Ask for what you want

I've always had difficulty expressing what I want. Usually end up writing long flowery emails that don't get my point of view across.

Rent review came up - PM (who is otherwise great) recommended a $10 increase from $390 to $400.

I pointed out that (very plainly) if we went to $405 we'd still be 5% below market / recent history and that $15 per week has been the increase in past years for this tenant under previous owners.

That was it - 2 lines and a "thanks for all the good work this year". Quick, simple and to the point.

I don't know if it was due to being nice or due to being direct, but anyway, $260 extra in my pocket this upcoming year. Yay.

What are your tips and tricks for getting what you want? What examples do you have for getting wins like this and how did you go about it?

 

Personally I would've suggested $20! Its too much trouble for the tenants to move and anyway, the tenants can always counteroffer.

 

Ask for more then what you want let the other party talk you down to what you actually want. They think they got a good deal you got what you wanted everyone is happy. Its how the government works.

 

He's a good tenant... one of those you'd like to keep forever. $15 is a 4% increase - if I get +4% every year I'd be happy....

But take your point nonetheless...

 

Very true... up until the greens take their bat and ball and go home, letting perfect be the enemy of the good!

 

Hi Marty,

I would find out in the market how many properties are up for rent in the area and see if there's any at all or too many that are priced similar to yours. That would help determine if the rental increase for $10 or $20 is justified. The main thing is when supply is high in the area, there would be a lot of competition on pricing and therefore the tenant would seriously consider moving to get a better rental. I'm in this similar position right now and I see a lot of new properties coming onto the market in our area now and I'm comparing the prices and I could see there's better properties out there compared to the one I'm staying in for less. Therefore I'm looking to move into another one in the next few months if my landlord increases the rent...

Hope that helps.

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Start small. Be consistent. And watch massive change take hold.

 

I guess the best way to get what I want, regardless of whether it is my broker, my RE mannager a sales agent, my solicitor, my accountant etc., is to have all the facts as my diaposal, and then remind them of the scale/opportunity that me, the 'customer' is offering them.

Letting them know whats in it for them often works a treat. And I am true to my word. For instance; when I ask a property manager for diacounted fees, promising that I will bring them more future properties to manage (the 'whats in it for them' factor), if they givd me a great rate and great service, then I do just that.