This client purchased their property through iFindProperty with clear intentions of a well-tenanted property delivering a decent yield for his investment.
The new owner had carefully considered carpets, cabinetry and materials and personally managed $70,000 worth of renovations.
Throughout the renovation process, the owner had projected a weekly rent between $500 and $590 and contacted iRentProperty to find a tenant within this range and achieve a rental yield of 5.1 – 6%.
On visiting the property, I noted the high calibre workman ship which included a new kitchen, fresh paint on every wall and compliance with the Healthy Homes Standards. These well executed renovations led Carrie to believe the owner’s projections were well below market value for a property that had been modernised to such a standard.
A rental appraisal was completed, including comparison against properties being marketed at the time and rental value of similar properties in nearby suburbs and the owner was informed that had they continued with their initial post-rennovation rent estimate, he would be losing out on almost $10,000!
The property was advertised at $690 per week and attracted the attention of more than 2300 viewers across the five different marketing platforms used by iRentProperty. After two open homes the property was tenanted to a family who snapped up the property by paying a four-week bond and two weeks rent in advance. Rent has been paid consistently since move in and the owner is stoked at achieving a rent $190 more than his initial estimate.
This story shows the value of having your rental appraisals completed by a professional who understands the market well. Advertising this property at the owners projected rental value would have been a costly mistake!
Here’s what the owner has to say about his experience:
'If you're after a property manager do yourself a favour and simply go with Carrie. She's super reliable, passionate and very thorough with her tenant selection. She will only find you tenants that she would have in her own rental. She looks out for your property like her own.’
The details:
Carrie Abbott
carrie@irentproperty.co.nz
0210 296 5019