Encourage to leave or (by Lynsey [RI]) Mar 25, 2019 11:12 AM|
Encourage to leave or (by JB [OR]) Mar 25, 2019 11:17 AM
Encourage to leave or (by Moshe [CA]) Mar 25, 2019 11:44 AM
Encourage to leave or (by David [MI]) Mar 25, 2019 12:03 PM
Encourage to leave or (by Moshe [CA]) Mar 25, 2019 12:18 PM
Encourage to leave or (by David [MI]) Mar 25, 2019 12:44 PM
Encourage to leave or (by CGB [MI]) Mar 25, 2019 12:49 PM
Encourage to leave or (by plenty [MO]) Mar 25, 2019 12:52 PM
Encourage to leave or (by Lynsey [RI]) Mar 25, 2019 1:42 PM
Encourage to leave or (by Oregon Woodsmoke [ID]) Mar 26, 2019 8:06 AM
Encourage to leave or (by Oregon Woodsmoke [ID]) Mar 26, 2019 8:09 AM
Encourage to leave or (by JB [OR]) Mar 26, 2019 10:01 AM
Encourage to leave or (by BRAD 20,000 [IN]) Mar 27, 2019 7:51 PM
Encourage to leave or (by JB [OR]) Mar 27, 2019 9:27 PM
Encourage to leave or (by Moshe [CA]) Mar 29, 2019 10:22 AM
Encourage to leave or (by Busy [WI]) Mar 29, 2019 11:46 AM
Encourage to leave or (by Moshe [CA]) Mar 29, 2019 12:53 PM
Encourage to leave or (by Busy [WI]) Mar 29, 2019 1:07 PM
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Encourage to leave or (by Lynsey [RI]) Posted on: Mar 25, 2019 11:12 AM
Good Day, All. I have two rentals that the leases are expiring April/May. Should I force them to sign another 12 month lease and risk them leaving? I do not want to offer MTM right now as I do not want to have these places empty in the winter should they decide to bail this spring or summer. Thanks for your input. --68.230.xxx.xxx
Encourage to leave or (by JB [OR]) Posted on: Mar 25, 2019 11:17 AM
Offer them new leases. If they don't want to do new leases you can offer them significantly higher rent if they chose to go M2M. --24.20.xxx.xxx
Encourage to leave or (by Moshe [CA]) Posted on: Mar 25, 2019 11:44 AM
I don't quite understand the logic behind FORCING a tenant to sign another lease. Is your market so lean that you think that you won't find another tenant?
In your case, the present leases will expire April/May, so you should be able to find new tenants long before winter. In fact, it would seem that April/May is an optimal time for leases to expire.
If you let the lease expire and the tenants stay on MTM basis, you run the risk that they may decide to leave over the winter, leaving you high & dry (or wet & cold).
Seems to me that, while being sympathetic to your environment, that your rentals have a built-in handicap that makes renting much more of a problem,
Encourage to leave or (by David [MI]) Posted on: Mar 25, 2019 12:03 PM
"I don't quite understand the logic behind FORCING a tenant to sign another lease. " No one is going to force a tenant to sign a lease. You offer the tenant a choice: sign a renewal or move out.
As to tenant moving out, there are considerable costs associated with that: vacancy, turnover, etc etc, that any LL would avoid. --144.250.xx.xx
Encourage to leave or (by Moshe [CA]) Posted on: Mar 25, 2019 12:18 PM
Lynsey said, " Should I force them to sign ... ".
In my situation, costs associated with a move-out and new tenant are pretty minimal, and made up for by the increase in rent from a new tenant. Not all landlords find it necessary to avoid vacancies. I myself find that an attitude of not caring if a tenant stays or goes works well. There's always another tenant around the corner.
Encourage to leave or (by David [MI]) Posted on: Mar 25, 2019 12:44 PM
Moshe, it's pretty obvious that no LL is going to "force" any tenant to sign a renewal. Poor wording by the OP is not going to change that. --144.250.xx.xx
Encourage to leave or (by CGB [MI]) Posted on: Mar 25, 2019 12:49 PM
There is no doubt that finding a quality tenant in the winter time, November, December, January, February, in places that have an actual winter is more difficult. This is a problem that landlords who live in warmer climates, as California, do not understand. My leases terminate in April and May leaving the prime rental time open to fill a vacancy. Offer them a new lease 60 days before their lease expires, with the deadline for their decision 30 days before it expires. If they decline, you have time to fill the vacancy before winter. --50.77.xxx.xxx
Encourage to leave or (by plenty [MO]) Posted on: Mar 25, 2019 12:52 PM
Dont poke the bear. They really don't want to move in winter either as they are the ones actually doing it! Go to lunch, enjoy! ( agree you can't force anyone to sign a lease) --99.203.xx.xxx
Encourage to leave or (by Lynsey [RI]) Posted on: Mar 25, 2019 1:42 PM
My mistake on wording. "force" was not intended in that manner. By force, I mean give them an option of signing a year lease or leave now and let me get a 1 year tenant in.
Yes, finding tenants is a bear. It took me 5 months to find my last tenant. 15 inquiries, 10 booked showings resulting in 8 no shows.
Thank you for your replies and not beating me up too badly on my poor choice of words. I will follow your advice and present them with their options, renew for a year or 30 day decision and 30 day depart. That should get them out on June 1st. Not ideal, but better than the alternative. Thank you all once again. --68.230.xxx.xxx
Encourage to leave or (by Oregon Woodsmoke [ID]) Posted on: Mar 26, 2019 8:06 AM
It's not complicated. Send them a nice letter stating that it is time to renew the lease and if they are not planning on renewing the lease to be out by *date*. --98.146.xxx.xxx
Encourage to leave or (by Oregon Woodsmoke [ID]) Posted on: Mar 26, 2019 8:09 AM
Plenty, my experience is that tenants are perfectly happy to move in the middle of winter... or even better, right after Thanksgiving, so they can get moved before the snow flies but leave a vacancy in the holiday period where it is difficult to obtain a decent tenant. --98.146.xxx.xxx
Encourage to leave or (by JB [OR]) Posted on: Mar 26, 2019 10:01 AM
Likewise Woody, I've had the same experience. They leave when they want to leave, especially when M2M. --24.20.xxx.xxx
Encourage to leave or (by BRAD 20,000 [IN]) Posted on: Mar 27, 2019 7:51 PM
Stay strong for your business. Do not be afraid. Most people want to stay.
Send them an email reminding them itís time to renew. Their new rent as of ____will be $_____ . (A slight increase EVERY YEAR,) just reply AGREED to this email.
Technical tip: if your lease says it EXPIRES on a certain date some judges and free attys will argue that there is no longer a lease , which means the terms of the lease no longer apply (late fees, damages...)
My lease is clear: this lease automatically renews on the anniversary date shown on page one with a 2.9% Cost of Living increase.
Encourage to leave or (by JB [OR]) Posted on: Mar 27, 2019 9:27 PM
"Cost of living increase" does not sound like the correct term here IMO. --24.20.xxx.xxx
Encourage to leave or (by Moshe [CA]) Posted on: Mar 29, 2019 10:22 AM
Of course you can't really FORCE a tenant to stay. Do you even want to pressure him to stay, in any way?
We have it better here in Southern California. We don't have seasons here when it is hard to fins a tenant, in fact we have housing shortage so that tenants are eager to find desirable housing, so that we can make them pay for it. It makes landlording much easier and allows us to operate on a much more rational and direct basis.
As a result of my good judgement, I spent two years making my property attractive to good tenants, so that I can control the environment that I operate in. I can simply approach my tenants (all of them, with 95% confidence) if they would like to stay at my chosen next-year's price, and I don't really care if they stay or go: there's another good tenant available, winter, summer, spring or fall (as if there's a difference around here).
The not-caring strategy is a result of careful planning, facilitated by weather around here, plus housing shortage, but careful planning nonetheless. I wonder if such a model can't be applicable elsewhere. My units are in excellent condition, they are attractive and attractively-priced, I seem to be able to present an impression that I (as landlord) am fair, sincere, knowledgeable and rational (we can reason with each other) and I have no trouble to find good, educated, stable and rational tenants, ant time of year, after I discard more than 75% of applicants, including those who are willing to pay more.
I appreciate my good fortune, although I planned things this way. I NEVER even try to persuade a tenant to stay, if he is not happy (ecstatic) I don't want him to continue. Its all a question of market and analysis of the market. Why invest in a market that isn't favorable?
Encourage to leave or (by Busy [WI]) Posted on: Mar 29, 2019 11:46 AM
Moshe, I thought you had fire and earthquake seasons? lol!
I agree that a well -maintained house, with a reasonable manager keeps good tenants staying. Iíve been doing my market research to see if my units are below market, and so far, I think my pricing is in the upper half of market range. All are MTM, none are showing signs of leaving. Of course, in Class tenants, job loss or family situation change can change that in blink of an eye.
I say, take a deep breath, go MTM, and throw a few little upgrades at the properties. Oh, especially landscaping. A pretty, but simple landscape that is easy to maintain does wonders. People like a place that is welcoming to come home to, and if their friends are gushing about how nice the place looks before they even come in the door....
Again, dear readers, donít know how to landscape? Use Ďgas-station plantsí. Find a local business that has spent money making its outside look very inviting, and copy off of that! Gas stations sometimes do a great job, and on the cheap! Their landscaper knows what plants work well in your area, and they want low maintenance. --70.92.xxx.xxx
Encourage to leave or (by Moshe [CA]) Posted on: Mar 29, 2019 12:53 PM
1. Fires are in summer, but earthquakes can happen at any time. But both are avoidable by choice of location.
2. I keep my units better than well-maintained. I manage myself, and I use 1-year leases and I don't care about tenants leaving. There is really no advantage to me (well, only very small advantage) in tenant staying.
3. I have a professional landscaping company take care of landscaping. I hold to the same kind of standards as I do tenants, namely, they do what I ask and do it well.
Encourage to leave or (by Busy [WI]) Posted on: Mar 29, 2019 1:07 PM
Excellent Moshe. I was just having fun about your seasons, btw. After the icing winter we had this last year, I have four seasons of summer envy. *grins*
My landscape advice was just a suggestion for Lynsey, or for the general landlord population. Just something I think is often overlooked. And, if working with one year leases works for her business model, or any oneís , I see no issue with that.
I definitely agree that I want my tenants to stay because they are happy to rent my place, not just because they are waiting out the lease. I just happen to do MTM because I think it works best , in my market, for me. Iím sort of Ďintoí special ed landlording. Not for everyone. Well, because I worked for many, many years in Special Education, so I have different skill sets. --70.92.xxx.xxx
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