Are you trying to find a place to rent in a tough market?
Have you found yourself trying to win a house bidding war?
If you’re trying to rent a home and have found yourself with a lot of competition, you may not know what to do next. A rental bidding war can be difficult to handle and even if you end up winning it, you may end up paying a higher rent than you originally intended to.
Luckily, that doesn’t have to be the case. Below we’ll tell you how to win a house bidding war without overspending.
1. Prove Yourself
The first step towards winning a bidding war is to make sure you’re providing enough information about yourself and making it as easy as possible for a landlord to choose you. This means that you should assemble the right documents to help verify your identity.
Here are a few documents you’ll want to get together as soon as possible:
- References: Two reference letters from a previous or current employer, a previous roommate, or a professional connection is ideal.
- Credit Check: Get your credit report and have it ready to show a landlord. Ideally, you should improve your credit score as much as possible before trying to rent a place.
- Identification: Bring two forms of identification, whether that is your state ID, a passport, or a citizenship card. You should also have your social security number ready as well.
While the above documents aren’t everything you’ll need to win a bidding war, having these documents ready and available will make it more likely that a landlord will choose you. You’ll be well prepared to demonstrate what you have to offer and a landlord will be more able to evaluate you compared to your competition.
2. Prove Your Finances
In addition to proving your identity, you’ll also want to prove your finances. This can be done in a number of ways but will usually consist of proving your income in some way.
To do this, you’ll probably need to provide proof of your employment or prove that you have sufficient funds in some other way. If you’re self-employed you’ll need to prove that you have the necessary income to rent the property, and will likely need your previous year’s tax return to do it.
If you’re an unemployed student, on the other hand, you may need to get a guarantor and get a letter from them to prove they’re backing you up. A guarantor will cover the costs of your rental in the case that you’re unable to pay it. Getting a guarantor can help you seem like a more stable renter and can improve your chances of winning a bidding war.
3. Have the Right Attitude
The next step to winning a bidding war is to simply have the right attitude and to act accordingly. The best way to win over a potential landlord is to make sure you’re always kind and respectful towards them.
Even if you’re frustrated that you’ve entered a bidding war it’s best not to show it or to vent your anger when talking to them. A landlord wants someone who they believe is easy to talk to and who likely won’t cause them problems while renting.
Believe it or not, having a great attitude will help you become a dream tenant and can help convince a potential landlord to choose you over someone who has a bad attitude but is offering to pay more.
4. Present Yourself Well
In addition to having a friendly demeanor, you also need to present yourself well when you see a potential landlord. Make sure you’re always looking your best when you meet with them.
Presentation matters a lot more than you may realize and unconsciously many people link a clean appearance with someone who is personable, friendly, and easy to deal with. You should be wearing nice clothes, have good hygiene, and if possible, be clean shaven as well.
A person who presents themselves well can also be a sign of a person who will be clean when living the apartment, and that’s a big plus for a landlord.
5. Know the Local Rental Market
One of the greatest things you can do if you’re trying to win a rental bidding war is to find out everything you can about the local rental market. Sometimes landlords try to force the rent prices up and if you don’t know about the average rental prices in your area, you may not know whether you’re getting a good deal or not.
Having the extra knowledge about the local trends can be a big help when it comes to negotiating and will give you the perspective you need to communicate with the landlord. You’ll be able to know if the landlord is being unreasonable with their prices and, if they are, you’ll be able to tell them so directly. You’ll have the facts to back your words up.
6. Get Outside Help
If you predict you’ll have a hard time winning your bidding war on your own then you may want to get some outside help in the form of a realtor.
One of the best things about working with a realtor is that they’ll be able to help find a place for you based on your preferences and needs. They’ll scour the market for you to find exactly what you’re looking for.
When it comes to a bidding war, realtors can also be very helpful. This is because realtors are usually skilled in the art of negotiation. Realtors have experience speaking with landlords and will be able to fight for you to convince them that you would be a great tenant. They may also be able to negotiate lower rent prices for you.
However, keep in mind that working with a realtor will cost you money. This will especially be true in places where it’s more of a landlord’s market than a renter’s market.
7. Consider the Big Picture
When you’re trying to win a tough rental bidding war, it’s important to keep the big picture in mind, especially when it comes to landlord’s perspective.
Put yourself in a landlord’s shoes and consider what they’re looking for in a renter. Chances are that they’re considering more things in their decision than whether a tenant who is willing to pay the highest rent. A landlord wants a great tenant overall, so certain things can help them make a decision.
Offering to pay more months of rent in advance or offering to pay a bigger security deposit may serve as a way for you to sweeten the deal and make a landlord more likely to consider you as a tenant. A change in the move-in date can also help your chances as well.
Remember that a landlord is usually considering the bigger picture when choosing a tenant. They want to choose a renter who will make things as easy for them as possible.
Using These Tips to Win a House Bidding War
If you’re in the midst of a house bidding war, the odds may seem stacked against you. However, chances are that you have a better chance of winning than you may believe. Make sure to keep all of the above points in mind when trying to win your rental bidding war and you may just end up triumphant in the end.