After investing price into a property that was a bit steep, you want to recover the cost as soon as possible.
The easiest thing that you do is start casting a net for the tenant.
However, the real challenge is not in finding a suitable tenant (of course, it is also not a kid’s play). The real challenge is to ensure that the rent you get is realistic or not?
Is it in line with the general market trend? Does it worth the lavishness of your property?
When you buy a property on mortgage, you have to pay service charges, maintenance costs, agency fees, mortgage installment, and many other sundry expenses.
If you give the property on rent hastily, without inquiring much, then there is a possibility of getting rent, which is too low.
At the same time, if you demand some exorbitant rent, then there is a possibility of losing a good tenant.
How to get rent that is just appropriate? Well, the answer is the market rental settlement service.
It is the best and the perfect way of knowing about the right value of your property realistic rent that you can expect.
Let’s understand the concept further.
What does it mean?
The word rental assessment, in its simplest term, is a service carried out by a letting agent or appraiser to determine the accurate rental market value of a property.
Being a landlord, you get an opportunity to determine the realistic, profitable, and fair price for your property.
The rental assessment is a combination of several contributing factors that determine the perfect and accurate market rental price of the property that you own. These factors are:
- Location of the property
- Condition of the property
- Total area
- Number of bedrooms
- Number of bathrooms
- The maximum tenancy periods
- Amenities on-site, e.g., garden area, parking, fireplace and so on
These parameters contribute to decide the rental amount that is neither too low nor disproportionately high.
Amenities, furniture, and fixtures also play a key role in deciding the rental value of a property. These aspects are ignored sometimes. When you get the rental assessment done, there is no possibility of missing those.
The need for rental assessment
Why do you need a rental assessment? Is it a legal requirement? Certainly not, but it is highly recommended by property dealers, landlords, and legal experts.
It establishes rental, which is fair and accurate.
If you are a first-time landlord, then you may not know about the average rental in the area.
You aim too high and do not get a tenant for quite a long time. You aim too low and do not recover the cost incurred for the property.
Being a landlord is like running a business. You can never compromise on profitability. When other business owners do not hesitate to increase the cost when the profitability goes low, why should you?
How to do it?
Like any other specialized work, you are supposed to hire a consultant for rental assessment. He will be more than happy to carry out it for you.
They have different packages and flexible solutions depending on the budget and needs of clients. Various combinations are:
- Let only
- Let only- comprehensive
- Fully managed
Which solution is ideal for you? It depends on which combination you find attractive? The consultant will carry out a free rental assessment and draw up a tenancy agreement.
This agreement ensures that you get the best possible start. It also sets up your standing orders for the payment of the rental amount.
Hire some proficient service provider today and get an accurate and valid rental assessment done for your property.