How to negotiate rent down ?

sky_rat

I can only see my daughter at weekends unfortunately, it was every other weekend but might now be for 2 weekends, then miss one, then 2 weekends etc.

I can't see my daughter in the week because work is too far away, by the time I finish work and get to her it's bedtime, she is only 4. And work expect people to work overtime (unpaid). So there is no chance of leaving early as leaving on time is going to be unlikely as it is. No matter how much overtime I do, I do not get it back to take time off work. It's part of the requirement of the job to work overtime, like most jobs I thought?

It's not just being close to my daughter but being in an area I like, where I can meet people and socialise. There is no where near work that is like that because work is out in the sticks. The houses are also more expensive near to work. I have some friends in the area i have chosen to live too.

Eventually I want to move into the same area where my daughter lives, but that means finding a job near her which I have been trying to do for the last year, but nothing has come up.

Brb

In my area marketed properties are going down in price - or appear with the label "open to offers" on rightmove to shift them.

I have no qualms about negotiating on price. Have gotten 2 properties cheaper and half price admin fee in one instance. Don't go thinking though that you can get £100 off a month (unless it's over £1k a month). The LL will only look to put up the rent 6/12 months later anyway.

sarahevie

I'm not sure about your current situation but I'd like to share what happened when I was renting out my house this summer.

It had been vacant for 2 months as we decided to do extensive refurbishment after it hadn't been vacant for a day in 3 years (very lucky I know.) Plus I was due to give birth 2 days after the previous tenant left.

Rent was £65ppw (4 bedroom student house share property.) Potential tenant got off on the wrong foot when he phoned up and started with "I understand that you have been struggling to find tenants as it has been advertised for ages." (Not true had been advertised for 2 weeks but the move in date was still 2 weeks away as we were still refurbing.) This got my back up.

Next "I'm afraid we cannot pay the £65 a week would you consider £55 a week."

I agreed, as it was getting closer to the beginning on term and there are an oversupply of student properties in the area.

Next "There's only three of us. We would like the whole property for £55 ppw."

At this point I said no. They could have it for £55 a week but I would still advertise the 4th bedroom. Then he put me on hold for ages whilst confering with the rest of the group. I decided in my head instantly they wouldn't be my tenants.

Lack of respect, too cheeky, like they were doing me a favour. Anyway I let them view but fortunately 3 other groups of 4 viewed the same day and all wanted it. So I was able to cherry pick some really nice post grad students who didn't negotiate on the rent. They have been my best tenants ever very friendly, pay rent in cash every month gave three months rent up front. Have invited me, OH and kids round for dinner.

Brb

Can't say I blame you Sarahevie! what a cheek.

There are ways of haggling and then there is just plain asking for someone to slap your legs for being a moron.

It's basically down to how you come across. Of course do your homework to see if there is several properties of same type and how long it's been marketed. If it has been on for a while do NOT mention this. They know this, you don't need to point it out to them.

I always have contents insurance to include LLs soft furnishings and misc. I know that clauses in ASTs that state that Ts must have this are in fact deemed unfair and unenforcable. I do however consider it a good idea and will mention this during the viewing (not the bit about knowing unfair term in ASTs) (along with the story of my flooded house and how my insurance company covered approx 2k of LLs stuff).

If you have been good with your money then take 3 months bank statements with you. They show you pay a DD to all the usual utilities (at a normal rate thus showing you are not paying off a debt), tv license DD rent SO etc. A LL wants someone who pays their way on time.

Answer any of their questions honestly.

At the end of a viewing there is that point where you all look at each other and it's "well, what do you think ?".

You: Yes I like it very much (if you do), I could see myself being very happy here <smile> the rent is ..... ?

£575 per calendar month comes the reply


You: Erm, would you consider £525 now and when we renew look to increasing to £550 ?

It opens negotiations and makes them aware that whilst you are wanting a reduction that you aren't stupid enough to think they won't be looking to raise it when your fixed term expires.

If you see a wobble ...... then you say .... and I can move in next week <big grin>

Well that's how I do it anyway

sky_rat

sarahevie wrote: »

I'm not sure about your current situation but I'd like to share what happened when I was renting out my house this summer.

It had been vacant for 2 months as we decided to do extensive refurbishment after it hadn't been vacant for a day in 3 years (very lucky I know.) Plus I was due to give birth 2 days after the previous tenant left.

Rent was £65ppw (4 bedroom student house share property.) Potential tenant got off on the wrong foot when he phoned up and started with "I understand that you have been struggling to find tenants as it has been advertised for ages." (Not true had been advertised for 2 weeks but the move in date was still 2 weeks away as we were still refurbing.) This got my back up.

Next "I'm afraid we cannot pay the £65 a week would you consider £55 a week."

I agreed, as it was getting closer to the beginning on term and there are an oversupply of student properties in the area.

Next "There's only three of us. We would like the whole property for £55 ppw."

At this point I said no. They could have it for £55 a week but I would still advertise the 4th bedroom. Then he put me on hold for ages whilst confering with the rest of the group. I decided in my head instantly they wouldn't be my tenants.

Lack of respect, too cheeky, like they were doing me a favour. Anyway I let them view but fortunately 3 other groups of 4 viewed the same day and all wanted it. So I was able to cherry pick some really nice post grad students who didn't negotiate on the rent. They have been my best tenants ever very friendly, pay rent in cash every month gave three months rent up front. Have invited me, OH and kids round for dinner.

A friend of mine has 11 houses which he rents out, mostly to students. And he has told me some horror stories, the worse was when he found used syringes under a matress when they left the house.

No disrespect to students, I used to be a student (part time whilst I was in full time work) but I think renting out to students and renting out to professionals can be quite different. And I suppose its understandable because students either dont have an income or have a very limited income.

Ive been in proffesional employment for 18 years now, educated to degree level and have a good credit rating.

I have rented 3 houses, the longest being for 4 years. I have NEVER fallen behind any rent payments on these houses, including bills for the house and personal bills.

So to someone renting out a house I am an excellent tenant.

Like I said, Ive always left the house in better condition than when I entered it, just to make sure I get my deposit back. And I have never caused any trouble what so ever when renting these properties.

I like to rent decent accomodation and I treat the property as if it were my own, afterall it still costs me alot of money and I am the one living in the property.

I cant deny that it doesnt frustrate me how the money I pay in rent should (and could) be used to pay for a mortgage on my own house, but the banks and high house prices are to blame for this so I have no choice but to rent.

sarahevie

Just wanted to ad I'm not against people who are on a budget per se if they are upfront about it. The same as I would certainly be more inclined to accept a rent reduction (within reason) if I thought that I was goint to have less hassle, get on with the tenants.

Last year I had tenants on a tight budget who couldn't provide a parental guarantor, but arranged to pay rent on dates when student loan came in and paid on time absolutely fine. They were always very polite and genuinely appreciated that I had helped them out as no agency would touch them.

These were better than my 'hooray henry' types the year before (who on paper had extremely rich parents) but trashed the place, showed no regard for the property, had a very slap dash opinion of finances, had a very 'i don't care' type attitude as everything had been handed to them on a plate their whole lives their rent was consistently late. Although a quick phone call to mummy and daddy had it winging my way (usually a month late.)