As with many Landlords, the rental income of your property is most likely going towards either interest payments on a loan, cost of rates, insurances and ongoing maintenance, or your own personal income.
Determining the price of your property from the start can help create demand and rent your property quickly to avoid long lapses without rental income.
You might already know what the rental value of your property is. But if you find the property is empty for a lengthy period, it will be due to either presentation or price.
Presentation – pick your target audience and pitch to them. If your property is a compact unit in the CBD, then your pitch should be aimed at singles or couples who want the conveniences attached to inner city lifestyle such as proximity to public transport and local restaurants and cafes. If your property is a big family home in the suburbs, then highlight the things that will attract families such as local schools, shops and parks.
Price – for your own peace of mind, do a little bit of research online and see what else is renting in your area which compares to your property. You need to maintain a good balance – too high and tenants will go elsewhere. Too low and you’re undercutting your income and possibly attracting a lower quality tenant.
Sunshine Coast Property Managers are well equipped to supply you with an evidence-based rental appraisal taking into consideration the type of property, your target audience, and market activity and fluctuations.