Undertake a rental review – Is your investment property currently yielding you the highest price it could be?
Many investment property owners forget to keep an eye on the rental property market. This can be detrimental to your portfolio’s performance. If your property manager isn’t keeping you abreast of current trends then it’s time to conduct a rental review. Call us here at The Rental Experts and we will be glad to help you out, free of charge.
You will need to research the following points:
• What are the rental prices on similar properties currently listed at?
• How much rental demand is there in the area?
• What risk is there of my tenant moving if I increase the rent? (Vacancies can sometimes outweigh any benefit of increasing the rent, so weigh your options carefully.)
Armed with this information, you may find that increasing the rent is long overdue – meaning you have possibly missed out on hundreds of dollars a year. Be careful not to ask for too much on the market – a property that is vacant for a few weeks can quickly outweigh the benefit of having a tenant in the home for $10 less.
For more information on this and many more frequently asked questions – contact us on 0488 662 216 or email us at rentals@therentalexperts.com.au
DISCLAIMER: This post is solely to provide information to the property investor. It is intended to provide general news and information only. The content does not take into account your personal objectives, financial situation or needs and the property investor uses this information in all respects at their own risk.
