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How much should I market my property for?

How much should I market my property for?

In today’s competitive and crowded market it is essential to make sure your property stands out. In the digital world we live in now, we must take advantage of making the most by reaching out to as many prospective tenants as possible through various digital platforms.

A question that is asked all the time…how much should I market my property for?

For this there are many factors to consider, therefore it is vital to take these into consideration to obtain maximum exposure and quick results.

Location

Whether it is a family looking to relocate near the right school, a professional looking to get to work quickly or even a student trying to replace those few minutes of travelling for sleep everyones looking to shorten the commute of their desired destination. For this reason location plays a vital role for how much you can ask for your property. If your property is situated near transport links then you can ask for a premium. If your property is not located near transport links then sometimes asking for slightly reduced rent can be the right ingredient in attracting those enquiries.

Condition and Features

You must consider how up to date your property is with its decorative order. In older period properties it is desirable to maintain its original features and with newer modern developments it is important to show off it’s advantages, whether it is its energy efficiency or secure allocated parking. Furthermore, if you have a very similar property on the same street or even a few streets away you must take into consideration what the other property has to offer such as outside space, double glazed windows, parking, bike storage, additional storage space or study/office area. If your property lacks any of the benefits then it may be a good idea to ask for a bit less than your competitor, alternatively if the benefits lay with your property then you could ask for more.

Season

In the rental market the time of year your property becomes available can dictate how much you can ask for. In areas where you have Universities, between June and September you would see a huge increase of demand for properties from students which can have an impact on families and professionals looking at the same time. During this time you usually see a shortage of supply therefore rents tend to rise slightly. During the month of December you usually see a slight fall of enquiry levels as people are usually busy and excited with the festive season and generally prefer not to move. That said, you could take advantage of this period when the competition is not an issue as there are less properties coming to the market.

Netlett can advise you on how much you should ask for and can send you a report of what similar properties are available to rent in the surrounding area of your property. Should you want to discuss this further please get in touch with a member of staff who’ll be delighted to assist, alternatively please complete the form below and we’ll reach out to you.

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