Posts Tagged ‘negotiation’

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Items To Bear In Mind With Respect To Long-Term And Short-Term Leases

May 2nd, 2011

When leasing a property, individuals have two options to choose from, either to rent long term or rent short term. Both choices have its advantages and disadvantages depending on the set-up and preferences of the tenant.

The short term lease is a common choice for renters that want or need more flexibility than a traditional lease allows. People who work in jobs that have the possibility of relocation tend to prefer the short-term leasing option. This can include corporate trainers and store managers to name a few.

There are also advantages that the short-term lease affords the landlord. When a landlord enters into a short-term lease he is in a position to be able to change the lease terms more frequently as well as evict an undesirable tenant should the need arise.

On the downside, a short-term lease is not very common because more landlords prefer long-term leases. But perhaps the primary reason why landlords choose long-term leases over short-term ones may be due to the cost involved. Short-term leases prove to be more costly for the landlord because of the advertising expenses and the effort involved when the property is vacated. To compensate then for the cost of advertising the property, a lot of landlords often result to requesting for a higher security deposit.

A long-term lease agreement is one where the parties are bound to each other as landlord and tenant for a longer period. Compared to a short-term lease, a long-term lease offers each party more stability. Since the landlord is prohibited from increasing the rental until after the end of the agreement, it becomes more economical for the tenant to enter into this type of agreement.

Long-term leasing translates to lower turnover rate, fewer vacancies, less advertising efforts and less damage on the property. Because of these advantages, most landlords require a minimum security deposit compared to a short-term leasing.

Most couples or individuals that are in stable jobs and possibility trying to save up for a home of their own prefer long-term lease agreements. The stability and lower monthly rents that come from long-term leases provides the renter a chance to get on a fixed budget and possibly save up for a down payment more easily.

But whether you opt for a long-term or a short-term lease, make sure you completely understand the terms of the contract to prevent misunderstanding. Keep a copy of the contract for reference.

The writer has been contributing articles about leases for the last three years. Additionally, the individual loves publishing articles on New York City neighborhoods, including SoHo apartments and TriBeCa real estate.

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Property Leasing Do’s And Don’ts – Helpful Advice

April 26th, 2011

Moving into a new apartment in a new city or even in your current is very exciting. However, one must remember that renting an apartment entails responsibilities that one should fully understand prior to moving in.

It is wise to be forewarned on the rules and regulations that are in place in your new location, and making that inquiry will really help support harmony there. That knowledge will make your residence fun and also peaceful, as your landlord will be only too pleased that you will not be making waves.

Before signing a leasing agreement, remember to review the document and clarify any objectionable points with your future landlord. Remember to be courteous when discussing these matters with the owner and ensure that bargains and negotiations are reasonable. Ensuring a good beginning to the landlord and tenant relationship will make moving in much simpler as the landlord takes care of any damages or issues with the apartment unit.

Before you sign the lease agreement, you will want to make sure that you have thoroughly inspected the apartment and addressed any repairs that need to be taken care of before you move in. Depending upon your abilities and the state of the apartment, you could negotiate a lower rent in return for taking care of the repairs.

During the tenancy period, remember to seek the landowner’s consent for any repairs to be done to the apartment unit, as miscommunications can potentially complicate your relationship with the landlord. All communications, maintenance and repairs should be properly recorded by the owner, and for precaution, by the tenant as well.

When you have decided that you are ready to move on to a different apartment or house, you will need to ensure you notify your landlord. Most rental agreement have a notification clause in the agreement which clearly states the expected rental term and terms for notification upon moving. Make sure you follow this or you may end up with your landlord suing you.

Don’t cause any deliberate damage to the property in any way, as doing so can have serious legal repercussions and high fees. Tenants should respect the apartment unit and the owner by exerting extra effort to maintain the apartment unit in good condition during the renting period.

It is important to pay your rent on time, as agreed upon in your lease agreement. If your reason for skipping a payment or being late is reasonable, it is vital that you contact your landlord beforehand and explain the situation. Paying on time is part of your agreement to your landlord and being on time can help you avoid developing a bad relationship with your landlord or your landlord pursuing legal action against you.

This author has been providing advice on apartment rentals for the past seven years. In addition, the author loves contributing information with respect to New York City real estate, including Harlem condos for sale along with Washington Heights rentals.

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Utilizing A Real Estate Broker – Information To Know

April 26th, 2011

Selling real estate property and looking for homes for rent or for sale requires hard work. While most individuals prefer doing the job themselves, some need professional help when dealing with both buyers and sellers.

Whether you are buying or selling property, a real estate agent, or real estate broker, can be very valuable. A real estate agent will act as the liaison between buyers and sellers of a property. They are a great resource in order to find the perfect unit for you in your next purchase.

Real estate agents help sellers by marketing their property and getting the best price and terms in a sale. Conversely, agents assist buyers by helping them find the best property that matches their preferences for the best price possible.

Finding a real estate broker is an easy task as there are many ways to get to know one. However, finding the right broker requires a bit of research and background check, depending on your requirement.

A good real estate broker will have mostly happy clients. Talk to your immediate circle of friends, family and colleagues who have sold or bought properties and ask them about their agents. Try to meet each one of those agents separately and inquire about their recent deals. References from familiar people can make finding a real estate agent much easier and can be more reliable than referrals from websites or other sources of media.

The web or internet lists agencies and a look at those in your area will help you locate one that can do the job for you. Almost all real estate brokers will have private or organizational websites, which will show their working history and also give numbers to call.

Open houses are good places to see real estate brokers do their thing, so attend some. Get talking and get contact numbers. Also, watch how they behave, move around, and most importantly, how they showcase the house. This is a great way to get some first hand experience on the real estate agent you might be interested in.

Have a sit down with several brokers, get to know more information about their recent transactions or if they have any license as some states require them, before settling on one. See if the broker you will be working with is trustworthy and reliable since they will be helping you find your future home.

This author has been contributing articles pertaining to selling homes for the past four years. In addition, the author loves providing knowledge regarding NYC real estate topics, including Flatiron apartments as well as Carnegie Hill apartments.

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Keeping A Smaller Monthly Rental Payment In A Recessionary Economy

April 3rd, 2011

Finding an inexpensive rental requires some hard work both in small towns and in big cities. The process is made more difficult when the need for an apartment also requires a good location.

Although it can be hard to find an inexpensive – or at least reasonably priced – rental, it is possible. You will need to set aside time to conduct your search. You will need to practice patience and have enough energy to put into the search. Some simple suggestions will help you in your search for your apartment.

One method of locating a reasonably priced apartment is to look in areas where the real estate values are not appreciating very well. Every city has areas that are not as sought after but that may be just as good, so keep those areas on your list for consideration.

After you narrow down the acceptable areas of the city, begin looking for apartments. Consider looking at smaller apartments as well as studio apartments, especially if your finances are tight.

Generally, you will not find new apartments in the less-desirable areas of the city. Historical buildings are not likely to be a source of inexpensive apartments either.

Asking your friends and family if they know of any good rental properties can be a great way to find that perfect rental. You never know what bargain a friend might be aware of so ask around.

It is always a good idea to negotiate as much as you can as many aspects as you can with your possible future landlord. Don’t hesitate to talk about a lowered rent, especially when the times are rough.

One method of reducing your overall rental cost is to offer to prepay rent for as much of the year as you can afford. Experienced landlords expect smart shoppers to negotiate, so be confident that you can come to a mutually satisfactory arrangement.

The individual has been writing about cheap rentals for the last five years. In addition, the individual is fond of writing with respect to New York real estate subjects, such as Flatbush real estate and Park Slope condos.

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How To Bargain A Rent Reduction With Your Management Company

March 29th, 2011

We live in some rather hard times and having to pay the monthly rent can sometimes become a very difficult task. Asking for a rent decrease in times of recession is not an unusual act and many people give it a serious thought every month.

Considering asking for a rent decrease is not the same as asking for or getting a rent decrease. It takes a combination of honesty, planning, courage and desperation to be able to successfully negotiate a rent reduction. If you need to reduce your rent, there are some essential tips on how to approach your landlord with your request.

Landlords often find that it is preferable to grant a rent decrease instead of forcing an existing tenant to move and then to incur the expense of finding a replacement tenant. Tenants who are able to negotiate a rent decrease also are spared the time and expense of looking at other rentals.

Especially in times of recession, landlords tend to get more flexible and more willing to come to an agreement with their tenants in terms of lower rents. So don’t be afraid, as a tenant, to ask your management company for a renegotiation of your rent.

If you need to get a lower rent, be honest with your landlord as to your situation. Explain that you have had an income loss due to your job or business loss. During recessions landlords are very likely to understand your situation and work with you.

Particularly during lengthy recessions, it may be useful for you to ask about rental rates for similar units in your area. Providing current rental rate comparisons to your landlord may give you an additional bargaining chip.

Proving other tenants pay lower rents in your areas is a strong argument that might smooth your way towards getting a lower rent. The management company isn’t willing to lose any tenants, so they will be more flexible.

Make sure you tell your negotiator your only reason why you are looking to lower your rent is the current financial situation you are in. highlight the fact that you have always been a great tenant who paid his rent on time every month.

The individual has been writing about negotiation for the last four years. In addition, this individual likes contributing information about New York City real estate topics, including Fort Greene apartments for rent in addition to Prospect Heights real estate.

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Why It Is Necessary To Sign A Written Contract When Leasing

March 28th, 2011

Having a signed written agreement is the most important aspect of any business transaction and this is not any different for the landlord-tenant relationship. The rental agreement clarifies all the important aspects of the relationship.

From a legal point of view, this agreement includes all the right and obligations of both the tenant and the landlord. It is a very useful tool for parties in the event of any dispute.

While the lease serves to provide the details of the agreement in case of a dispute, the primary purpose of the lease is to ensure that there is no need for a dispute. Both the landlord and the tenant should carefully read the lease document to be confident that everything is clearly detailed and understood by both parties.

The rental agreement has two main types of information contained in it: the basic stipulations and other inclusions. Signing a written agreement indicates that both parties are in agreement to the terms and conditions of the contract.

A lease would be quite incomplete if it does not detail rental rates, due dates, payment methods, deposits, late fees, the rental term, planned rental rate increases, dispute procedures and terms for early termination. These are all considered basic stipulations.

Inclusions, as defined in the rental agreement, deal with pets, smoking policies, subletting, guests, and boarders. In addition, the matter of any necessary repairs or changes to the property is generally outlined in detail.

The lease must also include contact information of the landlord and each and every tenant. This information is necessary so that anyone on the lease, regardless of capacity, can be reached whenever necessary.

If you have not done a rental agreement in the past, you can research them online to see a sample. There are many online websites that can provide you with a ready-made form that you can fill out with your particular details enabling you to have a written agreement ready in a timely manner.

This writer has been contributing articles about rental agreements for the past four years. In addition, the writer loves providing knowledge regarding NYC real estate, such as Parkchester real estate and Pelham Parkway real estate.

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Drafting A Lessor And Renter Agreement

March 24th, 2011

An agreement between owner and tenant is the basis for a property deal. Although by law it is possible to have a verbal agreement, it’s incredibly hard to prove in the case of a dispute. An owner and tenant agreement defines the legal obligations of both parties. It includes the basic agreement, restriction and all other specifications and information about the deal.

Most owners who rent out or sublet their properties already have a contract ready for a potential tenant to review. After reviewing the contract, the tenant will need to decide if the terms and conditions are acceptable or whether there are points that need to be discussed and negotiated.

The contract or written agreement between the owner and the tenant will always contain information such as the agreed upon rental fee, what types of payments are accepted, mailing address for the payment, the deposit amount and what circumstances lead to a refund or forfeiture of a deposit, the duration of the contract, periodic rental increases, the termination conditions, and the policy by which disputes are resolved.

Additional conditions can contain anything that has been negotiated. For instance, some owners could impose restrictions on pets, smoking, curfew time, etc. The agreement should contain a policy on repairs, utilities and other relevant matters.

It is advisable to utilize a real estate attorney for contract matters. They can provide you with expert advice and ensure you cover all the important matters related to subletting your property.

Real estate attorneys are also useful as they know the laws of the state. An agreement must comply with state laws for it to be valid.

Once the negotiations are done, the deal is legally closed when the agreement has been dated and signed by both parties. Remember to keep a copy for future use.

To have a clean property transaction, both parties should be properly represented whether by a real estate attorney or by themselves. Both parties should also maintain an open mind when doing negotiations to make a settlement that is in the best of both parties’ interest and to avoid dispute in the future.

The author has been providing advice about lease agreements for the last five years. Additionally, this writer likes providing knowledge with respect to NYC real estate, like Tudor City apartments as well as Inwood apartments for rent.

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Securing A Security Deposit – Things To Be Aware Of

March 5th, 2011

As a landlord, you have to be aware of the importance of a security deposit paid by your tenant. You can look at it as an advance for any future possible damages your tenant might do to your apartment.

In general, you can never really know your tenant so collecting a security deposit is like having a safety net. As the landlord you need to play it safe and collect that security deposit.

So think of this security deposit as your way of saying you do trust your tenant, but not entirely and you need an assurance he won’t do any big damages to your property.

The deposit is paid up front by the tenant to be kept in case there is damage. The landlord keeps the money until the contract expires or the tenant moves out.

If you don’t use a security deposit, as a landlord, you of course have the legal action option. But you wouldn’t want to pay an attorney and all the trial fees either.

It is in the best interest of both parties that the tenant and the landlord view the property together to determine its state prior to the tenant moving in. This will be helpful when viewed upon moving out to determine if any damage has occurred that will require fixing. Taking pictures of the before condition of the property can be helpful during this process.

It is also important for you, as the landlord, to know what your state requirements and restrictions are regarding the deposit. There are usually requirements regarding where the deposit must be kept and what must be done with the interest if any money is earned as well as policies regarding refunding of any leftover monies.

Remember that requiring a security deposit will always be to your benefit. To help you know more, read up on your state’s laws about it.

This author has been contributing articles with respect to home rentals for the last seven years. Moreover, this author takes pleasure in writing with respect to New York City real estate, including Chelsea apartments and TriBeCa real estate.

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Information You Should Know Regarding Short-Term And Long-Term Rental Agreements

February 14th, 2011

Depending on your needs and future plans, every time you rent a new place, you need to decide between short- or long-term leases. They both have advantages and drawbacks, so you might need a detailed perspective on both.

The first thing to consider is how long you intend to stay in your rental. If you are not planning on a long term stay, a short-term lease may be your best option. But the fact that your landlord can increase your rent more rapidly than a long-term lease or change other lease terms can make a short-term lease less desirable.

In other words, the tenant doesn’t have to worry about any long-term agreements. On the other hand, the landlord can decide on higher rent rates and he can choose to make these alterations more frequently.

In a short-term lease, a landlord is not tied to any long-term agreement and can easily evict any tenant he finds problematic. Short-term leases may also become an issue for tenants who might want to use and enjoy the property for a longer period of time.

Long-term leases are good for a more stable landlord-tenant relationship. Though the agreement is not as flexible as the short-term lease, there are many advantages to the long-term lease.

In long-term leases, the landlord’s hands are tied and he is bound by the provisions in the agreement. Thus, long-term leases come out cheaper for the tenant because the landlord cannot just unilaterally increase the rental rate until after the agreement ends.

Because there are lower turnover rates in long-term leases, landlords don’t have to advertise vacancies as much. Landlords can then afford to offer the leased premises at lower-than-prime rates which translates to savings also for the tenant.

So, as you can see both short-term and long-term leasing options have their pros and cons. Whichever should you decide is best suited for you and your current and future needs, make sure to always formalize the agreement by signing it’s written form.

This writer has been providing advice about short-term leases for the previous two years. In addition, this individual enjoys publishing articles about NYC real estate topics, including Fresh Meadows homes for sale as well as Astoria homes.

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Effective Tips For Subletting Your Home To Someone

August 10th, 2010

People who are renting their homes have the option to sublet it to another tenant. There are different reasons for entering into this kind of arrangement.

Some people do this plainly because they are short on cash. Others simply have a spare room in the house and getting an additional roommate to split the rent can help in keeping expenses down.

Subletting is also an option for people who will be away for a few months, such as a long-term travel abroad for business or a school exchange program. By subletting to vacationers or short-term tenants, their monthly rent is covered and at the same time their home is not left empty for a long time.

Tenants who have to move out for good before the lease ends may sublet their home without breaching the contract. A new tenant can occupy the home for the rest of the lease period and work out an arrangement with the landlord to continue after the agreement has lapsed.

Before putting up that ‘For Rent’ sign, it should be clarified first if subletting is allowed in the contract. Check with the landlord and get his permission before pushing through.

Once the go signal from the landlord is obtained, one has to decide on some issues before meeting prospective tenants. These include things like how much rent to charge, if security deposit will be required, and one’s policy on pets, children and smoking.

It is important to run background checks and ask for references from previous landlords before handing over the keys to the apartment to the new tenant. Consider also if the landlord would want to interview or screen the tenant.

For everyone’s protection, everything should be in writing. These include the terms of the rent, security deposit, the condition of the property upon moving in, payment of utilities, and other pertinent issues.

This writer has been writing on home-related issues for the past two years. In addition, the individual loves publishing articles with respect to New York City neighborhood subjects, such as NoHo apartments and Midtown East apartments.

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