Rental Apartments (Especially Dubizzle)

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Rental Apartments (Especially Dubizzle)


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Old 9th May 2012, 03:55 PM
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Default Rental Apartments (Especially Dubizzle)

When I see a property on Dubizzle that rents for, let's say, 100,000aed, what should I offer to actually pay? There must be some room for negotiation, but I can't tell how much. My company pays the rent in 2 checks, so I won't be able to get a discount by offering 1 check. Is 90k a reasonable bid? Would I be able to go lower?

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Old 9th May 2012, 04:58 PM
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Go low ball straight away, there is no harm in it.

For example you offer 70k, they counter with 80k - It's a deal.

You offer 90k, they say YES - It's a deal.



So always low ball, you may be pleasantly surprised.

I can't see there being huge amounts of leniency, but that's just an example.

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Old 10th May 2012, 06:42 AM
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Just a quick reply. If I had an apartment for 100k and someone offered 70, I wouldn't even forward it to the owner. 90k is more realistic. The amount of give in a price is also largely dictated by location and demand.

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Old 12th May 2012, 01:34 AM
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Who's interest do the realtors have in mind? The renter pay the realtor fees, so I would think that the realtor would tell you what an apartment is worth. But i've been wrong before.
I'd say low ball though. Especially if the place has been vacant for awhile. I don't think i'd go 30% though. Thats just rude. I think 15 to 20 would be good. That way you don't offend anyone. Just be firm whatever you do.

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Old 12th May 2012, 05:29 AM
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Originally Posted by Bulls_96 View Post
Who's interest do the realtors have in mind? The renter pay the realtor fees, so I would think that the realtor would tell you what an apartment is worth. But i've been wrong before.
I'd say low ball though. Especially if the place has been vacant for awhile. I don't think i'd go 30% though. Thats just rude. I think 15 to 20 would be good. That way you don't offend anyone. Just be firm whatever you do.
Also keep in mind that if you offer the asking price, the landlord may think he is underselling and will ask for more.

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Old 12th May 2012, 12:42 PM
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Quote:
Originally Posted by Bulls_96 View Post
Who's interest do the realtors have in mind? The renter pay the realtor fees, so I would think that the realtor would tell you what an apartment is worth. But i've been wrong before.
I'd say low ball though. Especially if the place has been vacant for awhile. I don't think i'd go 30% though. Thats just rude. I think 15 to 20 would be good. That way you don't offend anyone. Just be firm whatever you do.
The renter pays the realtor fees but the fee is often a percentage of the rent. So the realtor has an interest in keeping the rent high, no?

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Old 12th May 2012, 01:26 PM
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The renter pays the realtor fees but the fee is often a percentage of the rent. So the realtor has an interest in keeping the rent high, no?

Exactly

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Old 12th May 2012, 01:50 PM
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The renter pays the realtor fees but the fee is often a percentage of the rent. So the realtor has an interest in keeping the rent high, no?
The Realtor would not be doing a good job for the landlord if the difference between asking rent and offered rent is 25% (100K to 75K). I mean why has he advertised the rent to be 100K with offers coming in at 75K?

You can generally negotiate on the asking rent by increasing the number of cheques or you can ask for a 5% to 10% discount with 1 cheque. The realtor can only present the options to the landlord who is generally clued up on the market.

Don't be surprised if the landlord asks for more than the advertised rent. That will happen if there is more than one party interested in renting out the property.

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Old 13th May 2012, 06:05 AM
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Originally Posted by Confiture View Post
Exactly
No not exactly. As I said before the more likely difference between advertised and achieved price is a lot closer to 5%, sometimes as much as 10%. The fee is 5% of the price, and the agent gets paid half of that amount.

eg 100,000 = Fee 5000 = Agent 2500

Now without the agents keeping the price high;

95000 = fee 4750 = Agent 2375

Agent doing a terrible/great job (perspective)

90000 = Fee 4500 = Agent 2250.

I can guarantee that all the agents I know would sooner rent the property quickly and efficiently at 90 or 95, rather then alienate the tenant by trying to squeeze 5k extra out of the tenant for such a pittance of extra commission.

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Old 13th May 2012, 07:20 AM
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Quote:
Originally Posted by justlooking View Post
The renter pays the realtor fees but the fee is often a percentage of the rent. So the realtor has an interest in keeping the rent high, no?
Logically, this would be right, but since the agent return is so small by holding out, he/she would rather move the unit and go on to the next property then deal with this long term.

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Originally Posted by Bigjimbo View Post
No not exactly. As I said before the more likely difference between advertised and achieved price is a lot closer to 5%, sometimes as much as 10%. The fee is 5% of the price, and the agent gets paid half of that amount.

eg 100,000 = Fee 5000 = Agent 2500

Now without the agents keeping the price high;

95000 = fee 4750 = Agent 2375

Agent doing a terrible/great job (perspective)

90000 = Fee 4500 = Agent 2250.

I can guarantee that all the agents I know would sooner rent the property quickly and efficiently at 90 or 95, rather then alienate the tenant by trying to squeeze 5k extra out of the tenant for such a pittance of extra commission.
+1. That would normally be the case, but as little as most agents work in the UAE, I can see them doing this. Especially since the landlord will give the unit to multiple agents and these agents create artificial demand. I have witnessed many landlords hold apartments with no tenants just to get that extra AED10k.

Most people here are not really business savvy, but like the others have said, I doubt a landlord will even entertain a low bid (30% below asking). Good Luck.

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