Finding the right rental condos in Calgary is a task in itself. From finding the condominium, to negotiating with various landlords, a lot goes into the entire process from start to finish. With so many rental condos in Calgary available, finding the perfect condo is easy. The last stage of finalizing the deal, negotiation – requires special skills. In this article, we will share some helpful tips so that you can master the art of negotiation with your potential landlord.
Know What You Want
Apart from setting a budget for your rental condo in Calgary, you must also know the exact number you will bring into rent negotiations. This number is going to vary from person to person, and will depend a lot on where you live. If you walk into a rental negotiation without a number, then you’re at the mercy of the landlord. It’s your landlord’s job to determine how much money to charge you each month in order to maximize their profits. Compare the average price for a rental condo in your desired neighbourhood. This will help you determine a realistic number to keep in mind during negotiations. When you know what you want, not only can you communicate that confidently to your landlord, you can demonstrate why they should accept your terms.
Highlight Your Financial Strengths
If you are looking for new rental condos, you must ensure to your potential landlords know that you are financially secure, and able to pay the rent on time. You can show that you’re financially stable by offering the landlord a few concessions, such as paying a few months of rent in advance or signing on for a longer lease which saves the landlord money in turnover. When your potential landlord knows that you can pay the rent regularly and also wish to stay for a long time, they will be ready to negotiate on the rent. In the case of a rent increase in the future, you should remind the landlord what a reliable, responsible tenant you’ve been. It can help prove your worthiness and give them an incentive to keep your current rental price.
Negotiate as an Existing Tenant
If you wish to renew the tenancy of your rental condo, then you will have to master the art of negotiating well. Depending on the kind of relationship you share with your landlord, the landlord may not want to renew the lease or will be more than happy to do so. The first step to negotiate effectively is negotiating at the right time. Negotiate before your current lease expires: If your landlord senses your desperation, you won’t have a solid stance to negotiate. It’s best to make sure you’re not rushed to find a place and can shop around a bit. Also, think about the best time of the year. Winter is usually a quieter time for landlords. If you try to swing a deal during the summer moving rush, there are high chances of your deal not being accepted.
Ask for a Long-term Extension
If you ask your landlord to extend the tenancy for a limited period, the landlord may decline your offer. Showing that you plan to stay in your rental condo for a long time can demonstrate that you’re a stable investment. If the lease is annual, offer to extend it to 18-24 months in exchange for keeping your current rent. If the landlord knows he or she won’t have to take a risk with a new tenant, this could be a good compromise. If you know that you are going to stay in the neighbourhood for a long time, you should be willing to live in the same condominium. When your landlord knows that they have found a qualified tenant for a longer term, they will be open to negotiating on the rent.
Negotiate in Person
It’s easier to say no to someone over the phone or through email than when your potential landlord is sitting across from you. However, when it comes to negotiating on the rent and terms, things aren’t very clear when done over the phone or chat. You need to be physically present to leave an impression and increase the chances of closing a deal successfully. Talk to the landlord in person as face to face negotiation is usually best. Remain calm, polite, and professional during the discussion; being rude or defensive is a big NO-NO. Be frank, explanatory, and truthful throughout the discussion. Behave normally as your body language can also make or break the deal. Follow up the discussion within 24 hours with a brief email or text thanking them for the meeting.
Negotiate on Every Clause
Negotiation shouldn’t only be limited to the deposit and monthly rent amount. Other opportunities for negotiation can include every clause in the lease. Negotiating rent doesn’t just have to include how much you’re paying your landlord in cash. You can include other things, such as:
- Upfront fees and security deposits
- Maintenance items in need of repair
- Additional parking
- Access to storage
- Utilities
- Guest parking passes
- Pet fees and deposits
Even if you can’t get the exact rent you want, you can still negotiate for these other features and save money.
If you think that you can’t negotiate with your existing or potential landlord, then ask your real estate agent to do that. The professional knows the right tactics and methods to talk to landlords so that things fall in favour of both the landlord as well as you. If you aren’t working with one, it’s advised to work with a reputable real estate agent so that things work well for you.