Lease renewal may seem like a straightforward process—talk to your landlord about your rent, sign an addendum, get it stamped—and you’re done. But, take a good look at your rental home: have the walls begun to peel? Is the air-conditioner radiating hot air? Does your sink leak? These may be issues you would like your landlord to address—but you’re also concerned that raising them would merit your landlord to increase your rent. Here is what you can do to make tenancy renewal a breeze:
Do your research
Two to four months before your lease agreement expires, let your landlord know that you are interested in renewing the lease. Even if you are happy with your existing rental, it would be a good idea to learn about current home prices since rent will be the focus of your lease renewal. Talk to your real estate agent for more comprehensive market information. Staying informed could improve your bargaining power if your landlord increases your rent without good reason—although it is worth noting that when the property market is booming, chances are, your landlord will not budge.
Ask for more
The new lease would very likely reflect prevailing market rents, so get the most out of it by discussing with your landlord opportunities for improving the flat, such as deep cleaning the air-conditioner, or replacing the worn-out washing machine. Alternatively, forgo requests for improvement and negotiate for a lower-than-market rent.
Let your real estate agent do the work for you
When it comes to property prices and the property market, your real estate agent knows best—it’s what he/she does for a living! That makes him or her the ideal negotiator to persuade your landlord to agree to better rental terms for you. Your landlord would, too, benefit from your agent’s knowledge of the latest property market situation. Your agent may even advise your landlord about the benefits of settling for a mutually agreeable rent, such as saving potential costs incurred from renovating the property for a new tenant, or, worse, an untenanted home.
Negotiations aside, your real estate agent will also help you (and your landlord) save time by preparing and amending the necessary paperwork, verifying the status of the property, carrying out the stamping of the lease agreement, and preparing and submitting other relevant documents to the government. These factors may even encourage your landlord to share the agent’s fee, if not pay for the cost him/herself.
While achieving a reduction in rent may not always be possible, your real estate agent will almost certainly help you achieve better terms and greater savings than what you’d be able to achieve on your own—not to mention ensuring that your rights are fully protected in the renewal agreement with his/her expertise.
It does not stop here: throughout the term of the new lease, you can always count on your agent to provide support and advice, especially when you experience difficulties when communicating with your landlord, such as a language barrier, or unresponsiveness. If, ultimately, you decide not to renew your tenancy, you would at least have a real estate agent on hand for fast and up-to-date information on other flats to rent.
Contact your OKAY.com agent today for assistance with lease renewal.