Renting out your property with the help of real estate agent is a smart move as you can determine the correct value of your property. When the market is slow, renting your property can be really lucrative as this becomes affixed income every month which you would get without making any extra efforts. However, deciding the rent appropriately is also necessary because fixing the low rent will end up being a loss and fixing the high rent won’t get potential tenants.
Comparing and analyzing the worth of your property
To analyze the worth of your property by comparing the rent existing in the market will help you decide. You must compare the rent with other properties that are being given on rent. Comparing the rent is easy on property websites which will give you a fair idea. Deciding a higher rent won’t get you a prospective tenant as they will be seeing other properties in the area and will shortlist the one with less rent.
You must do a proper research about the properties and also look for home loan brokers Adelaide who can assist you for the same. Check out the price and their services whether it is promising or not. Read reviews of other landlords so you can get the best agent at a reasonable price.
Your insurance company should know about your intention of giving the property on rent. The policies of the insurance will have to be amended and a new type of insurance known as landlord insurance will be introduced to cover your home in your absence. This can be beneficial, in case the tenants do not pay, so you don’t have to worry about the rent.