Seeking out a Valuation for rental review purposes is an essential requirement for tenants and landlords in commercial leases. When a commercial, industrial, or retail property is rented, the lease will stipulate when a rental review will be in place. Because commercial leases are generally around 5 – 15 years, a rental review can either occur at the renewal of the lease or sometimes halfway through the lease. The purpose of this is to ensure the ongoing fair market rent is paid for the property in the most unbiased and transparent way possible.
Rent is likely to be your biggest expense, seeking out a professional rental review is essential for any tenant and landlord to avoid over or underpaying the correct rental value. While a rental review is commonly included in long term commercial leases to ensure that the correct rent is being paid, it is sometimes requested in residential leases in cases of rental disputes or rent querying. However, more often than not, we cater towards a huge demand for rent reviews for commercial tenants and commercial property owners.
Determining the correct amount of rent payable is contingent on a variety of reasons, such as economic climate, property location, size and proximity to local amenities. As a tenant, it’s important to understand your tenant rights in requesting a rental review. Seeking out a rental review is helpful in reaching the fair and current market value of the rent payable.
Each rental review valuation report is professionally detailed, providing a comprehensive report that will look into the following:
- Condition of the property
- Comparable Rentals
- Current Lease agreement
- Other areas of concern as specified by the tenant
Melbourne’s Expert Property Valuers
At Melbourne Property Valuers Metro, we are committed to ensuring that a fair and current rental value is paid by tenants and to Landlords.
While rental reviews are common in long term commercial leases, seeking a valuation report can also work towards preventing further disputes between the tenant and the landlord. As an independent valuation company, Melbourne Property Valuers Metro are not tied to any third party establishments and can guarantee a certified valuation report determining the accurate rent payable as its current market value. It is important to us to make sure that both parties are aware of the current rental value of the property.
There are a number of reasons that can affect the rent payable for a property, this can include changes in the property market, local infrastructure in the area, and increasing customer traffic. That’s why seeking out an independent, API registered property valuer is recommended to complete all rental reviews to ensure complete transparency and accuracy. As API qualified valuers, our clients are reassured that they are receiving the best service and a world of knowledge at their disposal. Our team of Senior Valuers all have at least 20 years experience are specialised in rental review to guarantee our clients with a quality valuation report.
We understand that the amount of rent that you pay, the most important expense in running a business. That’s why we always strive for excellence to ensure that we will provide both parties with a bias free, independent rent review valuation for peace of mind. Our services are also utilised in Court and litigation matters and are often used to settle dispute matters when the relationship between the parties break down.
Melbourne Property Valuers Metro is highly regarded in the property valuation industry. We are long established, full-service valuation firm that specialise in rental reviews and rental determinations for both tenants and landlords. If you require a commercial rental review, our commercial property valuers Melbourne will assess certain aspects of the property and analyse them against other recently negotiated and comparable leases in the area. Such aspects can include and are assisted by:
- The location of the property – we have an extensive amount of knowledge of the Melbourne Metropolitan area
- The size of the property – to work out a $ per square metre rate
- The interior fixtures and features as well as condition of the property
- Scientific methods are then used to calculate fair market rent for the property in question
- We have specialised residential and commercial property valuers Melbourne dedicated to this area of property valuation
- We offer our service for both commercial and residential properties
- No job is too big or too small – we service clients with single dwellings, mixed use dwellings as well as large whole-building reviews in multi-storey properties
- We take an unbiased approach to these property valuations – the result will be fair according to market evidence that benefits both parties
If you have a need for determining the fair market rent of a property, be it residential or commercial, single property or large scale development, look no further than Melbourne Property Valuers Metro. To speak to commercial property valuers Melbourne or to request a free quote, please contact us today on (03) 9021 2007 or fill out an online enquiry form. We won’t be beaten on price or service!