tenant concession

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tenant concession (by Sarah [GA]) Aug 13, 2017 6:47 AM

tenant concession (by Jim in O C [CA]) Aug 13, 2017 7:40 AM

tenant concession (by AllyM [NJ]) Aug 13, 2017 8:12 AM

tenant concession (by melinda [MD]) Aug 13, 2017 11:14 AM

tenant concession (by cjl [NY]) Aug 13, 2017 12:55 PM

tenant concession (by S i d [MO]) Aug 14, 2017 8:05 AM

tenant concession (by Sarah [GA]) Posted on: Aug 13, 2017 6:47 AM
Message:

Should you allow concession for tenants that get paid biweekly when it comes to paying rent --108.80.xxx.xxx

tenant concession (by Jim in O C [CA]) Posted on: Aug 13, 2017 7:40 AM
Message:

You could add an extra amount for the added bookkeeping and trouble. Years ago I had a tenant that wanted that. When I added $15.00 each pay cycle they were able to pay once a month.

If it's free it's OK but when it costs extra they can adapt. --75.22.xx.xx

tenant concession (by Jim in O C [CA]) Posted on: Aug 13, 2017 7:40 AM
Message:

You could add an extra amount for the added bookkeeping and trouble. Years ago I had a tenant that wanted that. When I added $15.00 each pay cycle they were able to pay once a month.

If it's free it's OK but when it costs extra they can adapt. --75.22.xx.xx

tenant concession (by AllyM [NJ]) Posted on: Aug 13, 2017 8:12 AM
Message:

I would if you want to keep them. I keep tenants for a decade or more. Sometimes it has bad results as I have one now that is tired of the unit and has given me notice and is complaining about everything in order to not pay this month's rent. She needs a deposit for her new place I suppose. I'm glad she's leaving before she burns the house down as she is not good with electricity. I kept my upstairs unit empty for over a year out of concern for someone's safety and I could see she was becoming unhinged. --73.33.xxx.xxx

tenant concession (by melinda [MD]) Posted on: Aug 13, 2017 11:14 AM
Message:

Great idea. Add a few bucks for inconvenience! --69.161.xx.xxx

tenant concession (by cjl [NY]) Posted on: Aug 13, 2017 12:55 PM
Message:

Make sure they are paying AHEAD of time (so the second payment is paying for the FOLLOWING month). Also, put it in writing - and when they are paid the "extra pay" twice a year - you still get paid - that's not a "freebie".

I don't know about charging extra on top - I guess you could as it is sort of a "pain" but if you do you may be asking for too much if you do the 26 payments. Think about this:

If your rental is $600 per month and they paid monthly, you would receive $7200. If you allow them to pay you $300 bi-weekly, at the end of the year you would have collected $7800. That's $650 per month vs $600 averaged ($600 per year paid "extra" over the course of the year). That is only if you indicate (in writing) that they pay bi-weekly not bi-monthly.

If they get paid (for example) on the 15th and the end of the month (so it's 24 payments over the year) then yes, charge them an extra amount for THEIR convenience (your inconvenience).

Good luck! --69.201.xx.xxx

tenant concession (by S i d [MO]) Posted on: Aug 14, 2017 8:05 AM
Message:

I offer 4 payment options to fit tenant's lifestyles and my pocket book.

Monthly

Bi-monthly (2x per month)

Bi-weekly (pay every 2 weeks, perfect for pay days!)

Weekly

I have a spreadsheet that calculate the rates as follows:

Monthly = monthly "standard" rate

Bi-monthly = 50% of monthly rate + 2.5% rounded up to nearest $5.

Bi-weekly = 50% of monthly rate rounded up to nearest $5; ** this means 26 half payments per year or 13 full months. The total is an 8.3% increase over monthly rate.

Weekly = 25% of monthly rate + 10%, rounded up to nearest $5.

So far no one has taken me up on the weekly rate, but I have 1/3 of tenants on a non-monthly payment plan.

Btw, the monthly "standard rate" also includes pet rents.

If you make the rent due when they get paid, chances are higher that you will get paid. Be sure to charge for it: this is a SERVICE and a CONVENIENCE you are selling to them, and LL's shouldn't work for free. --173.19.xx.xxx

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tenant concession

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