How Do You Determine the Right Rental Price?
The most important role of a property management Perth company is determining the optimum rental rate for your property; the rate that will gain you the maximum return on your investment. Exactly how do you determine how much should you charge your tenants for the rental?
There are a lot of factors when it comes to determining the appropriate rental cost for your property. If it is too high, some tenants might hesitate to consider your property; on the other hand, if it is too low, you might suffer the consequences for non-profit from your property. For you to have a good balance between a good profit and a low vacancy rate, you must be able to determine the ideal rental for your property.
As a property owner, there are certain things that you can use to guide you in coming up with a rental cost that will put you and your tenant on a common ground.
First, consider the location of your property. Is your property located in an area close to shopping centres, schools, hospitals and some other establishments? If so, then you can ask for a higher rental cost for your property. However, if it somewhere remote with no easy access to important facilities and establishments, your property is not likely to attract very high rental figures.
Comparison to similar, nearby properties
Second, you can try to compare your property from other similar properties along the neighbourhood. Research for properties similar to yours and check how much is their rental cost, considering the size as well as the number of rooms. Based on the information you have gathered, you may be able to come up with a reasonable value for your rental property.
There are actually several factors to consider to come up with the right rental cost. But if you hire a property management Perth company, you don’t have to go through all these process for you to determine how much you should be renting your property. Here at Rental Management Australia, we will do all that for you.
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Thank you for this report. Thank you for your management services over the years they have always been first class.
Linda and Allan, Morley