Six Tips to Winning the Rental Bidding War
6505 SW 104 St Pinecrest, FL Rented for $13,000
It’s a brutal rental market for tenants but here are six tried and true tips to winning the rental bidding war.
- Hire a great agent who knows how to negotiate.
- Be first in line to see the house.
- Make a strong offer as soon as possible.
- Out of towners: Make an offer sight unseen, contingent on seeing the home.
- Be ready to make some compromises, if necessary.
- Sweeten the deal to get what you want.
I represented a corporate client in a rental at 6505 SW 104 St. a lovely 5 bedroom Pinecrest home on an acre. My client was the first to see it and immediately made a full price offer of $13,000 a month. We wasted no time and had this home under contract in record time.
7360 SW 108 Ter. Pinecrest, FL Rented for $11,750
I fought hard for my tenants in another great Pinecrest rental home that closed 21% over list price. This 4 bedroom home, at 7360 SW 108 Ter. needed a new cooktop, hot water heater, blinds and paint. I negotiated a price well over asking price, contingent on the landlord making all the upgrades and agreeing to extremely favorable terms for my tenant. It’s imperatative to come in strong to be top dog in this highly competitive market. This home leased for $11,750 a month.
5781 SW 81 St. South Miami, FL Rented for $11,200
I also represented a client who leased a very cool 4 bedroom, 4 bath home at 5781 SW 81 St. in South Miami. Again, this was a highly sought after home, with multiple offers, and my tenants won the bidding war at $11,200 a month, 16% over list price.
Landlords clearly have the upper hand in this rental market with such a scarcity of inventory. As a tenant, you have to be willing to pay at or above asking price. But for that additional rent, a great agent will work with the landord to include all the desirable terms you want in a lease.
Connect with me for strong successful representation. 305.898.1852 Wellins.D@ewm.com
