Negotiating rent

Kua

Hi,

I listed my property to rent for £600 and have been overwhelmed with interest and am now wondering if I set it too low. Would it be really off to up the asking price now or to ask interested parties if they would be willing to pay more to secure it?

G_M

Bit of a cheek.

Presumably you'd assessed the market, the £600 met your business plan, and you were happy?

Be glad that
a) you'll minimise a void by being able to get someone in fast and
b) be able to chose a tenant who ticks all your boxes.

ognum

Kua wrote: »

Hi,

I listed my property to rent for £600 and have been overwhelmed with interest and am now wondering if I set it too low. Would it be really off to up the asking price now or to ask interested parties if they would be willing to pay more to secure it?

It's not something I would do. Are you working with an agent, what is their opinion?

How much more would you expect to get? I would look at all your applicants and take what you consider to be the best tenant.

In my opinion it is not always the person who will pay the most that makes the best tenant.

theartfullodger

So you want to break the promise you made to prospective tenants?? Then accept you'll be happy if they break their promises - eg won't bother to pay in full or on time, or not bother to look after the place??

What happened to those fundamental British values of decency & fair-play??

HappyMJ

I would just let it out at the advertised rate then increase it after a year so that it catches up with the market rate.

How did you select £600 as the rent figure? Did you look at comparable properties? Maybe £600 is the going rate but there just isn't that much around so you get more applicants. Increasing the rent to £650 may put them all off and you get nothing or you get the desperate tenant who can't really afford it but needs a property at any cost....i.e the tenant you want to avoid.

Bluebirdman_of_Alcathays

If the OP was gazumped/undered themselves they'd probably come on here apoplectic with rage.....

DaftyDuck

Overwhelmed with interest means YOU have a huge choice of tenants... select wisely, and you will have a contented relationship. Value of that? Pretty much infinite. Sure, re -advertise for 750, get only two applicants, one a !!!!!!, the other a bickering couple. Enjoy the extra rent; you'll need it!