is it also your dream to live in Baguio city? if you cannot buy yet, then rent a house or condo! :)
If you found a condominium in Baguio city and house and lot subdivision in Baguio City that is perfect for your need, but is a little way over what you can afford, what are you going to do? When considering low cost real estate rental and leasing for a property in Baguio, you must know that most advertised units come with a fixed amount of rent. What many renters do not know is that they can still negotiate the rental when they know the kind and amount of leverage they have. Negotiation and haggling are arts; you can get the apartment you want with some tricks and tips.
Know your leverage. This depends on certain factors or surrounding circumstances that you must research or know about. How long has the condominium been on the market? Do you have good credit and excellent references? How much are similar condominium in Baguio city and house and lot subdivision in Baguio City being rented for in the neighborhood? When the answers to these questions are the property has been in the market for quite a while already, you have a good credit and excellent references, and similar apartments are priced a bit lower in the neighborhood, then you stand a good chance of negotiating for a lower rental.
In other words, be smart with what you bring to the table when you negotiate for real estate in Baguio City. Here is the tactical approach to negotiate for a low cost real estate rental and leasing for an apartment:
1. Do the research. Knowing important facts is important when negotiating for a condominium in Baguio city and house and lot subdivision in Baguio City. You will feel less confident when there is some information that you are not privy about. The most important things to know is the current rental market in the vicinity and the amount of time the apartment has been in the market. You can browse classified ads to know how much is being paid in the area. Why not ask around; start with the other tenants in the same building and those in the nearby buildings. If the apartment has been untenanted for quite some time, then you stand a better chance.
2. Brace up for the moment. Every consumer has the right to negotiate especially if your research shows that you deserve to get the apartment for a lower rent. If you are not adept at negotiating, ask a friend or relative whom you know is good at it to help you practice. Try to start at something lower; this goes up with negotiation, but be ready to mark your limit when it is reached.
3. Market yourself as a valuable renter. Convince the property owner that you are a valuable tenant. Take with you references, bank balances, credit reports, and pay slips to motivate him or her to find out more about you – your background, credit standing, employment or business.
4. Let the property owner know you have other options. If the property owner knows that you are also considering other condominium and house and lot subdivision in Baguio City at a price you are negotiating, you have an extra bargaining chip that might just work.
5. Be flexible. Meet the proprietor halfway; if the rent is Php 30,000 and you offer to pay Php 20,000, consider a rental of Php 22,500 to Php 25,500. If you can’t sway the property owner, look at other considerations that can lead to some savings for you such as free utilities, a lower security deposit, free cable or local phone service, gym membership or extra parking.
6. Time your negotiation. If you are getting a condominium in Baguio city and house and lot subdivision in Baguio City near a university, negotiate just when the school year is closing for summer. Doing it at the start of the school year may not be a good idea with the high probability of getting it tenanted for a higher rental.
7. Get a longer lease for a lower rent. Property owners find it more convenient and reassuring to find tenants who can sign a longer lease contract. It saves them repair costs whenever there is a new tenant.
If it is a low cost real estate rental and leasing for an apartment that you want, remember that you can do the negotiation or through a broker who is normally paid by the landlord. You can also negotiate rent towards the end of your contract just before signing a new one. The latter can be done when you have proven yourself a valuable tenant.