Do your Tenants want to negotiate?

shutterstock_24108502More and more tenants are deciding to negotiate with their landlord due to increased competition within the rental market. Is this something you are facing? Are you expecting this to come up in the near future? If so, you need to know what you are doing.

Tenants who want to negotiate are trying to do one thing: get you to lower the price of your rent. This is something to be aware of at all times. Even though it is the tenants right to ask for a lower rent, it is also your right to tell them no. Remember, you own the property and as long as you are consistent you have nothing to worry about. Of course, there may be times when you want to negotiate with a tenant to keep them around.

If a tenant asks to negotiate their rent you should listen to him. No, you don?t want to lose any money, but if it means losing the tenant altogether you may be better off negotiating a bit. There is no denying that taking less money from a well established tenant is often times better than venturing out and hoping to find another quality person to rent your property.

When tenants want to negotiate you should listen. Just make sure you know where you stand, and that you stick to your guns during this process. There is nothing wrong with lowering your price if this is based on market data, as well as your own personal wellbeing.