Posted by
EmmJay
8 yrs ago
It is my understanding that the asking price on real estate listing is negotiable.
What is the customary reduction that we can negotiate down to? For example in the previous country where I lived, prices were inflated by at least 20% because it was customary to negotiate down by 20%, so is it the same in HK?
Is there a percentage figure I should keep in mind when negotiating a lease?
Thanks.
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There is no such rule of thumb - 20% seems way too big to me.
Do your homework, and know what transactions are occurring BEFORE you have a discussion with your landlord. That way you can negotiate using facts, not just a brash attitude
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Here are the facts:
Some of my friends recently negotiated down their lease by 7k on the asking price for an apartment near Soho, so I beg to differ that 20% is a lot.
Their reduction was 25% actually..
Also from observation seems that a 10-15% is normal but I heard a few instances of people getting more, so there is no brash attitude, I am asking a relevant question based on my observations.
I don't where I can go verify recent transactions, I have been here for less than 2 weeks, if you do know please share the resource rather than giving generic advice as if people don't do their homework. Last time I checked a forum served to gather information from someone who's been there and done that.
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Ed
8 yrs ago
There is heavy downwards pressure on rents... fewer expats inbound... and lots of layoffs...
I wouldn't be shy with low-balling an offer....
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I don’t believe there is a set amount as such. Most landlords and most tenants will have a rough idea of the rent in the location they are looking at – the easiest way is to look and ask in the local estate agents. Some may add 20% but be prepared to go lower whilst others may ask a price they want and stick at it, you don’t know until you try to get a lower price/negotiate/haggle.
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Thanks Ed and Greene King.
From the conversations I've had with estate agents, seems like prices are to continue the downward for the coming months and when I found estate agents posting recent transactions on their websites, the transactions were 2 or 3 months old e.g. before the price slope.
So, it's proving hard to see how areas have been affected right now. I'm just going to have to go at the lowest I'm hoping to get and negotiate from there.
If there's any online resource goverment or not that offers up to date guides on prices please let me know.
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