Calculating the exact rental valuation for your property is an art and you need to take a few factors into account to get it right. You can’t charge too much rent on the tenant every month. The correct pricing of the rent is the most important thing. Too much and you risk the prospective tenants staying away from your property. However, you can’t have it too low either. To know what the fixed rent is for your property, you should talk to a genuine local estate agent. You also need to consider that there is a maintenance cost of your property and you must try to secure it from the rent rather than paying for it from your own pocket every month.
Property Market Analysis
What are the prevailing trends in the market when it comes to securing Guaranteed rent from your property? If you have not yet analyzed the market it’s time to consider it carefully. Try to take a close look at settings in the newspapers and look for similar listings through online property portals like Rightmove.co.uk and Zoopla.co.uk. You might not know the value so call agents and pretend to be a prospective tenant to know the figures. You can take advice from the right estate agents to make informed decisions.
Good tenant is the key
The key to obtaining Guaranteed rent from your property is finding the right tenant in the first place. One of the best things to do is fill out a form for each tenant including name, employment, salary, circumstances, references and previous landlords. Checking the criminal history and the credit reports of the people can help you determine whether you can trust them too. The chances are that a good tenant is familiar and comfortable with the rent amount and any fees. If they can’t afford fees, can they afford rent each month? Tenants don’t often negotiate rent but make sure you don’t reduce it too much.
Cost of living
Do you know the cost of living in the area? If the prices of food, transport, other goods, and services are higher than the other areas, there will be a major jump in the amount of rent as well. However, it is difficult to tell the reliability of tenants paying guaranteed rent in the area. Lower price properties will always attract more tenants.
Hiring estate agent
It makes sense to use a good estate agent or letting agent find you the best tenant. There are so many things that you can do to ensure reliable rent every month but your efforts might not prove successful without professional guidance and it is here that the role played by an estate agent makes real sense.