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FREE Rental Appraisals with Centurion Real Estate!

Posted by Justine Valender on 24/11/2023
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What is a Rental Appraisal? A proper rental appraisal will ensure that you are charging the correct rent to your tenants, help to secure and retain quality tenants, and help to shorten any possible downtimes between tenants. Do you want to know how much rent you should be getting for your property?

Discover how much your property is worth on the rental market and how to maximize your returns.

Owning a rental property is more complex than ever. The effort you put in as the landlord to provide a quality rental property to your tenants should be rewarded with a generous return.

A rental appraisal is a detailed report of the earning potential of an investment property, based on current and concise market conditions. It is a vital tool that will provide a landlord insight into how much their property is worth on the rental market. A good rental appraisal should give a detailed explanation of rent values. These are determined by current market trends, rent levels for other similar nearby properties and relevant property data.

Why Request a Rental Appraisal with Centurion?

IT’S FREE. We provide rental appraisals free of charge to landlords with no obligation to use our management service. You can use this rental appraisal to maximize returns and retain good tenants.

IT’S YOUR KEY TO YOUR INVESTMENT SUCCESS. Getting a rental appraisal will make you gain a better understanding of your property asset. By having a rental appraisal conducted by a real estate professional, you will be forming a very important connection that could potentially help stabilize your financial future.

What Does a Rental Appraisal Look Like and What Information Should it Contain?

1. The location of the property:

As the saying goes – location, location, location! When it comes to appraising a property, location matters.

When looking at the location, an agent will not only look at the street the property is in and the vicinity to local attractions. They will also look at what school catchment the property is in, what amenities are nearby and what public transport routes are accessible. But remember, just because your property isn’t necessarily near anything, doesn’t mean it’s not going to attract a good price. Sometimes, the quieter streets and areas are just as desirable.

2. The property’s rental history:

rental appraisal

3. What other ‘Comparable’ properties in the area are being rented at:

When conducting a rent appraisal, the real estate agent will look at the size of the overall block, the size of the structure on the land, as well as the size of the relevant areas within the home. For example, how large is the living area or main bedroom? The agent has to weigh up these measurements against other properties in the area. It’s also crucial to understand the potential renters or target market.

rental appraisal history
rental appraisal - comparable rentals

4. The overall economic conditions and the housing market:

The market will generally dictate what your property is worth. An agent will look at the recent rents in the area and overall market trends to get an idea of what price to present to you as a guide.

However, while the market may indicate a lot when it comes to the rental price, it’s not the ‘be all and end all’. A potential renter may walk through your front door and fall in love straight away.

rental appraisal - recent market trends

5. A summary with indicated rent range from an agent:

An appraisal is an educated judgment on what your home is worth by the agent. Not only will the agent look at all of the comparable rents in the area, but they’ll provide a unique insight into the local market.

They also provide a figure based on insight into the features of your property.

rental appraisal - summary of rent range

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