Are you an investor? Do you want to know what your property is worth in the current rental market? The rental landscape can be a complex space to navigate, so if you’re looking to lease your property it’s vital that you seek a rental appraisal from an experienced leasing consultant in order to maximise your return, protect your investment, and minimise risk.
Here’s our essential guide to rental appraisals.
A rental appraisal uses data-driven insights and expert local knowledge to determine what your property is worth in the current market.
Rental appraisals are best performed by an experienced local expert – someone who knows the area, understands the demographics of the tenant pool, can help to secure and retain quality tenants, and simply achieve the very best result for you.
A typical rental appraisal will include a thorough comparative market analysis to help build a picture of what your property is worth, taking into consideration the features of the property, the location, and a view of how your property compares to current and recent rentals in the surrounding area.
Photography by Maria Ziegler
The real estate market is constantly changing and fluctuating – in one part of the year it might be a buyer’s market, and in another, it might be a seller’s market, so an experienced leasing consultant can explain how these market conditions will impact the rent you might get for your investment.
During a rental appraisal, a leasing consultant will also explain the benefits they can bring to you and your investment.
Firstly, they are there to help maximise your returns, achieve excellent capital growth on your investment, and ensure you receive a reliable income stream. They do this by being your expert on the ground, being knowledgeable about the market and the competition, and providing honest insight into what tenants are looking for.
Photography by Sarah Dorweiler
A leasing consultant will also explain how they can take care of your property once it’s been rented. In-house property managers will take care of the day-to-day management of your investment, including vetting new tenancy applications, organising maintenance requests and repairs, conducting open inspections, and managing payments and arrears. They will also be the first to know of any market changes, so can guide you on whether you need to hold, increase, or decrease your rent.
Property management is anything but simple, and property managers must constantly monitor complex and frequent changes to legislation across the rental landscape to ensure compliance with the law at all times. They understand and navigate these changes on a daily basis, so during an appraisal, a leasing consultant will explain your legal obligations as a landlord, as well as outline tenancy rights and all laws pertaining to choosing and evicting tenants.
Photography by Pedro Miranda
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