It’s a Buyers Market!
You’ve heard that phrase… It’s a buyers market. Today, it’s true. If you have cash, there’s much to buy and lots of desperate sellers. It’s true for real estate, true for cars, true for travel, clothes, etc. Today, a buyer with cash can negotiate a very good deal for almost anything.
The same holds true for renters!
Today, it’s a renters market. I hear from Owner/Managers often, and they tell me their vacancy rates have crept up. That means you, as a renter, have the bargaining edge. You can negotiate a better deal if you are willing to follow these tips:
- Look at several units.
- Compare rental rates, and politely let owners know you’re checking.
- Negotiate.
- If necessary say no.
Let me tell you. “No” is one of the most powerful words in the language. When a seller or property owner/manager realizes you truly are willing to walk away, suddenly, their knees can grow very weak, their negotiating position can erode. But, it only works if you are truly willing to walk away.
Now, something may seem so great you do not want to walk away. OK. It’s possible. But my experience with cars, houses, etc has been that no matter how good something looks today, there is something equally good, or even better, you just haven’t seen or found yet (hence point number 1 above).
So, look at this way, once you’ve found a property that’s equal or better, you have the ability to negotiate from strength. Why, because you have the power to say no, the power to walk away. Remember whether its sellers and property owners/managers, these folks rarely want you to walk away, particularly if they are sitting on 1, 3, 8 vacant units.
SNEAKY TIP: Try to assess how many vacant units are at a property before you see the Owner. The number of vacant units increases your negotiating position as the owner is more hungry, more willing to discount. Ask some other tenants living around the building, or neighbors.
GOOD LUCK!
Tim Murphy, Owner
Padzilla.Com
