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A Trans-Tasman agency has offered some handy tips on adjusting a landlord's unrealistic rent expectations.
Alex Watson, director of property management at Manukau Professionals, says one key challenge his business faces is investors who refuse to budge on pricing.
“We utilise Inspect Real Estate and the reports you get off that to show the dollar amount that the investor has lost by keeping the property vacant, which is a really powerful tool to show them,” he said.
“Also, keep landlords updated on the property and send them listings of nearby properties so they know whether they should reduce the price.”
Mr Watson said he regularly encourages investors to start with a lower rent just to get the property filled, and waiting for six months before reviewing the rent.
Callum Razak, business development manager at Manukau Professionals, also said using technology to find comparable properties can help lower the expectations of stubborn landlords.
“Ask them why they believe their property will achieve the rent they’re asking and then bring up the phone or iPad and say, 'If we look online and compare some of these properties, this is pretty much where we see your property sitting',” Mr Razak said.
“If the owner perseveres at that point, then I'm not afraid to say, 'Alright, let's try it at $350 for three days and after that we’ll know if we've had the right sort of views and inquiries on the property'.”
[Related: BDM puts clients' fears before fees]
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