Purpose
This procedure contains the instructions for conducting a rental appraisal.

Procedure

Rental Appraisal Required
•	The need for the property to be appraised/rental estimate obtained is determined:
o	New Management opportunity
o	New Tenancy available
o	Review of current Tenancy 
o	Sales Valuation
o	Sales Appraisal.

Arrange Property Inspection
•	Where the property is occupied:
o	Arrange for access, as per the Agency Policy and Procedure.
•	Where the property is vacant:
o	Arrange for access with the Owner/Agent in possession of the property. 

Property Inspected
•	The property is inspected within 24 hours of the initial request (unless the property is unavailable).
•	View property.
•	Take photos for marketing purposes (if applicable)
•	Complete the Residential Rental Listing Form in full including:	
o	Inclusions (if any)
o	Special conditions 				 	
o	Any cleaning or maintenance required.

Comparative Rental Analysis
•	List the features/benefits of other rental properties that are: 
o	Currently For Lease
o	Recently Leased.
•	Determine the rental range for the property being appraised, by comparing it to the properties reviewed in Step 4.1
o	Benefits
o	Features
o	Location
o	Rental price
o	Condition of the property
o	Lease term offered
o	Special terms.
o	
Note 	Properties recently leased:
o	Are the best comparison, as someone has agreed to the rent and lease requested
o	Properties currently for lease:
o	Will only give you an indication of rental range, as no one has actually agreed to the rent and lease request and the agreed terms may be very different to what is being asked.