 Stop Bi-weekly (by Kyle [IN]) Oct 27, 2012 1:53 PM
 Stop Bi-weekly (by Jeffrey [VA]) Oct 27, 2012 2:14 PM
Stop Bi-weekly (by Suzanne [NV]) Oct 27, 2012 2:24 PM
Stop Bi-weekly (by S i d [MO]) Oct 27, 2012 5:54 PM
Stop Bi-weekly (by BRAD 20,000 [IN]) Oct 27, 2012 11:44 PM
Stop Bi-weekly (by don [PA]) Oct 28, 2012 10:49 AM
Stop Bi-weekly (by don [PA]) Oct 28, 2012 10:49 AM
Stop Bi-weekly (by Kyle [IN]) Posted on: Oct 27, 2012 1:53 PM
Message:
My tenant who started their lease with bi-weekly payments would like to change to monthly payments. How would you handle this change? Would the monthly rent be 2x the bi-weekly, or would you keep it at 2.17x the bi-weekly rate so the total yearly income stays the same? My first reaction is to set it somewhere in the middle so they save some money, but I don't lose out on all the income I had been expecting.
--71.194.xxx.xxx |
Stop Bi-weekly (by Jeffrey [VA]) Posted on: Oct 27, 2012 2:14 PM
Message:
Kyle, when I offer residents the option to pay bi-weekly, I always let them know that they can choose the payment plan that best "meets their need", and have the option to switch anytime in the future as long as they give me advance notice and they are current on their payment. And I sincerely meant that. While some choose to pay bi-weekly, which does as a result increase the income, I didn't set out offering it for that reason. Therefore, if someone wants to switch back to the original monthly option and the "regular" fair market rent that was established, I indeed let it go back to just that. To still try to get more than what you would have been initially happy with at the monthly rate, (in my opinion and I bet in the eyes of your resident), makes you look like you are now just being greedy.
If you really want more monthly rent, then on their anniversary date, go the traditional way of increasing the regular rent. But I see this as two separate issues. --108.39.xxx.xx |
Stop Bi-weekly (by Suzanne [NV]) Posted on: Oct 27, 2012 2:24 PM
Message:
I discussed the bi weekly payday rent payments with my Tenants when they were getting ready to sign the lease, however, I did point out to them that based on that, there may be a couple of months where they would end up paying three times. They then opted for one monthly payment. I would have gone the bi weekly route if it was helping them out, but I agree with Jeffrey, If I want more rent, I'll raise it upon renewal. I would rather keep a good Tenant at market value. --70.173.xx.xxx |
Stop Bi-weekly (by S i d [MO]) Posted on: Oct 27, 2012 5:54 PM
Message:
On the bi-weekly, since they are not always paid up for the full current month what do you do to get them switched over? Let's say they are currently paid up thru the Oct 26th (Friday). Do you start charging them a monthly rate on the 26th or do you prorate 4 or 5 days and add that on to the next monthly payment (on Nov 1st)? --108.250.xxx.xxx |
Stop Bi-weekly (by BRAD 20,000 [IN]) Posted on: Oct 27, 2012 11:44 PM
Message:
Kyle, my lease shows the amounts for each option.
ASK Questions to find their motivation and what they have in mind. It might not be what you think.
Did you advertise a monthly amount? If you did not publish a monthly amount, my first offer would be 2 x the bi-weekly amount.
Rent is always paid in advance so I 'd prorate to the first and let them switch.
If they paid yesterday, they are good until Nov 9, then on Nov 9 pay for 22 days.
Nov is one month that has 5 Fridays.
LLs: bi-weekly works best when you move away from thinking about rent in CALENDAR MONTHS. It's due every 2 weeks. The number of Fridays in a given month is irrelevant. "Our custom Payday Plan lets you match you bill to you payday. Not the cycles of the moon. No more cash flow problems like late fees because your paycheck arrived on the 3rd.
If you are nervous when you explain it, you will make the res nervous. Selling is a transference of belief. --50.129.xxx.xxx |
Stop Bi-weekly (by don [PA]) Posted on: Oct 28, 2012 10:49 AM
Message:
Since it was biweekly from the start, charge them the 2.17 so you end up with the same amount per year. Explain to them about how there are more than 4 weeks in a month so they don't think you are cheating them. If you had started them with monthly, and then cut the monthly payment in 1/2 and switched to bi-weeklyat some point in their tenancy, then I would have advised to just charge 2x the biweekly amount to get them back to where they were. --68.81.xxx.xxx |
Stop Bi-weekly (by don [PA]) Posted on: Oct 28, 2012 10:49 AM
Message:
Since it was biweekly from the start, charge them the 2.17 so you end up with the same amount per year. Explain to them about how there are more than 4 weeks in a month so they don't think you are cheating them. If you had started them with monthly, and then cut the monthly payment in 1/2 and switched to bi-weeklyat some point in their tenancy, then I would have advised to just charge 2x the biweekly amount to get them back to where they were. --68.81.xxx.xxx |
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