THE RENTAL VALUATION RIGHT
The best place to start the
letting process is when we visit you at your property. This meeting is
called a ‘property valuation’ and we use it to assess your
requirements, establish who your property is likely to appeal to, agree
how much rent we think you should be able to achieve and suggest any
recommended improvements to help ensureyou maximise the potential of
We base our valuations on actual
properties recently let within your area. We also take into account a
number of other factors such as market conditions, the location of your
property, the size of your accommodation and, if furnished, the
standard of that furnishing.
Overpricing a rental creates two major
- The property is vacant
for a month or two until someone is desperate enough, in which case you
might as well have dropped by 10 -15% on your rental. Additionally, it
creates a cash flow problem as you still have to service your bond,
rates, levies accounts etc.
- Secondly. the tenant
that takes an overpriced property, is desperate at the time but
immediately begins looking for alternatives. This means that instead of
creating a long term tenant that looks after the property, you have to
re-do the search and lease process quite regularly
It is worth thinking about the kind
of tenant you want to attract as each type of person has different
needs. For example, young professionals tend to want contemporary
decoration, while students will require desks and young families
generally like to eat in kitchens with a table.
Properties that look good achieve
higher rents and let more quickly. So it really is worth taking time to
ensure your property is presented to the highest possible standard.
As a general guide, the
following ideas work well when letting a property:
Every property is individual,
but we have a great deal of lettings’ experience and are always happy
to help you maximise the potential of your rental property.
- Before marketing your property, do ensure that it is in
good decorative order and sound structural condition.
- If you’re living in the property while it is being
marketed, do make sure that you keep it clean and banish clutter.
- Keep the decorations neutral – the property will look
cleaner and is more likely to fit in with your tenants’ personal
- If your property is let furnished, include everyday items
like a vacuum cleaner, ironing board and, if there is a garden, a lawn
- Have a look at our seller advide page for detailed info on
preparing a property for viewing
APPOINT AN AGENT
THAT MATCHES YOUR NEEDS
Trying to handle being a
landlord on your own, first time round is risky. You simply do not yet
have enough experience to enter what is a minefiled of possible
problems and legal implications. Take the time to learn the in's and
out's of the business and when you are ready, then and only then,
manage your rental privately.
Experience has taught most landlords a hard and valuable lesson though.
Working with a professional agent is the better route and you will
probably find after the first year that your thoughts of handling it
yourself have vanished.
Why not have a look at our page on our detailed services and fees to
get a rough idea of what is involved in handling a rental properly -
then decide whether you have the time and capacity to do it all.
Remember that with Property Network, you get an agent dedicated to your
property so you have a single person you can contact at any time shoudl
you need assistance. Additionally, as opposed to many rental agencies
that work office hours only, we are available for extended hours -
which is when most issues arise.
We pride ourselves on the personal interest and care we take for our
clients and you need to carefully consider your agency taking this into
account. While some sytems might compare to ours, on a technical basis,
at the end of the day you want someone who is as passionate about your
property as you are. Make sure your prospective agent treats you like a
person and not a number.
BE FLEXIBLE - BE WISE
- Be prepared to be
negotiable on your price in order to secure a very good tenant. Its a
small price to pay for long term peace of mind.
- Some people are
extremely attached to their pets - consider carefylly whether your no
pets decision is actually that important to you - maybe specifiy no
dogs allowed in the home - but be prepared to talk.
- Bend over backwards for
viewing times - many people have hectic schedules or work shifts. You
do not want to lose a tenant because you are not willing to be a bit
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