“What should I do if I want a rent amount for my property that’s higher than the agent has recommended?” – Landlord, NT
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.”
Have tenancy questions? Join the Rent.com.au Community
Michelle said trialling the higher price may result in the property being advertised for longer than it should be, leading to the advertisement becoming stagnant.
“This means it has been seen too 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 where you’ll get the most active exposure and interest.
In a high supply market, your advertisement loses its position every day. Other properties are advertised, pushing it further down the page and onto other pages reducing exposure.
“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 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.”
Michelle Kathopoulis is the Business Development Manager for Absolute Real Estate in Winnellie, Northern Territory. Her involvement in real estate has been as a residential and commercial property manager. She was awarded Property Manager of the Year in 2008. Since joining Absolute Real Estate in 2009, Michelle's role has included all aspects of business management with a strong focus on property management training and mentoring.