One of the biggest drivers in real estate is price. How much you advertise your property for will determine your interest levels, in turn, determining the speed of finding your tenant. The more people you get to choose from, the greater the chance you will find the perfect tenant quickly. Ultimately, having your property untenanted is only costing you money, but taking the wrong tenant will cost you more.
By doing a comparable analysis of what similar properties have been rented for around yours can give you an indication of how much you should set the rent at. You don’t want to be too low as you’ll miss out on extra weekly income, yet you don’t want to set it too high as you will miss the market and have no one coming through your property.
In today’s market, there is a possibility to find a tenant within days of being on the market. Make sure when you’re interviewing agents, you appoint the one that has given you a full analysis of what your rent should be set at and who has instilled the confidence in you to make you feel comfortable to hand the keys and management of your biggest asset over. The right agent will guide you in the right direction and should have a good tenant and an income for you in no time.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.