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know your rental market

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houses2_blogVacant rental properties affect your overall annual income. For every week that your property is vacant your annual return is affected.

Everyone wants to get the best possible return from their investment. The loss incurred by waiting for an extra five or ten dollar increase per week may reduce your annual income by more than 2%. For example you may have a prospective tenant who offers you $360 per week, but the vacating tenant was paying $375 per week. Declining that applicant and having your property vacant for an extra 3 weeks chasing the higher rent, means you are losing out on not just $15.00 over 3 weeks, but $1080.00 annually.

Know your current market and let it guide you in your decision. How much are other properties in the area being leased for now? How long are they staying on the market before being let? Pricing your property slightly lower than those available could mean a shorter vacancy period in a tough market. You may have been fortunate in the past and received higher than average returns, however your property is only worth as much as someone is willing to pay.

Don’t price yourself out of the market – have your investment property appraised by one of our experienced property managers.