Negotiating the Rent

Negotiation Tips for Owners
  • Make sure you do your homework before setting the rent
  • Employ the services of a good property manager who is capable of negotiating a good deal for you
  • Seek advice from those qualified to give it, rather than from family and friends
  • Be realistic – set your rent based on fact, rather than emotion
  • Be willing to compromise, particularly on small matters and consider ways to give the tenant a sense of value which may lead to a better rental price for you
  • Look at the conditions of the tenant’s offer not just the price

Negotiation Tips for Tenants
  • Make an offer as realistic as possible- there is not always a lot of room for movement on price, so unrealistic offers may only discredit your intentions.
  • Make sure you have a good rental history and references.  If there has been a problem in the past let the property manager know the reason.
  • If offering less than the asking price, make conditions attractive to the owner (e.g. a longer lease)
  • Be prepared to pay a little bit more for a good property in a good area.
  • Don’t waste time acting on the property available.  Don’t run the risk of losing the property, it may take a while to find another one