solutions, because every situation is unique. As your property manager, Austin Fleck Property Management will conduct a thorough analysis to determine what your home should rent for in today’s market. We will also weigh the human side of the equation and give you our best professional advice, based on our assessment of all the factors. Trust is earned, and we’ll work to gain your trust by doing our best on your behalf.