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CHARGE MORE, NOT LESS! | By: Fellow GDREIA Members

CHARGE MORE, NOT LESS!
 by Toni Blake

One of the most expensive lessons in property management is that people who pay less, seem to care less, and that costs more! Have you ever shopped at Ross's "Dress for Less" or a similar deal at TJ Max? You can buy a name brand shirt on clearance for less than a Subway sub sandwich. Have you ever read the label on your new shirt only to find it is dry clean only? What do you do? Do you take the shirt to the dry cleaner and pay more to have it cleaned than you paid for the shirt in the first place? Do you put it in your washing machine and just see what happens? Sometimes clothes even say, "hand wash!" on the label.

When you pay less for a discounted item, it's easier to ignore the instructions on how to take care of it! Are you guilty as charged? Nothing establishes value more than the price. We take better care of things when we pay more for it! If you want to attract quality people to your rentals, you're going to need them to pay MORE not less!

 
When rents are lowered to the bottom of the market, your product becomes "discounted". By discounting the rent, you run the risk of attracting bargain hunters (who only care about getting the lowest price) who may not appreciate or take care of their home properly. There is not as much value in the rental home that is leased on a discount. When you charge MORE, people appreciate their home more and are more likely to take better care of it.

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