Making offer on a property will determine whether the rental property will be your next home. If the market is buoyant or if you know that the landlord never negotiates on your rent, you might find that you have little choice than to pay asking price. But since we all enjoy that feeling of securing a deal, you may need to look at alternative ways to achieve this other than the price.
Whether you are dealing with a real estate agent on behalf of the landlord or directly with the landlord, make sure that you express you have an interest in the property even before making an offer. That way the agent or landlord can notify you if there is someone else makes an offer. There is nothing more frustrating than finding out that the property you were hoping to make an offer on has been let.
Once you have decided which property you are going to make an offer on, relay this the agent or the landlord along with the price, start date and length of the tenancy. Whilst 12-month tenancy are the norm, it is good to clarify this all the same or you might even want a longer term which will work to the landlord’s favour. >>Which Is Better: Short Or Long Term Lettings?
The commencement date of the tenancy is important since it will set when the landlord starts receiving rent. An asking price offer to start in two months is less attractive than a slightly lower offer with a sooner start date once you compare the loss in rent for both scenarios. This can be a good negotiation tactic especially if you want to secure a lower rent.
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As part of your offer remember to include any conditions, such as if you want items removed or added. These all form part of the offer since they become a cost the landlord needs to factor in. If you have a long wish list of items which are not a necessity such as repainting walls a different colour that are already in good condition or adding an extra armchair, then these should be alongside an attractive price. You want to have a good relationship with your landlord from the outset for an enjoyable living experience, so remember to be reasonable in your requests so that the landlord is amenable to other requests you might have later down the line.
Until contracts have been signed maintain good communication with the landlord or agent. You will want to gauge their reaction for every stage of the offer to decide on your next move. Offers can be sweetened by bringing a start date forward, paying more than one month’s rent in advance or increasing the term of the tenancy. Have these in the back of your mind and use this as part of the negotiation. Finally, back up your offer to illustrate why you have offered below the asking price. Is there another unit in the building that is bigger going for the same price or are the building works next door disruptive? Providing clear evidence will also bring to the landlord’s attention things he might not be aware of.
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