Technology has made significant strides in the recent years, especially when it comes to machine learning and artificial intelligence. Things that were thought to be science fiction a few years ago are now becoming a reality. The power of AI has captivated everyone from technology enthusiasts and engineers to data analysts, scientists and consumers. The things it can do are incredible. Developers are now creating AI for specific industries. For instance, a powerful AI rental property estimating tool, known as Rentfinder.ai is revolutionizing the rental market. To learn more, read this guide on maximizing rental income: how rentfinder.ai can help landlords.
Estimating Rental Rates
After acquiring a rental property, landlords usually have a difficult time deciding on the best rental rate to charge. For optimal pricing, landlords need to consider a variety of factors, including industry trends and what other landlords are charging for similar types of properties, the number of properties currently on the market in the area, the condition of those properties compared to the newly acquired home and many other variables. Since every type of property is different, rental rates cannot be the same. For instance, locations, floor size, floor plans and neighborhoods are different, so rental rates will vary from a price per square foot perspective.. Instead of spending endless hours or days researching on the best rates to charge, you can leverage the powerful artificial intelligence technology that has been developed specifically for the rental property market. Rentfinder.ai can quickly generate a report and recommend a suggested rental rate to charge and provide the user a confidence score with that estimate. This will allow the landlord to set optimal pricing for best results. It’s important to note that high pricing will deter prospective tenants, lead to high tenant turnover and lower returns in the long run. Similarly, lower pricing may lead to higher occupancy rates and longer tenant stays, but the landlord may not get the best possible returns on investment. Rentfinder.ai can help landlords by helping them choose optimal pricing for their rental units to maximize their profitablity.
Reduce Tenant Turnover
Rentfinder.ai’s new feature, Rent Forecasting, allows landlords and property managers to gain visibility into what a property estimate will be 30, 60, 90+ days in advance. Having this type of data allows much more strategic decision making. Rentfinder.ai can help landlords to significantly reduce tenant turnover rates through competitive pricing. Reduced tenant turnover translates to better profit margins. When it is time for your tenant to renew their lease, it is vital that landlords set the renewal rate accurately to retain the tenant. If you set the renewal rate too high based on inaccurate estimates, you risk losing your tenant and incurring a vacancy period in which you must get the home rent-ready for a new tenant and and market the property. All these expenses add up and have a negative impact on your profitability.
Save Time and Effort
The internet is a powerful tool for conducting research about any subject including rental properties. However, analyzing those results can take time and is a daunting task. Since many landlords are usually busy and do not want to bother themselves with in-depth market research, they usually leave the job to local realtors or property managers. However, the results obtained are not always the best due to lack of experience in each area or not having enough rental data to provide accurate recommendations. The beauty of Rentfinder.ai is that it can aggregate and analyze millions of data points and make a recommended rental rate within seconds and provide a detailed report to give any investor the confidence they need when setting rental rates. Currently, many property managers are using multiple sources such as Zillow, MLS and a rent estimation tool to come up with the estimated rent. Using this method is not only very subjective but it is very time consuming. Landlords should be making data-driven decisions and not subjective decisions regarding the rental rates.
AI Interactive Chat
One of the most unique features of Rentfinder.ai is the Interactive AI Chat feature. This allows the user to engage with the AI Chat Bot and ask for revisions to the estimate based on specific criteria. For example, you can ask the AI Chat to only look at 4 bedroom homes or remove any short term rentals from the estimate. Any question you want to ask in terms of revising the estimate, you can with the Rentfinder.ai chat feature.
Detailed Reports and Comparisons
Imagine getting all the information you need about the prevailing rental rates in a specific zip code or area as well as comparisons of similar types of properties.. By analyzing the information on the report generated by Rentfinder.ai, you can easily make an informed decision.
After entering the address of the property, Rentfinder.ai will generate the suggested optimal rent and confidence score as well as produce a detailed report showing other similar types of properties in the vicinity of the property in question and their corresponding rental rates. Landlords can even click a button to obtain a detailed marketing description customized based on the amenities and upgrades the property has.
Rentfinder.ai is a powerful tool that landlords, property managers and fund managers can use to extract information that can help them make informed decisions. Want to give it a try, sign up now for a free trial!