Renting an apartment is a challenge. As is negotiating to buy or sell your home. You need to use a series of tactics to help you get the best deal. Remember that a good deal should feel good for both sides. Here are our best rent negotiation tactics.
Top Rent Negotiation Tactics
Here are our 4 best tactics to win your real estate rent negotiation:
- Price your apartment right – There’s a difference between the cost you want to get (or what you think the apartment is worth) and what the marketplace will bear. “Sellers constantly appear to need a particular price. But this price has nothing to do with the cost of tea in China.” The way to avoid this issue is to look into neighborhood comps. This will give you a more realistic valuation of your apartment. CribRater is an app that allows renters to review neighborhood comps. They also have a fantastic neighborhood guide. Remember that your greatest offers generally come at the start. It would be a mistake to not listen to those offers, regardless of what they are.
- Behave like the world’s greatest salesperson – Create your BATNA and never back down from it. A BATNA is your Best Alternative To A Negotiated Agreement and serves as a negotiator’s fallback option in case there’s no deal. By having a BATNA, you are putting yourself in a stronger negotiation position. Maybe you’ve determined when you don’t get your bottom line, you’ll try again after, or maybe you will remain in your apartment and renovate. Keeping your BATNA in the back of your head will help in preventing you from consenting to a lousy deal out of despair.
Focus On Getting the Right Deal
- Don’t be a mental seller – As a seller you must remain calm and trust the market. The realtor will find out the buyer’s pre-qualification sum from the bank or what the buyer’s desirable purchase price is. The more information you have about the market and a buyer; such as their needs and their fiscal situation, the better position you’ll be in when the time comes to negotiate.
- Be Realistic – Being obstinate is typically not the greatest strategy in any discussion. In case your aim is to sell, choosing less than your perfect cost is typically better than not selling at all. Sellers must account for the real price of not selling — not only a monthly mortgage payment, but utilities, insurance, upkeep, yardwork, and threat of vandalism or theft. That’s why you must factor this in and consider the cost of not selling or holding out for a better offer.
These 4 rent negotiation tactics will help you find the perfect price. It works for renting your apartment, buying an apartment or selling it. Hopefully you remain calm and think of it as a transaction. This will allow you to maximize the deal and close at the ideal time. Additionally remember, use CribRater to see what others pay in rent 🙂