Rental Value of Property
Posted by Megan Krasewitz | Posted in Average Rental Prices, Landlord Information | Posted on 11-12-2008
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Its always difficult to tell a landlord that they are being unrealistic about how much rent they can expect to get from a property and therefore its a good idea to have tools at your disposal to show much in reality a particular property can be rented out for.
below are identified just a few of the many ways in which a rental value can be placed on a property
1. Location – has property been/is rented out in the street or area before, this will give an indication of what rent can be set. This can be checked using various internet sites as well as the RRPI, or residential rental Price Index, and also see if any other property is available from other websites to help.
2. Condition – the condition of a property is really important, Tenants are more particular than ever before and a new kitchen or power shower will make a property more desirable than any similar priced property without these features.
3. Be flexible – if a tenant wants to stay in a property longer then be flexible to negotiate and make sure you know what the lowest amount of rent the landlord will accept. It is far better to have a property rented to good tenants who will look after a property for a long period than getting a higher rent from ones who do not want to stay for so long and will not look after a property quite as well.
obviously as a letting agent you probably knew this already and we are teaching you to suck eggs but its always worth acknowledging the building blocks of any business.
