Rental prices... Can you barter????

nkd_2

Hi all,

I am currently looking to relocate into my second rental property after a split and selling my own home. Somebody has told me that the price letting agents publisize isnt neccesarily the price you should pay.

I am told that they have a minimum price the landlord wishes to let the property for and they (the LA) then inflate the price to "see what they can get" so to speak.

Is this actually correct? Can you and SHOULD you always barter down the rental price advertised?

Many Thanks
nkd

BitterAndTwisted

In a free-market economy the rent is whatever is settled on by both parties. If you're looking to rent in a sought-after neighbourhood where good properties of the size you want are scarce you'll probably not have much luck in trying to barter the rent downwards. Still, it never hurts to ask but you need a firm idea of what's a fair and appropriate rent. In most parts of the country rents are increasing, not going down.

Paul_in_nottingham

Although I agree with some of the reply above I would definetly recommend trying to barter. i think rents are only going up because not enough people are bartering.

As the above poster states it depends on where you are trying to rent and how the cost compares to ther properties in the area. You need to know this figure, so a bit of research is necessary.

When the girlfriend and I moved into our rented property in Nottingham, we were lucky as there was an abundace of properties - it was a renters market.

Visit the property more than once if you can to show serious intrest to the agent - while there also look for clues as to when the property last had a tennant. Be braisen and do this quite obveously - there is no reason to be shy in front of a letting agent - also, pay no attention to any of this "I've got several people intrested / I'm showing someone else around this afternoon". This is usually balls.
Look how much post is by the door? Have a sneaky look at the date stamps on this post. How longs it been there?
If it has a garden is it overgrown? How long has it been since its seen a mower?
If you bump into any of the neighbours, ask how long its been empty. Don't ask the letting agent this as you will almost certainly be told that it has 'just become avaliable'.

If you manage to get an idea how long its been vacant, bear in mind that this means that the owner has more than likely been paying the mortgage on a empty property for this long - their going to want any money they can get.

Think of a sensible offer (50-75 off asking price) this is your realistic bartering point. Offer £50 below this to the agent. They will hopefully come back somewhere near the realistic point.

Worked for me - property I'm in had 6 months worth of post on the doorstep!

DVardysShadow

Barter is the process of direct exchange of goods or services without use of money. What are you going to offer? 100kg of dried fish each month? 5 tonnes of chopped firewood? I don't recommend barter.

You should pay in money - and you should negotiate.

tbs624

The worst that can happen is that the LL ( because that is who decides the rent) says "nope": the best is clearly that you end up with a few more quid of disposable income each month. Always worth a try at negotiating the cost of anything IMO -Paul in N gives some good suggestions.

hellokitty08

I am a part time letting agent (but very expereinced)

Things you need to think about are,

1) When can you move in (sooner the better)
2) Is the property empty (they will want to fill it so more likely to take an offer)
3) How long a contract do you want (if the l/l doesnt need to re-market after 6 months your saving thema couple of hundred £'s, so £20 off a month would be worth it to them)
4) Are you presenting a good package (employed full time and earning the correct amount, good credit history, good reference, can move asap or can be flexible.)

All of these things should be able to put you in a better position to negotiate because there are the questions that the l/l will ask me.

hellokitty08

Say you see a nice house thats available for £750 a month, avaiable 21st Jan.

Go to viewing, decide you like it and want it, say to l/l letting agent,

I /we are in full time employment, can move in on the 24th Jan, would be willing to take the property for 6 / 12 months with a view to longer as our children will attend the local school / intend to persue a career in current position / will be closer to family etc / We have good references from our current l/l where we have rented for xx years or can provide mortgage statements to show we managed our mortgage for xx years before selling, but we would like to offer £700 a month.

Dont say " I really like it I want it! How do I go about taking it, how do I pay the admin fee" Then tell me your whole life story and then add " can you see if we can get someting off the rent" Because I know you will take it what ever I say. hehehe

If you have bad credit history or dont feel your in the best position offer the whole 6 months in advance. (especially great if you have just sold a house) This should get you a discount too.

myhouse_2

I bargained, and got a little off the rent. Recommended.

adg1

Paul_in_nottingham wrote: »

i think rents are only going up because not enough people are bartering.

Rubbish.

They rise for a number of reasons, though mainly driven by the scarcity of stock, abundance of people wanting to rent as they can't afford to buy, the perceived stability of the sales market with accidental landlords trying to sell again and people renewing.

No stock = fighting tenants = higher prices.

Not in all areas, granted, but I know my flat (London) could rent for a fortune without really much effort in comparison to my current rent from when I moved in at the point the rental market was flooded with stock which wasn't selling.

The lettings market has even been in the news! Holy Moly! Thats not happened before:

http://www.bbc.co.uk/newsbeat/12122119

Anyway. In answer to the original question - try to barter. Whats the worst that can happen eh? You get a no and raise your offer.

Also see:

https://forums.moneysavingexpert.com/discussion/2976050