Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
Getting ready for renewals in a MF and since the apartments aren't equal and the lengths of tenancy aren't equal the rents also are not equal. Do you normally try to equal out all the rents or are you comfortable with difference? What leads to the difference for you? For instance a great tenant with two years who does not get an increase whereas a tenant who is a PIA in a premium apartment does. Just wondering your justifications for having rent differences in similar apartments or not?
I have sometimes sent I don't care renewals because that is the price it will take to continue to put up with the tenant but I wonder what others do.
Residential Real Estate Broker · Indianapolis, IN · Member since 2009 · 477 posts · 304 votes
10y
What you are saying is some of what we do.. We put 3% annual cost of living increases into our leases from the start though... We give bonuses/rebates for years they stay with us, or referrals, etc...
We have recently started an ALL-STAR of the month award.. If we spend more than a couple of hours a month talking about you, it's time for us to fire you as a resident/owner.
I fired 2 owners last year(35 units) because it just wasn't worth the toxicity they brought each month... One guy would sit in the car with me for 4-5 hours, checking his properties, the whole time he would just piss and moan about how rotten and stupid everyone in our city was.. I was emotionally drained after sitting with him for that long.. The other guy would question every single expense like I was trying to skin and eat his kids... It's $30 to clean the gutters dude, your kid is fine!
We have tenants like this as well(Don't we all?!?).... We just don't renew their leases...
This job is tough enough as is.. I don't need undue stress.
Residential Real Estate Broker · Indianapolis, IN · Member since 2009 · 477 posts · 304 votes
10y
What you are saying is some of what we do.. We put 3% annual cost of living increases into our leases from the start though... We give bonuses/rebates for years they stay with us, or referrals, etc...
We have recently started an ALL-STAR of the month award.. If we spend more than a couple of hours a month talking about you, it's time for us to fire you as a resident/owner.
I fired 2 owners last year(35 units) because it just wasn't worth the toxicity they brought each month... One guy would sit in the car with me for 4-5 hours, checking his properties, the whole time he would just piss and moan about how rotten and stupid everyone in our city was.. I was emotionally drained after sitting with him for that long.. The other guy would question every single expense like I was trying to skin and eat his kids... It's $30 to clean the gutters dude, your kid is fine!
We have tenants like this as well(Don't we all?!?).... We just don't renew their leases...
This job is tough enough as is.. I don't need undue stress.
Residential Real Estate Broker · San Antonio, TX · Member since 2016 · 506 posts · 311 votes
10y
@Lee Smith I agree. I'm a pro, a Realtor, and a member of NARPM. I do great work and suspicion and second guessing me wastes my time and delays the best response for YOUR resident clients. Let me do my job.
What you are saying is some of what we do.. We put 3% annual cost of living increases into our leases from the start though... We give bonuses/rebates for years they stay with us, or referrals, etc...
We have recently started an ALL-STAR of the month award.. If we spend more than a couple of hours a month talking about you, it's time for us to fire you as a resident/owner.
I fired 2 owners last year(35 units) because it just wasn't worth the toxicity they brought each month... One guy would sit in the car with me for 4-5 hours, checking his properties, the whole time he would just piss and moan about how rotten and stupid everyone in our city was.. I was emotionally drained after sitting with him for that long.. The other guy would question every single expense like I was trying to skin and eat his kids... It's $30 to clean the gutters dude, your kid is fine!
We have tenants like this as well(Don't we all?!?).... We just don't renew their leases...
This job is tough enough as is.. I don't need undue stress.
This was the best post I read so far today. Very strong message here. Tenants = our retirement. Regardless, to have a system that is rewarding for the tenants as well. Yet very stern, in exectations of the tenants and message are clearly spelled out. This the message folks need to hear about.