How much could your property rent for?

An important part of successful property investing is charging the right amount of rent. A bit like Goldilocks and the three bears, you need to get the heat just right! Too high and your property will languish on the market (earning you nothing!) whilst setting it too low could see you short changing yourself.

The most common way of finding out how much your property could rent for (other than simply inviting a letting agent to value it) is to see how much other properties are renting for. To do this you can search for properties similar to your own on one of the property portals e.g. Rightmove. Tap in your postcode and search within half a mile so that the properties will be in a similar proximity to the same local schools, public transport and other amenities. Only increase the search area if there aren’t any comparable properties within 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 your rental property has a shiny new bathroom it will obviously rent for more than one with an avocado suite that’s stuck in the Eighties (and vice versa).

Focus on those properties that are let agreed rather than those stuck on the market (suggesting they may be overpriced). There’s a three bedroom flat in Chichester priced at £1,495pcm that has been available since April…so this would not be a sensible benchmark to use (assuming you actually want to let your property!).

It’s important to note that because you’re comparing your rental property against others on the market at the time yours happens to be available, the optimum rental figure for your property will continuously change (even if you’ve let it before).

If all of the above sounds like 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 simply entering your 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 via phone or e-mail if you provide me with the property address and a few details.

Better still, 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 whilst suggesting any improvements that might help let your property as quickly as possible for the right price.

(This article was featured in the Chichester Observer's property section on 2nd November 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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