“What should I do if I want a rent amount for my property that’s higher than the agent has recommended?” – Sarah
We asked Business Development Manager at Absolute Real Estate, Michelle Kathopoulis for her advice on recommended rent for properties.
“Your Agent can ‘trial’ or ‘gauge’ the market with your higher rental amount so that you can confirm the level of interest at that price,” Michelle said.
“While it is something that most Agents can do for you it may provide implications for the timely success of securing a tenancy.”
Michelle said trialling the higher price may result in the property being advertised for longer than it should be, which may lead to the advertisement becoming stagnant.
“This means it has been seen to many times, for too long, and people skim over the ad thinking ‘something must be wrong with it,'” she said.
Remember: The first week of advertising is the most active in terms of exposure and interest.
In a high supply market, your advertisement loses its position every day with other properties being advertised pushing it further down the page and onto other pages where exposure is reducing.
“If you would like to gauge the interest in the current market, it is imperative to adjust the rent within the first few days if the level of interest is not what is expected,” Michelle said.
“You and your Agent are on the same team, and your Agent has the same goal that you do – to rent the property as quickly as possible for the best possible price.
“Sometimes the best possible price, however, is not the highest price… What I mean by this, is that the length of time it takes to secure the price may outweigh the gain of the higher rent.”