23 Aug The art of getting what you want
“Your rent is being increased by $200 per week”. My wife and I looked at each other in disbelief and accepted the possibility of moving out of the place we love.
This is the email my wife and I received 3 weeks ago.
After it all sunk in, we decided our options were:
1. To accept it and pay an additional $10,400 per year.
2. Move out and find a cheaper place to rent, which may cost me a few thousand dollars in moving costs.
3. Go back with a counteroffer.
We love our place so much so, I decided to negotiate with the agent.
The landlord accepted our counteroffer of no increase for the first 12 months and a small increase after 12 months.
We went from a $200 per week increase to no increase at all.
Here is how I did it.
I established what I wanted from the outcome
You need to know what you want so you can fight for what you want. If you’re clear in what you want, you will be clear in your communication about what you want. This will also give you confidence. What you want also needs to make sense.
Understand the other side
I put myself in the shoes of the landlord and established what I would want if I was the landlord. As a landlord I know I want security that there is a tenant in my properties paying rent, otherwise, it’s going to cost me money. A vacant investment property is not good for anyone. I also understood the agent as he was the mediator in this case. The agent knew it was hard work to find another tenant, especially in this market. I also recommend you establish a relationship with all parties that are negotiating. People deal with people that they like.
Plan the attack
Considering all the information, I then came up with a plan to negotiate with the agent. I first came up with my offer, why I was making that offer and how my offer makes sense to the landlord, to the agent and my family. I did also accept in my mind that maybe they won’t accept my offer and they will come up with a counteroffer to my offer.
Now, we have certainty of where we are living for the next 24 months, the agent knows he doesn’t have to worry about finding tenants for 24 months and the landlord knows he will be receiving rental income for the next 24 months. Its a win-win for all parties.
“Seek first to understand, then to be understood.” – Stephen Covey
Thank you for reading,
