Tips & Tricks – Boost your business by understanding your local rental market

Did you know that RP Data can be utilised to get the best returns for your landlords and help you to win new managements by assisting with all your rent increases to make your property management portfolio as profitable as it can be?

Did you know that you can estimate rental yields on investment properties based on your local market and provide great service to investors using the RP Data system?

By creating a RP Data Rental Comparison Report, personalised for your client and showing all comparable rental properties in your area plus some great statistics, you can determine a rental rate or listing price based on market conditions as opposed to relying solely on your own rent roll.  Used well, this can result in you managing more properties or selling properties faster by clearly demonstrating the rental potential of the area.

To generate a Rental Comparison Report:

  • Simply choose the property that you would like to appraise for a rental and open its property file.
  • In the property tasks bar under the photos, click on the radius search (little house icon with the circle around it)

  • Go to the far right tab – rentals
  • Use the refine search box to the left of your screen to tighten your search criteria. Feel free to alter the radius also – it defaults to 1km but can be pushed out to 5kms and pulled back in to 500 metres.

  • Once you are happy with the list that you have, simply tag the properties (tick in the box at the top left hand side of each data point)
  • And then click on the “rental comparison report” on the Multi Property Activity line at the bottom of your screen.

  • Edit the report making sure you personalise it for your client and generate a PDF.

If you are not yet a user of the RP Professional system, please contact us on 1300 734 318 today to subscribe.   Feel free to join one of our property management e-learning classes and find out all the tips and tricks RP Data have to help your property management department.  Visit rpdata.com/training to book a training session.

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