When it’s time to rent out your investment property, you might be confused about what rent you can expect to charge. Although you may think you have an up-to-date understanding of how the market is performing, you might find that your outlook runs significantly above or below reality.
This is why prospective landlords should always complete a detailed rental appraisal before seeking tenants. As this process sees an experienced property manager research the location, identify comparable properties and assess current economic forces, you’ll soon know what to charge tenants.
Below, we delve into the benefits of a rental appraisal and highlight why every landlord should undertake one before choosing their tenants.
Understand your asset
Staying on top of rental market trends is undoubtedly a full-time job, meaning many landlords simply don’t have the latest information at their fingertips. As you don’t want to have unrealistic expectations or present a complete bargain, a rental appraisal ensures you receive a comprehensive update on your property’s value. This way, you can charge an appropriate amount of rent and avoid any problems finding tenants.
Plan your financial future
Owning an investment property can be incredible for your financial future. So if you’re getting ready to purchase a new property with the sole intention of renting it out, you need to know how much income you get expect to generate. With a rental appraisal providing landlords with a clear forecast regarding their potential earnings, this process gives people the confidence to purchase their investment property and make other major financial decisions.
Maximise your profit
The property market is constantly changing, with some suburbs rising rapidly in value as others become less appealing to tenants. After engaging an expert team to conduct your rental appraisal, this wealth of information ensures you’re getting the greatest return on your investment. Rather than leaving the rent unchanged when you seek new tenants or taking a rudimentary guess, you’ll receive knowledgeable guidance that ensures you make the right decision.
Speak to the experts
Are you ready to undertake a detailed rental appraisal? Get in touch with the professionals at InStyle Property Management. Our talented Adelaide-based team has what it takes to review your specific situation and make data-driven recommendations that provide you with the latest information. Reach out today to learn more.