It's important to keep track of how well your investment property is performing, and not just from a yield perspective.
The best way to do that is with periodic rent and property value appraisals. To find out if your property is getting the best yield possibly, a rental appraisal will consider all the factors influencing the market. This appraisal also determines how much rent could be charged, whether you can or should increase it, or whether you need to make improvements to the property. Asking us for an updated appraisal of its likely sale price, at the same time, also helps you consider if you should simply sell up and move on to something else.
An experienced property manager has an industry standard set of quality assurance guidelines to follow when conducting a rental appraisal on a property. This incorporates factors such as the status of the current lease, improvements that have been made to the property, the current condition of the property, or whether maintenance work or renovations might be required and local market conditions. Your agent will need to take careful consideration of all of these before determining a recommendation.
Market conditions change all the time, so a rental appraisal not only makes sense, it’s a necessity for the sake of your investment and your future. Ask for one today.