How much could your property rent for?

One of the most important things to get right as a landlord is how much rent to charge. Ask for too much and your property will languish on the market (earning you nothing!) and yet under-pricing it will be short changing your investment.

It is an important balancing act to get the rental figure right, bearing in mind the time you have until the property is available versus the time it will take to find the right tenant.

One way for a landlord to work out what they should be charging is to see what everyone else is asking. To do this you could visit one of the property portals (e.g. Rightmove) and search for properties similar to your own.

Tap in your postcode and search within half a mile so that the properties will be in a similar proximity to the local schools, public transport and the city centre. Only increase the search area if there aren’t any comparable properties in range.

Try to get as close a comparison to your own property as possible, assessing the quality of housing and where yours fits in. If yours has a shiny new bathroom and kitchen it will obviously rent for more than one with an avocado suite that’s stuck in the eighties (and vice versa).

Try to focus on those properties that are let agreed. There’s a two bedroom flat in Chichester that has been available since last August for £1,200pcm…so this would not be a sensible benchmark to use (assuming you actually want to let your property!).

You will therefore find that the optimum rental figure for your property will continuously change depending on what other properties are available at the time of marketing. For example, two bedroom houses on Arundel Park normally fly off the shelf at around £895pcm. Except at the moment there’s two on at £895pcm and one on at £825pcm; so if you were about to let your own around the corner you might want to reconsider that ‘normal’ asking price.

If all that sounds a little too much effort, my computer boffins have created a way for landlords to get an instant online rental valuation for their property. By entering a property address and a few details, the clever web algorithms will use an online database of local properties to give you an estimated rental figure. It’s completely free of charge so why not visit www.crjlettings.co.uk/valuation to give it a try (even if you’re just feeling nosey!).

For an even more accurate valuation however, you really need a human being to personally assess your property. I’m happy to do this for you, free of charge, by phone or e-mail if you provide the property address and a few details.

Better yet, I can arrange to visit your rental property to provide a free no obligation appraisal. Actually seeing the property in person means the valuation can be tailored to its condition, whilst providing evidence in the form of comparisons to similar properties currently on the market. I can also check that all the legal requirements are in place at the property so you can rent it straight away.

(This article was featured in the Chichester Observer's property section on 19th January 2017) 

Clive Janes, CRJ Lettings.  

www.crjlettings.co.uk

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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

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