In any negotiation, the person with the most leverage tends to get the best terms. The more leverage you have over the deal and the other party, the harder you can negotiate. The less leverage, the less room you have to negotiate. Want to know if you have good or bad leverage in negotiating a lease in Princeton, consider the following:
You have the most leverage when the following factors are met:
- Your offer is reasonable and sincere
- The home has been on the market for an extended period of time (landlord may be getting “motivated”)
- The home is priced above the market (there is room to negotiate)
- There are no other offers on the home
- You have excellent credit (high FICO score, low debt, no derogatory items)
- You fit the desired profile for the home (no pets, non-smoker, etc)
- You are ready to move in by the desired occupancy date
- You are willing to pay the requested security deposits and other costs
You have less leverage if the following are things you have to contend with:
- You are offering an unrealistic price
- The home is new on the market (no motivation yet)
- The lease price is already lower than similar homes on the market
- There are other offers on the table, including a full-price offer
- You have bad credit
- You ask for lots of other concessions like modifications to the home, changes to terms, etc.
- You delay the move-in date
- You haggle over other costs such as the security deposit, pet deposit, utilities, etc
In summary, it pays to know what you are doing and work with an expert. I am the expert in the Princeton rental market. If you want to get the best deal call me. 609-977-5343 – Julie
