Asked to haggle with other possible tenant

buzz84

Hi folks,

As most people I'm sure, I've been looking for the perfect place to rent for over a year now (making sure I get my £ worth) and avoiding overpriced living room / kitchen combos!

I FINALLY found the perfect apartment a few days back and told the estate agent I will take it there and then during the viewing. The agent said there is one more viewing (she is obliged to carry out as they have travelled to see the property) but following that we'll start arrangements.

The same evening I then receive a call saying that someone else is interested, and in this situation you need to give me your best offer in terms of what you're willing to pay rent-wise and they will give me theirs and the landlord will decide.

I refused, semi-calling a bluff to hike the rent up, and apparently the 'other interested party' put a higher bid in and won the property.

Now, on all other occasions when I wanted somewhere and it was already taken, there was no option to 'bid on the rent', the first person to show an interest and put their money down for admin fees etc (and I was willing to pay her then and then) reserves the property, this practise has never been apparent to me before. I feel very hard done by here, is this something I should expect in future as renting, to me in this specific area, is cutthroat, or is this a pretty naughty thing the estate agent did?

The search continues...

Stu

ruggedtoast

Until you sign the tenancy anything can happen. I agree that it doesnt exactly enamour you to the agents who do it though.

buzz84

'enamour', nice word and agreed. I just have this gut feeling that every time there's multiple viewing it's going to fall down to a haggling scenario.

I don't want to waste anyone's time, but what would the standard practise be if a possible tenant wanted the property there and then and additional viewing were still to take place?

Alioth

The agent wants to get the best price. If you're in London, then such things tend happen, from my experience. When I was in Scotland, I never encountered this. In London, if you paid your holding deposit, the flat goes off the market and no further viewings should take place, but before the holding deposit they can still do viewings.

dancingfairy

Sort of happened to us - went to see a flat - tried to offer and basically found out that we'd been interviewed as we'd look around to see if we were both working etc and the landlord was going to choose the couple they liked the most
The letting agent just acts on behalf of the landlord so I guess a Landlord could say - do the viewings and get best offfers and take the best. If it's a landlords market they can dictate the terms and conditions can't they?
df

RobertoMoir

I wouldn't like it either and would walk away too, but if the area is that cut throat, and lets face it EAs and LLs are in the game to make money then its a risk.

Tiddlywinks

You had the opportunity to offer your "best price" but declined to bid - I know that you feel this may have been a ploy to hike the rent but it has proved not to be the case as someone did offer more. London does have a shortage of good affordable flats so it is a LL's market to a certain extent and they can exploit the disirability of their properties to get the best return.

buzz84

dancingfairy wrote: »

If it's a landlords market they can dictate the terms and conditions can't they?
df

True, *gasp*, ah well, thanks for the replies people, onwards and upwards! :beer:

pimento

buzz84 wrote: »

(making sure I get my £ worth)

I expect that's what the LL is doing too.

allybee101

I had a similar experience when I moved to my current rental nearly 2 years ago. The LA said that someone else was interested in the property and had offered £450 instead of the advertised £425 pcm (not sure if LA was trying to pull a fast one, but location is v popular and nice properties, rentals tend to get snapped up quickly).
I said that I wouldn't be prepared to offer £450 to match it, but that I was prepared to sign a 12 month contract instead of 6 months. Thankfully it worked!

Unfortunately the LA is there to maximise the return for their LLs. You just have to hope that some of them have morals.
There is one local LA that I stopped looking at their properties as their customer service is appalling. Not returning phone calls, not appearing for a viewing (claimed I'd got the time wrong, except they'd booked a group viewing and there was another lady waiting for them as well so we ganged up on them and demanded they send someone out as two of us were unlikely to have mistaken the time!) and their properties aren't all that great (though they'd like to think they are!).

Eton_Rifle

Yes, I've had to bid for our rentals several times, not always successfully unfortunately. I was beaten last time by someone who not only matched my bid which was significantly over the asking price but also paid for the entire year upfront.

I'm also a landlord and two of my properties usually attract this type of situation. The family currently in one of these houses even took it sight unseen last time. The moment they heard about its availability, before it even hit Rightmove, they paid the deposit over the phone. Seems very risky to me but at least they weren't forced to overpay.