The right way to negotiate with a letting agent
The main role of a letting agent is to manage properties for private landlords. Responsibilities range from sourcing tenants and collecting rent, to full responsibility and management. If the property you rent is managed fully by a letting agent, you may never officially meet your landlord.
Letting agents charge landlords fees for offering these solutions and therefore they are contractually required to put their customers best interests first. Tenants are also charged fees for services and in return receive a duty of care; at no point can this contradict landlord’s interests. In other words, a letting agent will not be able to offer a tenant advice in relation to any aspect of the tenancy that would compromise a landlord’s position.
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Unless from your research you think the property is incredibly overpriced, don’t annoy the agent by offering an amount you know is unreasonably low. Offer less than you’re prepared to pay, but still around what you think is realistic for the property or home.
Many properties are perhaps an investment from buy-to-let purchasers that will have a mortgage loan to pay on their buy. The holder of the real estate wishes to look after their purchase and pay the mortgage loan off, so will want to speedily obtain occupants who are going to take proper care of the real estate and pay by the due date.
When you view a wonderful property that’s not too long ago come onto the market then it would be a shame not to at least try to offer less than the asking amount to move in without delay, especially if you’re a fine renter with good references a ready first deposit and regular salary.
You possibly can tell the real estate agent that there a quite a few homes in the vicinity in significantly better condition, but not in such a good location, but that you’d be eager to make a deal on value.
Many homes go on the market place on a “multi-agency” basis. Meaning that more than one agency has the real estate on their books. If this is the case with the property that you’re browsing then you know the holder is almost certainly in a distinct hurry to obtain renters, or is concerned that they won’t.
If this is the case, you are in a more powerful position to negotiate on the rent.
If you possibly can afford it, offer to pay a significant advance on your rent but at a lowered price. This means the landlord may pay any builders or contractors they may owe money, specifically if it’s a recently refurbed flat. Additionally, it means they get their rent in one portion and the landlord does not necessarily need to examine their bank balance every single calendar month, which is one less thing on their thoughts.
Don't forget that an agency can lower their service fees drastically to beat another agency to a deal. If you can play one business against another that represents the same property by conveying that you will just attempt and do a deal with them alternatively, they may be inclined to move.