Adjusting Your Rental Price for Optimal Gains
As a landlord, the most important thing at the forefront of our mind is creating an investment that will produce successful returns whether it be over a short, mid or long term plan. Our goal as managing agents it to maximize your return on investment. This doesn’t always present itself in the way we imagine in a high vacancy market. Not only do we want to help you achieve the highest possible rent for your property, but we also want to ensure that the vacancy period of your property is kept as minimal as possible.
Often a property is listed at a price that is considered optimal but unfortunately the vacancy that occurs as a result of the peaked price creates a greater loss than if the property was advertised and marketed at a reasonable rate for the current market. Every week that a property remains vacant, is potential income lost. Whilst your property is vacant, it costs you money, and therefore our goal is find the balance between not only achieving the highest possible rent, the minimal vacancy period, but also securing the best possible tenants for your property! You may achieve the price you want but at what cost will it come to you?
Customers that believe they are paying a reasonable and fair price for their property will commence their tenancy with a satisfied feeling and tend to settle for longer periods of time. This will provide you both the security of a long term tenancy but also less outlay and costs that come as a result of high turnover tenancies. Have you also considered the possible safety risk to your vacant property? A vacant property may affect your insurance cover – I would recommend speaking with them should you be in this position.
When providing rental appraisals, there are many factors taken into consideration – You, as our client are our highest priority. We aim to bring you consistent and satisfactory results! We would love to work with you to provide a positive outcome for you and your investment portfolio.