Negotiating your Rental as a Landlord

Get What you Want by Being Prepared to Negotiate on your Rental

It is common that negotiation is part of purchasing a property but did you know negotiating can also help you when you're renting your unit? Find out how! #landlording #incomeproperty #tenants #renters #rentalunits #realestateinvesting #helpinghunny

This is something I learned from a work friend – renting is a negotiation. For both the landlord and prospective tenant. It is entirely dependent on the market who will be in a stronger position to negotiate. However, just knowing this works to your advantage.

Two ways that approaching rentals as a negotiation benefits you:

1. You’re prepared if a prospective tenant wants to negotiate with you

Depending on the market, prospective tenants may want to negotiate on the rental, either monthly rental rate or what’s included. Some things that we have been asked about are a bike storage shed, lawn care and internet/cable. Knowing what you are and aren’t willing to include ahead of time makes it a really easy decision. The last thing you want is to be put on the spot and agree to something you may regret later. Even if you are prepared, you don’t have to agree to anything right away. Acknowledge the request and let them know you will get back to them within a reasonable time frame. This is especially important so both of you managing the unit are on the same page. It also lets the prospective renter know you are considering it and gives you time to actually consider the request.

2. You can be prepared to offer something

If you do not have a lot of applicants or there are a lot of rentals available, you may be in the position of negotiating to get quality tenants. Alternatively, you may have some all-star applicants, you may want to entice. In either situation, a relatively small expense for you, like including internet, can be all that’s needed as a gesture for them to accept.

It is common that negotiation is part of purchasing a property but did you know negotiating can also help you when you're renting your unit? Find out how!

Our Advice

Generally, you’re going to put your top price for your rental package in your ad so if they don’t ask, don’t offer!
Some prospective tenants will negotiate regardless of the type of rental market. This does not mean you have to say yes. Especially if you have multiple interested applicants that are good candidates.
If you are put in the situation of negotiating, simply let the applicant know you will consider the request. Here’s an example: “We had not planned to add a shed for bikes; let us do some research and let you know by tomorrow at 5pm.”

Our Experience

We are sharing this with you because we have been put on the spot before. We weren’t sure what to say and didn’t have a chance to talk it over before responding. After, we regretted agreeing as we felt it wasn’t our expense to bear. On the other hand, negotiating has worked well for us to secure tenants for a mid month rentals.

Have you ever negotiated on a rental? Let us know in the comments.
Cheers,
Denise and Sean

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It is common that negotiation is part of purchasing a property but did you know negotiating can also help you when you're renting your unit? Find out how! #landlording #incomeproperty #tenants #renters #rentalunits #realestateinvesting #helpinghunny

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