What Is a Rental Appraisal and why do I need one?

When I make an appointment to carry out a Rental Appraisal, a lot of my customers ask me the same question. What is a rental appraisal, how long does it take and what is involved. Also, known as rental valuation.

So, what exactly is a rental appraisal. It is the first and most important step to renting out your property. It will provide you will valuable information such as; condition report on your property, the current rent you can expect to receive, comparison to similar properties in your area and market conditions and current trends.

 Many of my customers are renting their properties out for the first time. It is important to understand what a rental appraisal is all about. Today I have taken time out go to write this article, to explain what it’s all about and what is involved in more detail.

Why do I need a rental appraisal?

If you have a property that you are planning to rent out as an investment, it is important to know as much information about the rental market as possible. You will gain an understanding on how your property is valued, the current market trends, occupancy levels and the cost involved.

This a free service which is worth your while taking advantage of.

The key benefits:

• It’s a free service
• It’s risk free and you can only benefit
• An experienced property manager will have a lot of valuable knowledge to share
• You will get to understand the current market trend and what’s happening in your area.
• All your questions regarding preparing your property for the rental market will be answered

What you will learn

• You will learn the rental value of your home
• Current market trends and conditions
• What similar properties are being rented for
• How quickly can we rent your property
• What are the current vacancy rates

You will gain a better understanding of the process a property manager goes through to prepare, market and rent out your home

• Information about our property management services
• Fees and charges for service
• How we communicate
• How we prepare and market your property for rental
• How we select tenants and handle any dispute in unpaid rent
• How we handle repairs and maintenance
• How you receive your rent and reports

How we calculate how much rent can you expect to get from your investment property.

The four main factors that are taken in consideration when evaluating the rental value of your property

1. The Location / Suburb
2. The property value
3. Repairs and Condition of property
4. The Current Market and local comparisons

The other factors that also play a part in determining rental valuation are:

• Number of bedrooms / bathrooms / car parks / garage
• Age of property
• Street appeal
• Outdoor entertainment
• Garden
• Pet friendly
• Quality of the fitting
• Security
• Storage / wardrobes
• Low maintenance

It is really a no brainer, if you are considering renting out your home this is a free no obligation service for you to get the an instant rental value of your property and a complete understanding of what is involved.

Whether this is your first time in the rental market or you are looking for some new and fresh information, I am Paulina the owner of Cairns Rentals and ready to give you my personal service.