10 Negotiation Tips For Office Rental Prices
In addition to finding a good office for rent, companies need to know how to negotiate prices to save the most budget.
1. Make the first impression when negotiating
For business people, making the first impression is extremely important. First of all, show it through your appearance such as clothes, hair, shoes… Suppose you come to your partner wearing shorts, slippers, and messy hair. Surely with your messy appearance, they will not trust you or think you are not serious about renting an office, maybe even refuse before the negotiation takes place. So, show up with an outfit that makes you look professional that will make your partner sympathize and appreciate you more.
This is an important rule when you meet and interact with partners. Always have a polite attitude with simple actions such as shaking hands when meeting, remembering the name of the lessor, not saying more than necessary, not telling, bragging, etc… This will help you gain sympathy and also makes the negotiation less stressful and easier.
3. Show trustworthiness
Not only through dress or polite manners, but you also have to show credibility by showing them your financial ability. That you are willing to pay according to the agreement and follow the principles set by both parties. If you are a lessor, you probably don’t want to give your property to someone without a clear career and background. Because the level of risk you face will be very high. So, show the other party how trustworthy you are to make the negotiation easy. Moreover, if you are a reputable and reputable business in the market, the price negotiation will be even more beneficial, for both parties. The lessor will understand that it is possible to cooperate with you for a long time, and it is not easy to get a good partner like you.
4. Understanding the office rental market for your negotiation
Understanding the market and getting a lot of information about the real estate business will be very beneficial for you. Not only can you find offices with good locations and conditions, but you can also find out which prices are most reasonable. For example, you plan to rent an office on Nguyen Thi Minh Khai street and know that there are many vacant places around that area. This information will be extremely helpful as you can look at properties nearby and negotiate with landlords for lower rates. The negotiation will take place quite easily when the partner does not want to lose customers. Moreover, being knowledgeable also helps you avoid the situation of having to rent an office higher than the market price.
5. Capture the tenant’s psychology
In any negotiation, it is very important to understand the psychology of the other party. Through the attitude, gestures, or words of the lessor, you can tell if they are satisfied, hesitant, or not agreeing with the price you ask. From there, you can adjust the office rent in a way that suits the interests of both parties. Or as your real estate lease is about to expire, you understand that a landlord is a stable person and will probably have a hard time finding new tenants. You can then offer to extend the contract at a lower price than the original.
Have you heard the saying “silence is golden”? During a negotiation, being quiet at the right time and listening to the landlord’s opinion will help you capture a lot of information and understand what they want. Lots of words and trying to convince is not always good. Speakers need listeners. That way, you will show respect to your partner, make them feel good, and easily open your heart to listen to your subsequent requests.
Absolutely do not argue or say uncultured words when negotiating. Because they will be the cause of an unsatisfactory outcome for both parties.
7. Mutual benefits
A successful negotiation is when both parties are satisfied with the terms. Especially not causing a feeling of defeat, disappointment, loss of face … for the lessor. Suppose after negotiating, you can reduce the price of office rent as desired, but the partner is not satisfied with such a level. They just accept it for some reason. At that time, it will be difficult for the two sides to cooperate for a long time. And in the process of cooperation, if unfortunately, you have trouble with infrastructure, maintenance… surely the lessor will let you manage and only take care of their interests, as you did before.
8. Consider the requests made by the lessor
In some negotiations, many businesses only pay attention to how to rent an office with the cheapest price without paying attention to the requirements of the lessor. This is a serious mistake because sometimes, those requests bring you more benefits than most. For example, your partner may ask for the same rates but will pay for electricity, taxes, insurance, and maintenance for the office or shared areas. At that point, you should reconsider this offer, because the cost of those issues may even be higher than the discount you negotiated.
9. Hold your ground
Standing firm does not mean insisting on reducing the office rent as you want. Don’t let a few convincing words of partners like this place have a good location, many people ask for rent, beautiful design… that you rush to accept the initial price. You need to understand your position, grasp the advantages and disadvantages of the lessor to make a reasonable request. You should be flexible in your terms and conditions, but still, keep the price from deviating too much from what you intended. To do so, you must know a lot about the partner and prepare carefully before the negotiation.
10. Presuppositions of situations
Before the negotiation, make sure you have all the information you need. Then try to pose situations and deal with them. You should assume the prices or requirements that the tenants of the office offer and how to convince them. This will help you prepare mentally and not be surprised and confused during the negotiation.
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