When we conduct a Market Appraisal careful consideration must be taken to the following key points:

 

Position – What is access to the property like?  Is it close to shops and transport? What would be the desire for the type of property you have in terms of its location and position in the suburb & street?  Is the aspect of the property itself, size and features appealing to the marketplace?

 

Presentation – Is the property in a good state of repair, clean and tidy and does it present well for inspections and photos?  Are there any drawbacks that could reduce enquiries and rentability?

 

Comparable Properties – What properties have rented in the area that are within close proximity and are of a similar size & location to your property? What properties are available on the market for rent right now (what is the competition like?)

 

Supply and Demand – Is there a large demand for properties like yours or is the property a rare find?  This will have a big impact on the price. Also, consider is the price you are asking in line with the comparable properties in the area?  Think supply & demand – is it likely that the price is close to what you are asking or are you way off the mark?

Because the property market is subject to change so quickly due to factors like supply and demand, a property appraisal done today may not be the same tomorrow.

 

Time and effort must be put into doing the right research however ultimately testing the market response will be the best gauge. We must tread lightly not to overprice a property completely out of the marketplace and risk the possibility of losing what tenants are out there looking, as first impressions do count.  One look at a property is all it takes for a potential tenant to gain or lose interest.

 

For more information about our appraisal process please Ph: 1800373262 or complete the form below: