07 Jun 12
Are you a property owner with a tenant in place, own a vacant property waiting for a tenant, or are you in the throws of purchasing a property for the purpose of investment? Then read on.
Here at Laguna, when the tenancy agreement is under review, the first thing we assess is whether the tenant is looking after the property and paying the rent on time and in advance. If the answer to this question is ‘no’ then renewing the tenancy would be detrimental to protecting and maximising your income. If the answer is ‘yes’ then we would proceed in completing a comparative market analysis of your property to assess the price the property may rent for on the current market.
This is the price that could comfortably be achieved if your tenant decided to vacate the property at the end of their tenancy.
Only a few years ago, it was common practice for many property managers to just increase the rent by $5 or $10 (regardless of the market), however, as tenants are becoming more astute and, through internet resources, are now armed with up-to-date information about the rental market knowing what is on offer and what type of property they will get for their money, it is becoming increasingly important to be accurate in accessing the market value of the property.
We manage over 600 properties and have a property management team of 8, we are very qualified in advising whether to increase or maintain rentals yields. The right advice will always be instrumental in protecting your investment, so if you would like to know more about a rental market review on your investment, please call into one of our offices and have a chat to our experienced management team.
Till next week.
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