A rent review examines the rent level. Stating you will have them is pointless.
All landlords do rent reviews.
You have not signed away your right to give the tenant notice of a rent increase.
I once had the "pleasure" of a long challenge against a rent I increased. Gave the tenant 60 days notice in writing. He objected and demanded a Tribunal hearing. The burden of proof was on me as PM to show that the increase was justified, was at market level, so I had to make a comparison of properties in the area to prove my point. It was necessary to use properties where the significant features which might alter the rent were comparable, in order to eliminate the tenant's argument that the properties were dissimilar. I used 5 properties as examples and chose them to suit my purposes.
When doing this, it helps to be a PM with a rent roll. If you don't have one, it's more legwork. However, you could get 3 written appraisals on your property from 3 unrelated local PMs who would like to manage your property, who must be considered competant by the Tribunal because they are locally employed PMs, and it would obviously not be in the tenants' interest in terms of Tribunal credibility to obstruct access to the property for those appraisals, and the disturbance might deter them from objecting in the future.
Very time consuming but also educational.
cheers
crest133
All landlords do rent reviews.
You have not signed away your right to give the tenant notice of a rent increase.
I once had the "pleasure" of a long challenge against a rent I increased. Gave the tenant 60 days notice in writing. He objected and demanded a Tribunal hearing. The burden of proof was on me as PM to show that the increase was justified, was at market level, so I had to make a comparison of properties in the area to prove my point. It was necessary to use properties where the significant features which might alter the rent were comparable, in order to eliminate the tenant's argument that the properties were dissimilar. I used 5 properties as examples and chose them to suit my purposes.
When doing this, it helps to be a PM with a rent roll. If you don't have one, it's more legwork. However, you could get 3 written appraisals on your property from 3 unrelated local PMs who would like to manage your property, who must be considered competant by the Tribunal because they are locally employed PMs, and it would obviously not be in the tenants' interest in terms of Tribunal credibility to obstruct access to the property for those appraisals, and the disturbance might deter them from objecting in the future.
Very time consuming but also educational.
cheers
crest133
