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Most landlords overprice, rely on Zestimate, or highlight the wrong features. You need to start with a clear understanding of your property’s renter demand.
Are you thinking about listing your rental property in Charleston? I’ve been in the property management field for years, and I know exactly what works and what doesn’t. Today, I’ll go over the most common mistakes landlords make and how you can avoid them:
Mistake #1: Pricing your rental too high. The biggest mistake you can make is overpricing it. I see it happen constantly—landlords set a high price, hoping to "test the market" or start with room to negotiate. The property sits with no interest, days turn into weeks, and eventually, they're forced to drop the price anyway. Renters today know the market well; they've been scanning listings and comparing prices. If your property doesn't match what they see, they'll move on fast.
Mistake #2: Setting the rent price based on Zestimate. Too often, landlords use tools like Zestimate to set their rental prices. While it might give you a general idea, it doesn't consider the condition of your home, specific upgrades, layout, or what's in demand in your area. An automated estimate is not a pricing strategy. You need a custom rental analysis that takes real data, recent comps, local demand, and property-specific details and gives you a number that reflects the market, not just an algorithm.
“Highlighting the right features makes your rental stand out and attract the right kind of interest.”
Mistake 3# Spending on the wrong renovations. Another issue is over-investing in renovations that don't increase rental value. Just because you think a certain upgrade is worth it doesn't mean the market agrees. It's easy to pour money into changes that renters don't care about. Before you spend, let's discuss what features drive rental interest. Sometimes, minor, cost-effective improvements do more than major remodels.
Mistake #4: Advertising features your property doesn’t have. Your listing description also significantly affects how quickly your property rents, so make sure it matches what your property actually has and focus on what tenants value. Highlighting the right features makes your rental stand out and attract the right kind of interest. If you're unsure what to focus on, I can help tailor your listing so it works.
Pricing your rental correctly isn't guesswork—it's strategy. I’m offering a free rental valuation to make things easier for you. Call me at 803-727-7256, email pierce@tidepm.com, or visit https://tidepm.com to get started. Let's make sure your property hits the market with the right price and the right plan.
