5 Techniques To Save Time in Rental Property Hunting
- Dana Bulaon
- Aug 24, 2017
- 6 min read
These are things that every agent and landlord wish property hunters knew. I wrote this article to help property hunters understand some things that are often left unspoken and in the end will save a lot of time for everybody involved. I'm sure that property hunters - especially new ones - will find this useful in their search!
#1: SCHEDULE VIEWINGS EFFICIENTLY
Try to schedule all viewings in one day so that your memory is still fresh when you make a decision.
Pay close attention to as much details as you could inside the property, take notes if you must, and take photos if necessary to save you a second viewing.
Schedule your favorite property as the last viewing so that if you are ready to go ahead, you don’t have to come back again to finalize.
Make sure that all the occupants and decision makers are present during the viewings. This will also save you a second viewing if the ones who are not present cannot decide based on pictures, videos, and your opinion.
Bringing cash for reservation (usually one month of the monthly rental rate, consumable as one month advance) will save you a lot of time and opportunity later on if you are ready to make a decision on the same day that you view because fast-moving properties will slip from your hands if you do not grab onto the opportunity.
Professional agents are well equipped with all the documents needed (such as Reservation Agreement, Offer Letter, Acknowledgement Receipt, etc.) should you be wish to make a decision and finalize on the spot.
Do not set a viewing for a property that you can't afford. Instead, let your agent know honestly only up to how much you can stretch to so that they will save you time by showing what's only truly within your reach.
Do not expect to be able to negotiate the price for all the properties you view. Understand that some properties advertised are already repriced and have hit rock bottom rates already so make sure you are aware of this to save yourself a trip.
Check in with your agent or landlord the day before, first thing in the morning of and a few minutes before your viewing to make sure that you don’t end up waiting or wasting a trip.
In return, also be considerate about the other person the same way. If you cannot commit yet to a viewing schedule, do not schedule one yet until you are certain. If you think that you might be late, give your agent a heads up. If you think that you might not make it, inform your agent right away – the earlier, the better. Don’t wait for the actual viewing time to inform your agent that you will be late or cannot make it. This is very important as some owners actually go out of their way to come and make time to accommodate your viewing even if they are coming from the opposite end of the metro. This means that you do not only cancel or reschedule on your agent but on the landlord as well so try to avoid or at least minimize cancellations or rescheduling especially at the last minute.
#2: SET REALISTIC PARAMETERS
Determine first whether your budget is within the market rates of what you are looking for. Make sure that you have a realistic budget and set of requirements.
Make a list of your requirements and preferences – be honest in listing down which are “required” (requirement) and which are “nice to have” (preferences).
Ask yourself: How many meters away from work or school are you willing to look at? How many minimum square meters, bedrooms and bathrooms do you require? How many months advance and deposits can you afford to pay upfront? How much rental rate can you afford every month excluding the utilities? Are you able to issue post-dated cheques? Will you require parking and official receipt? Do you require the property to be bare / semi furnished (with what items) / or fully furnished? What other things will you require? Do you require having a washing machine, a balcony, a high floor, a pet-friendly unit – or are these only “nice to have”? Make sure you communicate these clearly to your agent so that your agent can qualify the properties that will be shown to you.
The more demanding your requirements get, the lesser options you will have. This is okay if you are not in a hurry to move in and if you can afford the market rates for your requirements.
If you feel like your budget might be below the market rates, be prepared to be flexible and compromise on certain factors as you will be faced with choices such as – what is more important, a bigger and newer place in a slightly farther location or a smaller and older place that is walking distance to work?
Only start inquiring about two months from your target move in date. Anything earlier than two months is too early to be looking as not all landlords are willing to wait too long and availability of properties won’t be accurate anymore by the time you need to move in. You will just end up repeating the whole process again.
#3: NEGOTIATE PROPERLY
Make sure that your negotiations are properly documented in the form of an Offer Letter or a Reservation Agreement stating all the terms and conditions you have agreed upon.
This is done to ensure that no unexpected changes from both parties will take place after signing off the documents and making the payment. Usually, the Reservation Fee is forfeited against whoever makes changes in the agreement so be certain of everything you agree to in the Offer Letter or Reservation Agreement before submitting it.
Only negotiate if you are serious, can commit, in a position to move forward, and willing to make a formal offer. This is the best way to truly know if what you want will be granted because this way, both you and the owner can lay down all the terms and conditions you both agree to. Negotiating informally (without any Offer Letter or Reservation Agreement) and incompletely may give you an idea of your chances but this also means that both parties might have missed other important terms (such as how many months deposits, advances, lease term, inclusions, etc.). You will also notice that most agents or landlords won't take it as seriously and are non-committal if you try to negotiate informally because this means that you are also non-committal.
Make realistic offers – do not waste time and turn off your agent and landlord by offering a huge slash off the asking price, requesting to move in without complete payment, requesting for a major or a lot of items for the same or lower price, a lower or the same rental rate for a shorter rental period, etc.
#4: COMMUNICATE YOUR REQUIREMENTS HONESTLY
Expect agents and landlords to ask you questions that may seem personal or intrusive at first but is really meant for your own good.
While you may feel that it is unnecessary or time consuming or repetitive if you are speaking with different agents, professional agents take the time to ask you a series of questions to ensure that what you inquired for and what other properties they have available will suit your requirements hence maximizing your viewing schedule.
So try to answer all their questions as completely and as honestly as you can. It may not seem to be a big deal at that early stage but it will save you time later on in qualifying the properties you will view. If for example you miss to say that you have a pet, or that you require parking or official receipt, or that your budget is only up to a maximum of a certain amount, or how many total occupants there will be - then you will end up viewing properties that might not be able to accommodate your requirements.
#5: BE COURTEOUS
If you have something to say about the price or the property, say it nicely and avoid insulting your agent or landlord by making impolite remarks.
Landlords are wary of irate and irrational tenants so if your agent or landlord picks this up from you, they will most likely not want to have you as their tenant. Also, you have a better chance in getting what you want if you are nice about it instead of being rude about it.
I hope that you found this helpful! :)
ABOUT DANA BULAON:
I'm a PRC licensed Real Estate Broker who has been selling, renting and buying properties since 2012. I was formerly a multi-awarded International Sales Manager from Century Properties, an International Sales and Marketing manager for a 5-star hotel residences in Boracay, and RE/MAX professional. I am now operating independently under my own license. (more)
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