How to Find the Best Deals for Rental Properties

How to Find the Best Deals for Rental Properties

Deciding to rent a place of your own can be considered a major decision, especially if you're going to be renting long term. Paying monthly rental dues can be costly so you have to make sure that you get your money's worth or you'd end up sighing while waiting for your lease term to expire.

So how do you make sure you get the best deal? By having many options to choose from. Just like the saying, "the more entries you send, the more chances of winning." The more options you have, the better your chances are of landing a great deal on the market.

1.) Online search is the way to go

More and more people are relying on the Internet to look for something. This is why a lot of landlords and brokers have made their listings available online. The internet has made it possible for renters and tenants to find each other without having to meet face-to-face. Online search is an easier and cheaper alternative to going through each property one by one during the initial stage of "shopping around". Search engines can make the task more efficient and you will find that there are plenty of real estate sites to go around. You can look for properties by browsing through rental sites such as Rentpad and classified ad sites like Sulit and AyosDito. Some real estate companies maintain their own website where they put up their rental listings aside from for-sale listings. Online forums and communities such as PinoyExchange and can also be good sources when scouting for rental properties on the net. Some landowners and brokers use online forums to post their rental listings, while people looking for a place to rent can post their need and ask the community for help or referral.

2.) Consider for-sale listings

Speaking of for-sale listings, you might chance upon a property that's meant for sale which you can rent. Some properties for sale have been on the market for too long, and their owners might be willing to rent out the place to you while waiting for a prospective buyer. They may even lower the price if they're really in need of a tenant (just make sure that there's no bad reason why the place isn't attracting buyers or leasers). It doesn't hurt to ask the owner or landlord if their place can be leased. The point is to widen your options so you can eventually find the best deal for you. And while you're at it...

3.) Ask your family and friends

Your family and friends may know of a good place to rent. You'll never know until you ask. The good thing about referrals is that they'll often recommend good places based from their own experience or from other people. Ask around during social gatherings or simply give a shoutout on Facebook and Twitter. But just because they recommended a place to you, you still need to...

4.) Do your research

You don't want to be stuck in a place you don't like so you need to do your research well. Research the community or neighborhood you'll be part of not just through online and reviews. You still need to see the location and place for yourself since you'll be staying there for a period of time.

Check out the neighborhood. Is the place situated in a quiet corner or busy road? How are the neighbors? Are they loud? Check if there's anything broken or that needs to be fixing before you can move in. Are there bugs and cockroaches? I know it sounds icky but you have to consider this before you make a decision. No matter how nice the place is, if it's infested it's not going to be worth it. Check out the turnover rate of the place as well. If the owner wants you to rent for 2 years or more, it may mean that he/she is having trouble finding renters, and that is usually a bad sign. Is the owner friendly and approachable? Having to deal with a bad landowner in the future can cause you a lot of headaches. Is the property well maintained? You don't want to settle in a place that looks like a good catch only to worry about maintenance costs later on (some owners do not shoulder maintenance costs so you have to clear this out with them before you sign the deal).

Prepare a checklist of things that you need to consider before the actual tripping so that you'll be reminded of what to look for. When you're satisfied with the place, don't bring out your pen just yet to sign the leasing contract. You have to...

5.) Compare prices before settling on a place

Just because you may have found your "ideal" place, don't let the excitement get to you and close your other options right away. You should compare prices of similar properties around the area (or in the same building if you're looking for a condominium or room) before you zero in to a decision. It is highly recommended that you compare prices first or you might end up renting an overpriced place. Once you get an idea of the prices, then you can start to...

6.) Bargain and negotiate

If you think that the place is overpriced, you can negotiate with the landowner. If you're going to get the place at almost the same or lesser cost, then all is good. Just remember that when bargaining, you need to be nice and objective. Present yourself well to the owner, and if you have a good credit let him/her know. These could increase your chances in getting the place at the price you're bargaining for.

Goodluck in property hunting!

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