tommyboy Posted November 11, 2005 Share Posted November 11, 2005 ok found a nice property that i have just viewed it is on the market for £850 a month i am in the position to offer 12 months up front and want to negotiate a discount the ea thinks the owner will only accept £800 min the owner has just bought the property as an investment, it has been vacant for 3 weeks, and had no firm intrest. he has 1 other property but am unsure if he is morgaged on this property Market value is around 220 -250 am not sure, dont know how much it was on the market for i was thinking offering £750, 6 months upfront on a 12 month contract and the balance 6 months into the let or should i offer the full 12 months upfront??? i would really like to get this place for £700, but dont want to be too cheeky, it is on the market with another agent for 1k a month, advice please??? Quote Link to comment Share on other sites More sharing options...
London Landlady Posted November 11, 2005 Share Posted November 11, 2005 ok found a nice property that i have just viewed it is on the market for £850 a month i am in the position to offer 12 months up front and want to negotiate a discount the ea thinks the owner will only accept £800 min the owner has just bought the property as an investment, it has been vacant for 3 weeks, and had no firm intrest. he has 1 other property but am unsure if he is morgaged on this property Market value is around 220 -250 am not sure, dont know how much it was on the market for i was thinking offering £750, 6 months upfront on a 12 month contract and the balance 6 months into the let or should i offer the full 12 months upfront??? i would really like to get this place for £700, but dont want to be too cheeky, it is on the market with another agent for 1k a month, advice please??? Good time of year to be negotiating. The questions you might want to consider (to establish how strong your position is) are: What are similar rental prices like in the area? How many other propeties are on the agents books how long have other properties been on (if it says "available immediately" they have been on at least 4-8 weeks. from a land lady perspective, I look at overall length of rental offered (ie are you a 2-3 year person or a 6monther? When can you move in? if its immediate - that is attractive. If I has a property on with another agent at 150pcm I would not want to drop much. Hope that helps. Quote Link to comment Share on other sites More sharing options...
tommyboy Posted November 11, 2005 Author Share Posted November 11, 2005 (edited) is very similar to this http://www.rightmove.co.uk/viewdetails-902...pa_n=1&tr_t=buy £250k rents are vairied this is on for £975 but has 3 bed and is three bed and alot larger http://www.rightmove.co.uk/viewdetails-857...a_n=1&tr_t=rent to compare this is on for £795 , is also 2 bed http://www.rightmove.co.uk/viewdetails-100...a_n=1&tr_t=rent Edited November 11, 2005 by tommyboy Quote Link to comment Share on other sites More sharing options...
msgin Posted November 11, 2005 Share Posted November 11, 2005 Hi, We offered 6 months upfront and signed a years tenancy in return for a 12.5% discount on our property and were happy with that, start low and then work from there. London Landlady, I hope you do get your "troll" rating removed and you continue posting, your posts have been very interesting and your replies very dignified, good luck. Quote Link to comment Share on other sites More sharing options...
London Landlady Posted November 11, 2005 Share Posted November 11, 2005 Hi, We offered 6 months upfront and signed a years tenancy in return for a 12.5% discount on our property and were happy with that, start low and then work from there. London Landlady, I hope you do get your "troll" rating removed and you continue posting, your posts have been very interesting and your replies very dignified, good luck. Thanks - can you send that remark to teh moderators! or post on teh Troll thread! I just completely underestimated the strength of feeling here. Also, accidentally made my 1st post in the wrong place! I thought I was replying to page 1 of a discussion - but popped up about page 4! is very similar to this http://www.rightmove.co.uk/viewdetails-902...pa_n=1&tr_t=buy £250k rents are vairied this is on for £975 but has 3 bed and is three bed and alot larger http://www.rightmove.co.uk/viewdetails-857...a_n=1&tr_t=rent to compare this is on for £795 , is also 2 bed http://www.rightmove.co.uk/viewdetails-100...a_n=1&tr_t=rent I don't know the area at all so vcan't really comment. However, I know we all research on-line ( I do) but it could be worth your time popping into the agents in the area and picking up their physical list of properties - as that will maybe give you a better idea of what the level of supply is. The owner may have put it on with 2 agents at diffent prices to see if she can get a "guaranteed" £850 versus the 1000 with teh other agent. As I mentioned - when you can move in is very key to her/his decision. If you can move in quickly - that is much more attractive. Quote Link to comment Share on other sites More sharing options...
tommyboy Posted November 11, 2005 Author Share Posted November 11, 2005 i can move in tomorrow if i wanted i think i will go in at £700, got nothing to lose, then got up to £750 i will probably leave it if he wants £800, at the end of the day the month that it has not been let he has lost 1/12 of the rent so at £800 which is £60 a month so i think they may accept £750 if i can move in imediatly Quote Link to comment Share on other sites More sharing options...
London Landlady Posted November 11, 2005 Share Posted November 11, 2005 i can move in tomorrow if i wanted i think i will go in at £700, got nothing to lose, then got up to £750 i will probably leave it if he wants £800, at the end of the day the month that it has not been let he has lost 1/12 of the rent so at £800 which is £60 a month so i think they may accept £750 if i can move in imediatly It's worth a try. The only risk you have is if someone else comes along & can offer a little more as you may P*** the owner off if you are too low. That was why I suggested doing a bit of research to see how strong your position is. There is nothing to lose - good luck! Quote Link to comment Share on other sites More sharing options...
enworb Posted November 12, 2005 Share Posted November 12, 2005 Well done for ignoring the £1500 PCM apartments in Ascot. You say that you can move in tomorrow if you wanted. I have a BTL and i'd rather except less per month than have the property sitting empty. It hasn't come to that yet but I guess it may. Offer £700, stating that you can offer 6 months up front. The landlord/lady should bite your arm off.If not, still offer £700 but with the full 12 months up front. Either way, you should definately get a better deal because you are offering to pay up front. Btw, are you living in Ascot at the moment? Quote Link to comment Share on other sites More sharing options...
London Landlady Posted November 13, 2005 Share Posted November 13, 2005 Any news on how you got on? Quote Link to comment Share on other sites More sharing options...
tommyboy Posted November 14, 2005 Author Share Posted November 14, 2005 i am contacting the agent tomorrow, will let you know Quote Link to comment Share on other sites More sharing options...
tommyboy Posted November 14, 2005 Author Share Posted November 14, 2005 just spoke to the agent, he said he knows what the answer will be , no should be getting a call soon if as i suspect they say no do you think i sould wait a couple of days, let him think it over then go in at £750 Quote Link to comment Share on other sites More sharing options...
tommyboy Posted November 14, 2005 Author Share Posted November 14, 2005 they just got back 2 say no agent said the landlord would rather it empty than let it for 150 under the asking am going to offer 750 same terms and say this is my final offer, i dont want to sound desparate so i may wait untill tomorrow Quote Link to comment Share on other sites More sharing options...
Catch22 Posted November 14, 2005 Share Posted November 14, 2005 (edited) they just got back 2 say no agent said the landlord would rather it empty than let it for 150 under the asking Well if evidence was ever needed that Agents talk through their @rses that is it folks.......even sorting out a let can be emotional and they know that and hence they try to exploit those emotions if you let them. If you can indeed get good lets at that price then just say to the agents......well you have my number if the landlord changes his mind and assuming I have not already sorted out another let........ Edited November 14, 2005 by Catch22 Quote Link to comment Share on other sites More sharing options...
London Landlady Posted November 14, 2005 Share Posted November 14, 2005 they just got back 2 say no agent said the landlord would rather it empty than let it for 150 under the asking am going to offer 750 same terms and say this is my final offer, i dont want to sound desparate so i may wait untill tomorrow As I said before - I think you need to know what the competition (as a tennant) is like. Are there loads of empty properties? or very few? How likely is it (in your opinion) that someone else will come along? For me, round here, November is a dreadful time to try & find a tennant - people usually wait until the New Year. From the owners point of view - How long has this place been empty? How much do you want to move in? If you don't care & can find exactly the same thing for teh same price - keep negotiating hard. it's just a case of understanding your negotiating position. Quote Link to comment Share on other sites More sharing options...
tommyboy Posted November 14, 2005 Author Share Posted November 14, 2005 As I said before - I think you need to know what the competition (as a tennant) is like. Are there loads of empty properties? or very few? How likely is it (in your opinion) that someone else will come along? For me, round here, November is a dreadful time to try & find a tennant - people usually wait until the New Year. From the owners point of view - How long has this place been empty? How much do you want to move in? If you don't care & can find exactly the same thing for teh same price - keep negotiating hard. it's just a case of understanding your negotiating position. well im with the parents for now so can wait a couple of months am in no rush i will find another property in that time, will put the offer of £750 on the table and leave it there Quote Link to comment Share on other sites More sharing options...
London Landlady Posted November 14, 2005 Share Posted November 14, 2005 well im with the parents for now so can wait a couple of months am in no rush i will find another property in that time, will put the offer of £750 on the table and leave it there Well best of luck. Quote Link to comment Share on other sites More sharing options...
enworb Posted November 14, 2005 Share Posted November 14, 2005 well im with the parents for now so can wait a couple of months am in no rush i will find another property in that time, will put the offer of £750 on the table and leave it there I must admit, even £850 PCM for a 2 bed house in Ascot is reasonable. But he'd still be mad to leave it empty. If he did pay more than £250k for it as an investment he's made a mistake. Stick to your guns and offer £750,and leave your contact details if he does change his mind. Let us know how it goes - in a few days of course! Quote Link to comment Share on other sites More sharing options...
tommyboy Posted November 15, 2005 Author Share Posted November 15, 2005 they have refused 750 they want £800, have left it with them, am not paying a penny more 12 months up front, imediate let, right before xmas will have to keep my eye on it and see how long it stays empty Quote Link to comment Share on other sites More sharing options...
London Landlady Posted November 16, 2005 Share Posted November 16, 2005 they have refused 750 they want £800, have left it with them, am not paying a penny more 12 months up front, imediate let, right before xmas will have to keep my eye on it and see how long it stays empty When I was thinking about this again, I wonder if the paying up front is such a greeat idea? It is good from the owner's point of view, but from yours, first you can get the interest on it - so £750x12x5% = 450/2 = £225 Also, if you need anything sorting out or repaired, the owner is more likely to run around if they think the rent may be in jeapardy (?sp) you could try a final £775 but paid monthly? just a thought. You are almost certainly right to back off though. Quote Link to comment Share on other sites More sharing options...
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