If you are a Portland renter or buyer, it’s hard to feel as though you’ll ever have the upper hand. The truth is you have plenty of power; it’s just a matter of figuring out how to use it. Read up on the following tips to learn how to negotiate like the best of them in the Portland real estate world.
Think About Signing a Long Term Lease
Every Portland landlord’s worst nightmare is vacancy. An empty rental property means having to pay for all the expenses to keep a property up and running, without the income to cover it. By offering to sign a two-year lease instead of a one-year lease, even a six month to one-year lease instead of month to month, you can usually negotiate and lock in lower monthly costs for rent and utilities.
Opt for a Quick Close
Time is money, and the real estate world offers no exceptions. While you may not be able to afford getting involved in an all-out bidding war, or compete with an all cash offer, you may be able to sweeten your deal by offering the seller a quick close. Oftentimes sellers have already purchased their next home, or are facing time constraints because of work or school. So, offering to work in accordance with the seller’s deadline can make up for the difference between what you are willing to pay for their home versus a higher offer.
Put Off Negotiations
Usually procrastination is everybody’s worst nightmare, but if you are renting your current Portland home, it may be your friend. If you start trying to negotiate rent too early on in your lease, your landlord may mistake your boldness for you trying to break your lease and things could quickly go south. Waiting until your lease is nearing its end could mean savings for you as well as your landlord. It costs money to fix up a Portland rental property, draw up a new lease and show it to potential tenants – all of this adds up to an expensive and time consuming headache your landlord will likely be glad to avoid.
Scope Out the Competition
Look for Portland properties similar to the one you’re interested in that are either under contract or have been recently sold. You may need to lean on your real estate agent to get you the information you need by brushing elbows with some of their market contacts. Knowing whether comparable properties sold for more or less than asking price, and whether or not the sellers entertained multiple, competitive offers is powerful knowledge that can only elevate your bargaining power.