- Joined
- Aug 31, 2007
- Messages
- 526
I`m thrilled to report I rented my condo five days after putting it on the market, especially since my ads started Sept 28 and most potential tenants were looking for Nov 1 leases.
What worked for me? I was dealing with people who were new to town and needed a place quickly. The interesting part was the negotiation of price on the rent. That`s right, I was willing to leave a small amount of money on the table even though it`s a landlord`s market. Haggling is a cultural norm for my tenants. I was pushing hard by originally asking $1600 per month plus utilities for the condo. My real target figure was $1500 plus utilities. By accepting $1450 (only $50 less than the figure I truly wanted to get) my tenants feel good that they got a deal. I left $300 in rent on the table over the six month lease but in reality I`m ahead $2150 before they even move it. How`s that? I avoided paying $1000 in carrying costs until Nov. 1st had I waited to get my full asking price. And I`ve got the $1450 rent for all of Oct even though the lease was signed Oct 4th. So really, what`s $50 a month in the big picture.
In short, don`t be penny wise and pound foolish if you can get a suite occupied tout de suite as they say en francais.
It`s a mistake I`ve made many times in other facets of my life.
What worked for me? I was dealing with people who were new to town and needed a place quickly. The interesting part was the negotiation of price on the rent. That`s right, I was willing to leave a small amount of money on the table even though it`s a landlord`s market. Haggling is a cultural norm for my tenants. I was pushing hard by originally asking $1600 per month plus utilities for the condo. My real target figure was $1500 plus utilities. By accepting $1450 (only $50 less than the figure I truly wanted to get) my tenants feel good that they got a deal. I left $300 in rent on the table over the six month lease but in reality I`m ahead $2150 before they even move it. How`s that? I avoided paying $1000 in carrying costs until Nov. 1st had I waited to get my full asking price. And I`ve got the $1450 rent for all of Oct even though the lease was signed Oct 4th. So really, what`s $50 a month in the big picture.
In short, don`t be penny wise and pound foolish if you can get a suite occupied tout de suite as they say en francais.
It`s a mistake I`ve made many times in other facets of my life.