Tips For Negotiating Your Rent

tips

rent negotiation tips. Agent handing keys to seeker in exchange for money.

The search for a rental property can be very tasking but finding an ideal future home is not always the end of your rental search process. You have to learn how to negotiate with your future landlord or landlady to get the best deal for your dream home. Luckily most rental prices are negotiable in Ghana.

Negotiating the cost of rent is important because rent tends to be pretty large and regular expenditure. You want to make sure that you enter into an agreement that will not be too financially tasking and unsustainable in the long term.

Tips to Consider Before Negotiating Your Rent

1. Start on a Gentle Note

Negotiations are tricky. Start your interaction with your future landlord/lady on a gentle note. Don’t start off aggressive. Listen to their offer and communicate your counter offer in polite and diplomatic terms. Do not try to low ball your landlord/lady; that will only upset them. They may not have the only apartments for rent in Accra but you chose their property for a reason. Do not raise your voice or get emotional if you are initially shot down. Keep your cool and justify the amount you are willing to pay. Try to be reasonable in your counteroffer. Remember, the landlord is running a business and not a charity. Real estate in Ghana is expensive to build so they need to make their money back.

2. Find the Best Time to Negotiate

Timing is very important. Observe the tone of the conversation with your landlord/lady before you bring up the issue of negotiation. Don’t blurt out your need to haggle immediately you are introduced to the landlord/lady. Chat a little and try to determine how much leverage you have before you make any moves. If the landlord is in a rush to rent, then you may have some wiggle room for negotiation. If they seem very relaxed and non-pulsed, then you have to find a way to make them want to rent out their property to you specifically. That can be your leverage.

3. Come Prepared With a Strategy

Don’t approach your landlord without a negotiation strategy. Plan ahead of time the highest you are willing to pay for rent. Decide on your starting offer and make it realistic. Come up with solid reasons to justify the amount you would like to pay. Make sure that your points reflect some benefits to the landlord/lady as well. You don’t want them to feel shortchanged at the end of your negotiation.

4. Be Open to Compromise

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Be flexible. Don’t think that you want a reduction in price so nothing else can be a valuable trade-off. The landlord might not agree to a price reduction but they may be open to forfeiture of certain utility bills. Offers like this are good, take them! At the end of the day, you will still pay less than you ordinarily would have without that deduction.

The moment you are done with final negotiations, make sure that you get your agreement in writing. Don’t leave anything to chance. Keep a copy of your agreement and make sure the landlord/lady has one too. So there you are, a few simple tips to help negotiate the best rental deals in Ghana’s real estate sector.

Happy hunting!

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Comments

  • Common Rent Myths in Ghana – meqasa blog
    14 June, 2019 15:12

    […] the tenant, just as much if not more than you need them. You should not be afraid to enter into negotiations with the landlord if you feel the terms of your agreement needs to be changed. So long as you are reasonable, you […]

  • Expert Advice On How to Finance Your Home – meqasa blog
    27 May, 2019 10:56

    […] up GHS 30,000 equity, one late payment will result in you losing all GHS 30,000 of equity. You can negotiate your way out of this type of arrangement but you need to work out the terms before you sign any […]

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