Landlords, how do you deal with applicants trying to bargain down your asking price?

[HauntedbyKarma]

I am so fed up. I just got off the phone with someone giving me comparables in neighboring areas (not as nice as the one this rental is in) listing their price, square footage etc as if I care and as if I don't know (I'm a licensed real estate agent on top of owning the property that's for rent). I kept saying thanks for letting me know up front you may not be qualified to afford this unit. He wouldn't let go and asked THREE TIMES how long it's been on the market and I should think about lowering the price. I said it hasn't even been 2 weeks yet and I'm in no hurry, that I might move into it myself. I can't explain how angry he made me and the way he was talking to me, I ended hanging up on bad terms and am feeling nervous because he has the address and I told him it is unlocked today for viewing and hope he doesn't do anything dumb to the property. The thing is, every few days I am getting a similar call and need advice on how to handle it please!
Thanks Bill, that is great. I should tell them I'll consider it so I don't make any enemies and allow them to work me up...and maybe it will be good for me to really consider it to keep all options open. Great answer thanks.

 

[go_lc_bears]

In my experience, these are the same people who are going to want you to fix every little thing in the house that they break at your expense.

I simply tell them I have no interest in lowering the price, and if the other properties are more in-line with their budget, they should call one of those owners.

My properties tend to be kept up better than the others in the area, and I frequently get people who are surprised at the the price I am asking. Stick to your guns, and you'll find someone willing to pay for quality.

 

[BillB]

Laugh, then look like you're thinking and tell them that they seem like they would be good tenants so you won't discount the idea outright but that they should definitely look for other places.

 

[linkus86]

Relax! You shouldn't be stressing over someone tell you how to do something you are already an expert doing. As you well know there are several bargain hunters looking to buy houses who are taking up too much of your time looking at their multitude of options, the same goes for apartment hunters with the same "low ball" attitude.

In the future I suggest you downshift your real estate persona of killing the client with niceness and treating prospective renters with very short answers to their questions and cutting conversations short until they are credit approved and actually doing the property inspection. Just act too busy to talk, especially when they say they don't have the proper credit. My guess is that you don't waste your time with buyers, that can't buy, so why waste your time with renters who can't rent?

Good Luck!

 

[bobby769]

It's the market for this kind of stuff.
There are baragains to be had all over the place and truth is many RE owners are willing to make deals.

As for how to handle it. Just be strong and stick to what you think is best for your finances. I would have no problem telling the person that the price is non negotiable and if they're looking to negotiatte, they may want to look elsewhere.