One of the most annoying vexes, while renting, is negotiating with your landlord. With unorganized renting practices, landlords often try to mooch off of their tenants. Unreasonable prices against minimal amenities, is a common issue faced by tenants.
The current COVID situation has made renting even more hard. Landlords are hesitant more than ever to rent out their properties without substantial assurance. Many PGs and hostels have even asked their tenants to vacate the place. Thus, it is much more necessary now to apply the art of negotiation with a careful and effective tactic.
While it is natural on the part of the tenant to compromise a little; some negotiation in good faith can surely take place, provided you know the right way to do it. There are many pointers you can negotiate on with your landlord like the yearly increment in rent, leasing agreement, basic amenities, etc. Here are a few things to keep in mind while you take up negotiation with your landlord:
- Research about your area
It is the first most important step, to research the area you are looking a place in. You then compare the prevalent rents to your budget. This research is necessary as you might not be in a strong position to negotiate on reducing the rent, if it is in the range of what is prevalent there. You can ask for this around the neighborhood, market area and brokers.
- Know your place’s worth
It is imperative you know what if your apartment worth for, before you start the discussion with your landlord. You must feel that your cost to benefit ratio is at a good position. If you feel you are overpaying, you can then discuss the same with your landlord.
- Extending lease agreement
Usual leasing agreements are for one year. If you are sure that you won’t be moving to a new place anytime soon, then you can ask for an extension of agreement with your landlord. Having an assurance that the place will not be vacated is an assurance to the landlord too, thus, it can be a strong negotiating point for you.
- Negotiate for some perks
One strong way to convince your landlord to reduce the rent is by agreeing to give up some perks. For example, if you don’t have a vehicle then you don’t have to pay for parking space. Or it can go other way around for you. If the landlord doesn’t agree to reduce the rent, then you can ask to add some perks like basic maintenance or addition in your existing furniture.
- Communicate your needs
You must confirm all your needs with the landlord regarding leasing agreement, furniture and other amenities during the initial discussions. After the agreement has been signed, you reach a weaker position to negotiate from.
- Check your tone
A landlord will never respond in your favor if you will approach them as a charging bull. Check your tone while you discuss your terms. You must be clear with what you need and polite with how you communicate them.
Another point to keep in mind is timing. Try negotiating at a slow time. Re-evaluating the terms at the end of the month can also work because they wouldn’t want to have their place vacated.
- Show your worth
As mentioned before, these are tough times. Landlords need a full proof assurance that their tenants are worth keeping around in their properties. So, showing loyalty to the precautionary regime during the COVID scenario will benefit both of you. Further, some good tenant etiquette will speak in your favor when you will want something from your landlord. A happy and satisfied landlord is much more likely to lend you an ear.
While compromise is definite on your part; you must be an informed tenant. Negotiation, if done from the point of strength with a clear plan, can yield results.
Or you can avoid this inconvenience altogether, by renting with professionally managed rental platforms like GetSetHome where you don’t have to deal with the landlord. GetSetHome acts an effective mediator between the landlord and tenant; methodically keeping serving both the parties’ satisfied. Rents are reasonable and inclusive of all bills including gas, Wi-Fi and DTH services. All the documentation is taken care of by the ground ops in an assured way. So, you can opt this better and easier way of renting, and if not, then go with the above-mentioned pointers to get a good deal for yourself!
