One of the benefits of owning an investment property is the extra income it generates. So, savvy investors look for ways to maximise their return on investment. An important step in achieving this is to get a rental appraisal conducted professionally.

When you obtain you rental appraisal from a property professional, you'll put yourself in the best position for property investment success

Firstly though, it is important to understand what it is. A rental appraisal details what level of rent an investment property might generate.

It is an extremely valuable document that will include useful information, such as current market trends and conditions as well as what similar properties are being rented for in the area and the surrounding suburbs.

Knowledge is the key to success

As any good salesman will tell you, the key to success is to know your product. A benefit of getting a rental appraisal conducted is that you will gain a better understanding of your asset.

Rental appraisals can open the door to conversations with a property specialist about your property and help you find out what can be improved upon. By taking measures to amplify the appeal of your investment property to potential tenants, you can justifiably increase the rent and therefore your return on investment.

Property specialists can also give you information about other properties in the suburb of your investment. You can use this information to see how your property is performing in comparison.

They can also be useful if you are considering purchasing more investment properties by gaining insight into potential returns.

They're not just for owners

Rental appraisals aren’t just for those that own an investment property. If you’re considering becoming a property investor, you can get a rental appraisal done to understand what your return on investment will be.

The appraisal could also help you assess your purchase when seeking a loan. Knowing your potential rental income can help you understand the affordability of your repayments. 

Securing professional advice and partnering with experts improves long-term results

By having a rental appraisal conducted by a real estate professional, you will be forming a very important connection that could potentially help stabilise your financial future.

The best property managers can take the hassle out of owning an investment property and make it a far less stressful experience. They will handle and assist with difficult processes like tenant selection and all issues surrounding rent. Their main goal will be to make your investment property as profitable for you as possible.

Organise a free rental appraisal with Little Real Estate today to get a strong picture of your property’s true value on the market.