Setting the Rental Price

We believe in the power of data. We used a three-factor model to decide your rental price.

Property General Info: this is about location, size, # of bedrooms, bathrooms, yard, garage. Zillow does a good job in giving a general idea of the price

Property Condition: after a pre-listing inspection, we will understand the condition of your property – updates, appliance condition, kitchen condition, bathroom condition, etc. This will make the price go up or down

Market Condition: 3-4 days before listing your property on our website, we will conduct a market analysis to determine the final price. The comparable market analysis can show us the latest pulse of the market, in order to make your price most attractive.

We will present the price recommendation to you. However, it is you who will make the final decision on the price. We are here to support you along the way!

We will list your property on more than a dozen rental house websites to ensure maximum exposure. Here are the websites that our listings are synced with. If you choose the premium website package, an additional fee will be charged. From our past experience, listing your property on premium websites is not necessary. Basic websites are enough since Zillow rental networks drive more than 80% of the traffic.

We also leverage self-touring technology* to make sure the prospect can tour at their convenience to maximize the chances of them choosing your property. The technology we use is ShowMojo. It leverages a credit card or ID to verify the prospect and also uses GPS to verify the location of the prospect before giving out a random four-digit code to conduct the tour.

During the listing period, we will send you a listing update every Monday that will answer the following questions:

• How many people have reached out to us about your property during the past week?
• How many shows we have during the past week?
• How many applications we have had during the past week?
• Specific feedback from people who have toured your property

From our experience, the marketing funnel from prospect to tour to application follows roughly 80-20 principles. Out of 25 contacts, there are 5 tours, and out of 5 tours, there is hopefully 1 application. A lot of times, the contact-to-tour number is lower ranging from 10-15% since people may not really want the place, but just click it to get some info. Sometimes the tour-to-application rate can go a little higher to 30-40% given the market competitiveness.

To summarize, in a normal market and in a week, we need at least 25 contacts and 4+ showings to generate 1 potential application. If the contact numbner is less than 25 or the conducted tour number is less than 4 in a week, that means the price is too high. Based on those data, we will decide the next step – moving forward with the applicant, changing the price, etc.

*Note that we cannot guarantee the safety of the house with the self-tour. There is a potential risk of scammers pretending to be the owners to access our codebox, to break the lockbox to get the key. There is also the potential risk of the prospect damaging the house by breaking items and mishandling items. GPS Renting will try its best to minimize the risk but cannot guarantee the safety or be responsible for the damage and loss.

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