Landlord Question: Can I get a higher rent than what my agent suggests?
A landlord has asked us: "What should I do if I want a rent amount for my property higher than what you have recommended?"
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. While it is something that most Agents can do for you it may provide implications for the timely success of securing a tenancy.
Trialing 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 just skim over the ad thinking “something must be wrong with it”.
The first week of advertising is the most active in terms of exposure and interest. Especially if it is a high supply market, your advertisement is loosing its position every day with other properties being advertised and 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.
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.
Just remember: Sometimes the best possible price, is not always the highest price.