Renters HAVE Budgets Too! Expecting Landlords to Take Them into Consideration is UNrealistic!

I find this so indicative of the problems in our industry.  There are so many people out there that want something they cannot afford and are not shy about expecting someone else to help pay for it.  On occasion I have even heard from sellers and buyers alike that I should reduce my commission so that they can get what they want out of the sale/purchase of a house.  At what point does their desire to buy/sell something become my financial responsibility?  I do a good job for every transaction.  I have even handled a purchase of a mobile home for a young couple where the home inspector made more in his 2 hour inspection than I made on the entire deal.  That is part of my job -- happily done.  But people aren't shy any more about asking for something out of someone else's pocket. 

My guess is he's waiting to see if there's any flexibility on the landlord's end. Perhaps he's moving from a market that's hungry for tenants.

Wonder if before heading out there to meet him what would have happened if you re-stated the rent and asked if it was within his budget.

Around these parts here!  ;-) I would NEVER Be Surprised of someone offered $100 less on a listing.

That would depend on how many price reductions we've had (usually none) to the Landlords motivation.

In your case, I would be asking myself the same thing.....YOU DROVE ALL THE WAY OUT HERE TO DO THIS?!?!?!?!   Joy

It is all in the game!  You handled the situation professionally, as usual.  Ball is in his court!

I tried negotiating on my old office lease. My rent was 1250 a month plus NNN. I was paying 1500  amonth. I asked for a rent reduction. I basically stated that if they did not reduce it, I would move early, have to pay the 25% early termination fee to save $700 a month. They did not budge, the place has been empty for 3 years. Some rent is better than none, isn't it?

I guess it would depend on how long the unit has been vacant and what are the owners thoughts. Did you contact the owner with the counter?

Wallace,

For him to think that the market supports his price point is pathetic even at pre-summer level.  It was a likely a poor negotiating tactic but that doesn't fly here either. 

Way to tell him Wallace!  If he wanted a rent reduction, then he should have stated that PRIOR to meeting with you.  Some people just do not VALUE our time.  That is one of the huge struggles that we face in this business.

Just wanted to give you a virtual "high five" for standing up for your clients and knowing your market.

Tina Beasley, Associate Broker

How frustrating. With a strong rental market in most areas, he is going to have a hard time finding a landlord willing to negotiate when they can find someone else willing to pay the rent amount.

Wallace: I, too, have been a Landlord for many years and whether good or bad times, I have had some worthy tenants that I have dealy loved....BUT ... it only takes one, the last couple that I had, to make me get out of the rental business.  I am so glad that I did.  I now have turned that rental unit (after gutting it) into my office.  I never negotiated my price, as I knew exactly what I had to get to keep the mortgage paid, but I also knew what was the going rate in the market and how my little, home, compared to others. 

You said it:  "You snooze, you lose", and it sounds like he couldn't afford the place, which makes me happy for the LandLord.

I get the feeling a lot of renters want to just see what they could afford if they could only squeeze a couple hundred more out of their budget for housing.  I see similar things a lot and nothing is worse than taking the time to go show a property that has the price clearly posted on all listings and the renter say they can't afford it.  What gives. =)  Makes me sometimes wish it were practical to require an application up-front before showing the property, but that just doesn't work in this area.

Oh, the joys of Property Management. Gotta Love It.

I received the information you mailed me today. I'll look through it this weekend during the STORM. Thank You.

Very good Wallace but what waste of time, I always ask if the unit fits your needs are you prepared to sign up today. But that doesn't always work either.

Great post, I think most people do not understand how different is the market for rentals. In the Orlando area there is a high number of foreclosures and short sales.  This makes the availability of rental homes lower. The average monthly rental has risen considerably in the last few years.

As the owner of rental property I have to agree that is better to not budget on the monthly rental, unless there is a reason for it. I have lowered the rent for one of my tenants because he was always responsible and because he kept the place in perfect condition. In other cases I have prefered to get a new renter than to lower the rent at all.

Wallace,

I understand- I have a cute little house just listed Friday- Sign went up on Sat 35 calls just from the sign. I got to have it- 35 time on my voice mail on monday

Not one ad or picture telling about  the house anywhere,so they have no idea what the price is or the layout of sqft but they have to have it

I think people have lost it!- mindless calling for entertainment AT  least  your guy got a ride out of the deal-

Ricky D

www.rd-house.com