Do you know what your rental property is worth ?

Do you have an investment property that you’re managing yourself in the hope of making more money? If so, you'll need to make sure you are achieving its full market value.

By Jade Young

23-08-2017 | Do you have an investment property that you’re managing yourself in the hope of making more money? If so, you'll need to make sure you are achieving its full market value.

There's no better way to manage your investment dollars than by putting them into real estate. Unlike buying certain types of shares, with property you're almost certain to see your assets appreciate in value over time. What's more, collecting rent is a great way to bring in additional income, allowing you to make money on your properties without selling them.

But do you know how much you should be receiving in rental payments? Especially if you're relatively new to being a landlord, you might not have a good handle on this. To optimise the process and bring in the most income possible, you'll want to know how much your rental property is worth, while keeping it competitive. This is sometimes tough to figure out.

Evaluating the right factors!

When you first choose to buy a home with the intent to put it up for rent, it's wise to be thinking from the very beginning about what factors might determine its value. According to Your Investment Property Magazine, the most important ones are location and accessibility. Is the property in a desirable city where a lot of people want to live, and is it accessible from major transportation centres and popular cultural areas? These are the key questions.

In addition, you should look at opportunities for future value, not just what the place is worth today. Is there potential for you to improve your property by renovating it? If so, you may want to calculate the value of the upgrades you can make and consider those figures as part of your overall business strategy.

Especially if you're relatively new at being a landlord, you might not have a good handle on your property's value.

How a property manager can help?

When offering up houses or apartments for rent, some decide that "going it alone" is not the best strategy, and they'd prefer to have property managers on hand who can help with mapping out rental strategies and figuring out finances.

Having a property manager on your side is often a valuable resource because you can get advice on everything from rental values to insurance policies and rental property repairs. A property manager also helps you decide which applicants are more likely to pay the rent on time, and which ones might have a doubtful history.

One way to get a highly capable, professional management team on your side is to reach out today to First National Real Estate. We have a solid group of experts on real estate in Australia, who would be happy to assist you and we manage more than 85,000 properties from coast to coast.

When you contact us, we'll be ready to start you off with a free appraisal of your rental properties and any recommendations that would increase your yield. Once you have a full appreciation of what they're worth, you'll probably be ready to adopt a new strategy, with a property manager looking after your real estate, and making easy money each month.

For further information in relation to this topic, contact myself (Jade Young - Business Development Manager) on 4933 5544 or via jade@davidhaggarty.com.au. I welcome your call and I would love to be of assistance in getting you from A to B, in the best way possible! Let's build a successful portfolio that benefits you, together !