Getting a property valuation
Your objective should be to rent out your property to reputable tenants, at the best possible price, and as quickly as possible.
To achieve this, you need to put your property on the market at the right price, with this price resulting from an estimate based on recent rentals, and current demand for your property. Be demanding, request references on which the values provided to you are based. The rental prices that you see on internet or in agency display windows are often very different to rental prices actually achieved.
There are two pitfalls to be avoided:
- under-valuation, which serves to speed up the rental process. Be aware of the fact that current laws no longer allow you to increase the rental price at a later stage for a subsequent rental.
- over-valuation, which is unfortunately often practised by estate agents looking to pick up a rental mandate. This practice has highly negative consequences for the owner. It often leads to a much longer delay in renting out the property, leading to a final rental price that is lower than one that could have been obtained through proper positioning, particularly in a stagnant or bear market. In addition, in the event of a rental well above market price, the current tenants may well be encouraged to vacate the property for another more competitively-priced one, leading to a costly rental vacancy. (New rental, maintenance work, etc.)