At Doorstead, we understand that you've entrusted us with one of your most valuable assets - your rental property. Our shared goal is to lease your property quickly to a qualified tenant while maximizing your returns. Today, we want to discuss a crucial aspect of achieving this goal: the importance of price adjustments in the current rental market.

Why Consider a Price Adjustment?

1. Market Dynamics Are Constantly Changing: The rental market is fluid, influenced by factors like local job markets, seasonal trends, and competition from new listings. What was the right price last month might not be optimal today.
2. Time is Money in Real Estate: Every day your property sits vacant is lost income. For every week your home is without a tenant, you lose 2% of your annual revenue. A slight price adjustment can significantly reduce vacancy time, often resulting in higher overall annual revenue.
3. Attract a Wider Pool of Quality Tenants: Even a small price adjustment can make your property visible to a new segment of potential tenants who might be filtering their searches just below your current price point.

The Doorstead Advantage in Pricing

When we recommend a price adjustment, it's not a decision we take lightly. Here's what informs our suggestion:

• Data-Driven Insights: Our proprietary algorithm analyzes thousands of data points daily, including recent leases, time on market for similar properties, and seasonal trends.
• Local Market Expertise: Our team of pricing specialists combines years of experience with real-time market data to make informed recommendations.
• Proven Track Record: Properties that follow our pricing recommendations typically lease 57% faster than those that don't, greatly minimizing vacancy losses.

Our Unique Approach to Fast Leasing

At Doorstead, we employ several strategies to ensure your property leases quickly:

1. Strategic Marketing Partnerships: We have special relationships with major rental websites like Zillow, Trulia, HotPads, and Apartments.com. This gives your property enhanced visibility in a crowded market.
2. Search Filter Optimization: We strategically price homes to appear in different search parameters. By adjusting your home's price from just above a filter to a few dollars below, we can dramatically increase its visibility to potential tenants. More eyes means faster leasing. 
3. Regular Market Analysis: Our expert pricing systems review each home twice a week, ensuring your property is priced competitively based on current market conditions and comparable properties.
4. Optimized Listing Presentation: We use A/B tested listing formats proven to drive more views, showing requests, and applications. This includes strategic ordering of photos and comprehensive detailing of property details and amenities.

The Hidden Costs of Overpricing

While it might seem counterintuitive, pricing your property too high can actually lead to lower overall returns:

1. Extended Vacancies: The longer a property sits vacant, the more income you lose.    
2. Perceived Value Decline: Properties that remain on the market too long can be seen as less desirable, potentially attracting lower offers.
3. Missed Opportunities: While waiting for a higher-paying tenant, you might miss out on excellent, stable tenants who would have been a perfect fit at a slightly lower price point.

Our Commitment to You

At Doorstead, our success is directly tied to yours. We only succeed when your property is leased to a qualified tenant at a competitive rate. Our pricing recommendations are designed to achieve exactly that.

Remember, our expert tenant screening process remains rigorous regardless of price adjustments. 

We continue to:

• Assess credit scores and income statements
• Conduct thorough background checks
• Use top-tier software systems to detect potential fraud
• Have our in-house fraud detection specialists review any flagged cases

This ensures that even as we adjust pricing to meet market demands, we never compromise on the quality of tenants for your property.

Taking Action

If we've notified you about a price adjustment for your property, we encourage you to consider it seriously. Remember, in the world of property management, being proactive and responsive to market conditions is key to long-term success.

We're here to answer any questions you might have about our pricing strategy or the specific recommendations for your property. Together, we can ensure your investment delivers the returns you deserve.

Thank you for your trust in Doorstead. We're committed to making your property management experience as rewarding as possible.