Sometimes it pays to be obvious. That’s a truism I learned a long time ago. If you’re going to be sneaky someone’s going to catch on. But if you’re obvious, and I mean too obvious, people might just never catch on to what’s really going on.
That’s an important thing to realize but it’s applicable to real estate in a surprising way. Take rents for instance. The rental market is pretty strong these days. Rents are high and the changing face of the job scene means lots of moving around, something else which contributes to higher rents.
So when your area is known to have sky-high rentals you’d think that’s bad right? I mean, wouldn’t people be looking for the best deal they could find?
You’re right, but only if you’re “a little” too high. Sometimes if you push the price high enough you enter a new playing field. And that’s where the real money starts to flow. Make your rental unit “exclusive”, “upscale”, “elite”, etc. Make it worth rent. Not slightly higher and therefore a “rip off” but much higher and therefore a bargain. It’s ironic but it works.
Give it a try and let me know how this tip works out for you.