Town & Country

Letting Agents

How to value your home for the rental market

One of the most important things to do when deciding to rent out your property is to ensure that it is correctly valued; too low and you lose out on monthly yields, too high and you will struggle to find tenants. Even a small over valuation can result in longer voids between tenants resulting in a loss that will never be recovered by increased rents. It is key to ensuring that your rental portfolio is successful.

Letting agents use data on successful rentals to determine what is the market rent. This data is not freely available to the general public. Everyone can look at what properties are advertised on Rightmove or other portals. When you do this what you are looking is what is advertised not what has rented. The properties which were correctly valued will mostly have rented and no longer be visible, most of the properties you will be looking at are the ones where the valuation was too high. The portal will show how long the property has been on the market, more than 21 days and a professional will be asking what is wrong.

Many factors need to be considered when valuing a property:

- What is the Tenant Demand in your local area? You will need to complete a search to determine how many properties are for rent in your area and how long they tend to stay on the market for. There will also be a difference between privately rented properties and those through lettings agencies so take that into account.

- Is your area popular? What is your proximity to local amenities such as transport links and schools that make your property more desirable to tenants? This is of course, subjective information however can help you to see the potential in your property.

- What are other properties in your area being rented for? Checking the price of properties that are already up for rent that are of similar size and location to yours will give you an idea of what people are already paying.

- What prices have recently been achieved for rental properties in your area?

- Is your property maintained to a high standard? Ensuring that your property is maintained well will make it more desirable to tenants then somewhere that has not been tended to. This means that that you will be able to capitalise on your maintenance investment as you can have a higher rental cost.

- What facilities does your property have? Features such as gardens, parking availability, garages, en-suite facilities and fully fitted kitchens are all desirable to tenants and can help to ensure that you get a good rental price against properties that may not have the same features.

Here at Town and Country Lettings we are experts in the market, and we have access to data on all the rental properties previously marketed on Rightmove for the last 10 years. We can produce accurate rental valuations by using the best comparable properties which have been promptly rented.

Our team are fully qualified to assist with this and with a full range of rental services, including fully managed services and advertising your property.

Call one of our team today for your free rental valuation.

All advice is free, we don’t charge you a penny until collecting rent.
01945 871336 (Wisbech) or 01366 321048 (Downham Market)

Town & Country

Wisbech: 01945 871336

Downham Market: 01366 321048

Fax: 0871 872 6534