Negotiating Rent

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SINexpat
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Negotiating Rent

Post by SINexpat » Thu, 02 Jan 2014 12:13 pm

I'm looking at Executive condominium rentals in the 4-5k range.

On prop UR TEE GOOROO most of the condos show the rent amount, but say negotiable. Is there a typical amount one would expect to see for a concession on rent?

I'm looking in D20 as a reference for area that I'm targeting.

My company has gotten an agent and they've sent me some places to look out next week. Would like to have the scoop on what to expect. If I can use the negotiation to squeeze out a better place so much the better.

Advice/input appreciated.

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nakatago
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Post by nakatago » Thu, 02 Jan 2014 12:20 pm

Negotiable mostly means the price can only go up. Agents have no incentive to go for a lower price since their commission is a percentage of the rental price. A way around this is to convince the agent that any difference that he can get the rent lower will be added to his fee (unless of course your company will shoulder your rent anyway).

What's usually negotiable are the little things: leaving a decent dining table, installing additional small plumbing features, a fresh coat of paint, etc.

Moreover, there are more people looking to rent than landlords looking to lease out.
"A quokka is what would happen if there was an anime about kangaroos."

Beeroclock
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Post by Beeroclock » Thu, 02 Jan 2014 12:33 pm

When I've had company relocation agent here in the past, their attitude has been "what's your budget" and only showing me places at or above, even if more bedrooms or exceeding the spec I gave. Took me a long while to straighten this out with the agent and get him to do what I wanted. As soon as they hear full expat package they just see $$$$$.

Not sure in your case if company paying the rent up to a budget or it's from your own pocket. But especially if it's the former I advise you need to get a very clear understanding with "your" agent first to make sure he/she has the correct objectives in mind, and then watch closely that he actually does it too! So it's good that you are checking independently on the property websites.

x9200
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Post by x9200 » Thu, 02 Jan 2014 7:47 pm

For 4-5k advertised you should be able to bring it down without major sweat by 5-10% depending on what else you are going to request (i.e. painting fresh).
Our previous condo was EC, it was advertised for 4k8, at first contact it dropped to 4k5 and we brought it down further to 4k2 with all the walls being refreshed (1 layer of paint).

If your agent is a typical one, just tell him to bring it to the level you are comfortable with and if he fails, move on to another offer. First and most important rule with the agents: you are the boss, not the agent; 2nd: do not let the agent manipulate you. There are a lot of properties around and there are a lot of agents to chose from.

moksh
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Negotiation will work

Post by moksh » Mon, 06 Jan 2014 7:57 pm

I agree with the comment above by x9200. I am also looking in that range and getting down by $300 happened over email with the agent. There are various business articles talking about rents going down and you can witness it in the market. You should also download the rental report that gives 25%, median, 75% values for the specific condo in the last quarter.

For me its going to come down to whether I want to play the waiting game. The deals will be there if you are patient I think going by all the things I am seeing. But I am a novice here so this is my perception only. Take it with a pinch of salt
New arrival in Sing (Dec'13)

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