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I just signed a new lease for 12 months at $525 a month, with the $400 off I already received this month as a signing bonus. This was their 4th and final offer, I doubt I could have gotten any better no matter what I did. My old rent is $550, managments 3rd offer was to come down to $535 for 14 months with the $400 bonus. I learned or applied several things in this negotiation.
Never take the first offerTheir first offer was rent to stay at $550, a $100 signing bonus. I farted in its general direction--Ha!
Always keep things as polite and business-like as possible, even if you detest your negotiating opponent (not the case here, I like Pam.) This is why I left abruptly the day I got the 1st lease (see above posts)--I knew I was too upset to deal with the issues rationally. Shouting, name-calling and throwing things may work in the Mafia, elsewhere you just look pathetic and do not further your cause.
Use time pressure to your advantage. Pam was getting heat from the owners to seal the deal, because she had already given me a signed lease and accepted a $150 rent money order--this weakened her position somewhat.
Hide your disadvantages, exploit your opponents disadvantages. I thought all the evictions and rental market softening would help me more, but at least she never found out I was jobless and could not move
If you have a good fallback position, bluff! The signed lease I had was an excellent fallback option and would hold up in court. I had little to lose by bluffing that I was considering moving and wound up saving $120, over 12 months.
Do your homework! The more info you have the more likely you can get the best deal possible. I violated this by not doing any market research until it was almost too late. I should have before beginning negotiations even though I had no plans to move
Hardball can get you a better deal--but it's risky. I gambled that I could push Pam just a little more. She might have decided I was not negotiating in good faith when I refused to sign the 1st lease. After all, we had a deal, I just hadn't signed the contract. But she ended up coming down $10 per month, $20 if I had signed a 14 month lease.
Game theory and negotiating theory are great--but no substitute for practical experience!I have read about game theory and books on negotiating, but I have very little parctical experience at it.
Honesty in negotiating?I'll have to think about this one. But AJ's advice to be honest about my indecision might have helped, its hard to say. I hate lying and am not good at it, so telling the truth is always easier.
Thanks for all the good advice and kind wishes, everyone. AJ's advice to tell the truth and say that I was undecided helped at the last and crucial meeting. Right after I said I was honestly undecided and wasn't sure what I was going to do, Pam gave me her final rent numbers (Rent Version 4.0), caving slightly so we could compromise. Hmmmmm, telling the truth, what a novel negotiating strategy!! I wanted less than $500 per month rent, but I think I did the best I could considering all of the circumstances. I'll use the 12 month lease to get my stuff together, work on credit problems, get a job, and find a cheaper place. My God, looking that list over you'd think I was planning the AOL/Time-Warner merger!? All that just to get $25 lousy bucks off my rent!!
Posts: 6316 | Registered: Jun 2003
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Yay!! See - all that work got you $700 ($400 signing bonus + $25/month off what you were paying). Sounds like a good deal to me!
Posts: 5879 | Registered: Apr 2001
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I wanted less than $500 per month rent, but I think I did the best I could considering all of the circumstances. I'll use the 12 month lease to get my stuff together, work on credit problems, get a job, and find a cheaper place. ![[Big Grin]](biggrin.gif)
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Sounds like a good deal to me!
