Nadia Marais, Owner Namar Properties

4 Essential Tips For Rental Property Owners 

Buying an investment property can help increase your wealth and secure your financial future, just as long as you maximise your rental income. 

Vacant properties should have a rental property appraisal from a local property expert, this person can also ensure that a suitable tenant is found with ontime rental payments to help cover the costs of your investment

Namar Properties real estate property managers are not only well trained but are themselves rental property owners so can really help you with getting an accurate valuation of your rental house, flat, student accommodation or commercial property.

For properties that already have occupying tenants it is essential to ensure that your current rent is in line with market rates and if you are using a property management company that can offer you a level of service that meets your requirements.

Here are 4 essential recommendations on how to get the right value for your rental property from our property management experts here at Namar.

#1 Rental Property Value Myth Busting

You may have heard from some property investors or from friends or family that you should be able to achieve R100 returned per week for every R100,000 invested in buying a property. This may work in some places for some properties but on the whole you should treat it as a myth

The property rental market in your area will have many different factors to determine a reasonable rental value and these may not always be the same as an investors’ expectations. This means it’s vital to do your own research into rental property returns and seriously consider a professional opinion.

“For properties that already have occupying tenants it is essential to ensure that your current rent is in line with market rates and if you are using a property management company that can offer you a level of service that meets your requirements.…”

#2 Comparing Similar Rental Properties

An online search is always a good place to start looking for similar properties as yours that are available to rent in the same area. 

Once you have found some that will make a good comparison attend open viewings of these properties. This is a great way to see the real value of a property and to ask questions from the property manager or landlord to get a better insight into other competing properties. If you are looking for a property manager you can evaluate them at the viewing and get a good idea if they are right for you and can meet your needs as a landlord.

# 3 Get Your Rental Property Appraised By A Professional

Once you have a good understanding of the realistic rental price you can ask for your property you should start getting rental property appraisals. You may have met potential agents at a viewing that impressed you with how they managed the property you saw, this is a good place to start.

A good tip is to make first contact through the property management company’s website or by email. Doing this will show you how quickly they will respond and their level of service to landlord and tenant enquiries which will matter if you sign a property management agreement with them.

#4  Ask Lots Of Questions

You may decide to get more than one appraisal of your rental property and they may all differ in their appraisal methods and outcomes. Therefore it is unsurprising that it is sometimes confusing to choose the right partner to work with. This is when you should go back and ask questions on what it is that isn’t clear to you, an expert company should be completely transparent and provide easy to understand answers.

 Three questions you should ask if they were not covered in the appraisal are:

  • Which methods were used to make the appraisal?
  • Do they have evidence of the number of potential tenants that are on their database interested in properties like yours?
  • How will they take your property to market and what is their strategy to ensure that you get the right rental price for your property?

 After using these recommendations you will be in a good position to decide on what to charge for your rental property and which partner you feel confident that can manage your property for you. 

Namar Properties have been helping Port Elizabeth rental property owners maximise their return on their investment for over 10 years. All of our rental property experts are themselves rental property owners and are in a great position to help you.

 List your property for an appraisal here or speak to one of our rental property experts here

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