It is vital that a landlord carries out his/her own market research not just when purchasing a rental property but when marketing a rental property to potential tenants. A landlord must ensure that they are offering a realistic rental price to potential tenants otherwise the property will stay vacant. Potential tenants now have the facility to search through 1000’s of rental properties at the click of a button. If a rental property is overpriced, landlords will lose out on potential enquiries being made.
Market research can be carried out by visiting the following websites.
To start the market research for a rental property the first half of the landlord’s rental postcode will be required within the rental search facility when using both of the above property portals. When selecting the rental property criteria to be used within the rental search the information should be kept as close to the rental property detail that you are researching, with the exception of the rental price. To research the market rental prices for your chosen area and property type, it is good to put in a range of rental values, starting £300 below your anticipated rental to £300 above your anticipated rental value.
The search results generated will give an indication of what similar properties are available within the market, in that particular area of the UK. The information offered will be a good guide as to the quality of rental properties available, the rental price of similar available and let properties, and the way that other properties are presented. From the research carried out a good judgement can be made as to a realistic rental price for a particular type of property located anywhere within the UK.
This rental research will take no more than half an hour to complete, but has the potential to save £100’s in mortgage payments if the property is left empty due to an overpriced rental property.
