It worked! Move-in Fee
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
It worked! Move-in Fee (by Libi [NY]) May 9, 2019 2:57 PM
       It worked! Move-in Fee (by BRAD 20,000 [IN]) May 9, 2019 4:14 PM
       It worked! Move-in Fee (by Libi [NY]) May 9, 2019 4:31 PM
       It worked! Move-in Fee (by BRAD 20,000 [IN]) May 9, 2019 4:56 PM
       It worked! Move-in Fee (by GKARL [PA]) May 9, 2019 5:45 PM
       It worked! Move-in Fee (by Libi [NY]) May 9, 2019 6:08 PM
       It worked! Move-in Fee (by Jason [VA]) May 9, 2019 6:17 PM
       It worked! Move-in Fee (by moby [IN]) May 9, 2019 10:03 PM
       It worked! Move-in Fee (by alicewonder [TX]) May 10, 2019 11:53 AM
       It worked! Move-in Fee (by Libi [NY]) May 10, 2019 1:22 PM
       It worked! Move-in Fee (by Barb [MO]) May 10, 2019 5:55 PM
       It worked! Move-in Fee (by Mickie [OH]) May 10, 2019 9:36 PM
       It worked! Move-in Fee (by TIM [IN]) May 13, 2019 5:18 AM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

It worked! Move-in Fee (by Libi [NY]) Posted on: May 9, 2019 2:57 PM
Message:

I just want to share.

I was trying to rent a property for a while.

The price was right for the condition, but some other competitors was cheaper on first glance. The catch was: they were listed with the agent and agent’s fee.

After a discussion here, I put a “Move-in Fee” and lower the rent.

Some of the agents was angrily telling me that they never heard about the move-in fee, but I was adamant. I am a manager and the owner instructed me to charge it.

As a result, my rental was listed as the cheapest in the area and total projected earnings for the first year is more than $1,300 more. I know that for the second year this number will not repeat, but I hope the tenants will stay longer because they already “invented” so much and it is not returnable fee.

Happy landlording! --174.203.x.xxx




It worked! Move-in Fee (by BRAD 20,000 [IN]) Posted on: May 9, 2019 4:14 PM
Message:

Yay! Go Libi!

BRAD --73.102.xxx.xxx




It worked! Move-in Fee (by Libi [NY]) Posted on: May 9, 2019 4:31 PM
Message:

Brad, I was using a line you taught: “I manage this apartment”. --174.203.x.xxx




It worked! Move-in Fee (by BRAD 20,000 [IN]) Posted on: May 9, 2019 4:56 PM
Message:

Manager Libi,

I noticed that when I first read your successful post!

Proud of you! And I think it helped convince them the policy is legit.

BRAD --174.241.xxx.xxx




It worked! Move-in Fee (by GKARL [PA]) Posted on: May 9, 2019 5:45 PM
Message:

I've done move-in fees rather than SD's as well. Results haven't been too bad. One must stay up on repairs however so you can assess the tenant and include in the rent. I'm still undecided which I will continue with. I may do a move-in fee on my current vacancy to move it. I usually charge half of the normal SD. --64.121.xxx.xxx




It worked! Move-in Fee (by Libi [NY]) Posted on: May 9, 2019 6:08 PM
Message:

GKARL, I charged move-in fee in addition to the security deposit. Was explaining that is just like realtor’s fee. --74.90.xx.xxx




It worked! Move-in Fee (by Jason [VA]) Posted on: May 9, 2019 6:17 PM
Message:

Around here, they’re labeled “Admin fees”, but congrats! --73.177.xxx.xx




It worked! Move-in Fee (by moby [IN]) Posted on: May 9, 2019 10:03 PM
Message:

This reminds me of the "Doc" fee car dealers are charging. I tell they it is a deal breaker for me. But it works on most customers. --68.60.xxx.xx




It worked! Move-in Fee (by alicewonder [TX]) Posted on: May 10, 2019 11:53 AM
Message:

Wow, a new trick/charge - Move-in fee.

Could you give me a bit detail how it work and what is it? Did you write it in your ads(listing), or did you list it in the lease, when the least signs?

When did you tell your tenant how much in total to bring when the lease signs?

Thanks. --136.49.xxx.xxx




It worked! Move-in Fee (by Libi [NY]) Posted on: May 10, 2019 1:22 PM
Message:

Alicewonder, in our area a lot of properties are listed with the agents and agent’s fees.

I checked my state law to make sure that I am not breaking it.

To my surprise I founded that in NYC the “Move-in Fee” is more or less common! Some of the big complexes are changing a fee from a couple hundred dollars to a full rent amount to cover a possible damage to the property ( scratching stairs, denting walls or elevator, management, etc...)

I am not in NYC and my “empire” is a small duplex, but “I manage this property and following the management procedure”.

The fee was listed in the add:

$2,180 per month

$2,200 deposit

Credit and background check $50 per adult

$2,180 move-in fee

I asked a separate check for each charge and gave a separate receipt.

My add was the cheapest two-bedroom in the area (believe it or not). Next one was $2,200 with the realtor’s fee. --174.203.xx.xxx




It worked! Move-in Fee (by Barb [MO]) Posted on: May 10, 2019 5:55 PM
Message:

Congrats!

Shows that all real estate is local.

I get away with a small move-in fee. The biggest property management company in town charges "double first month's rent" but no deposit. Another management company charges a deposit plus a small "threshold fee"

I've been doing the move in fee for the last couple of years. Basically, once the state made a law that we had to keep a separate trust account. I'm trying to decide at this point if I prefer the move-in fee or a deposit. There are benefits of both. I'm contemplating adding a deposit back in for next year, with a small move-in fee to cover what are my normal costs.

My move in fee is calculated to cover the cost of new locks from LLLocks, plus my cleaning lady most of the time, plus time for me to do all their paperwork. For most of the places, I also charge a $50 key deposit to cover the USPS box key, in case they lose those keys. --131.151.xx.xx




It worked! Move-in Fee (by Mickie [OH]) Posted on: May 10, 2019 9:36 PM
Message:

I've been doing this for the last year or so and it's worked out well. The key to it I'm finding is screening. If their car is new or old and it's neat as a pin it's a good indicator of how they like to live. In home visit tells the rest after all the other screening. --71.213.x.xxx




It worked! Move-in Fee (by TIM [IN]) Posted on: May 13, 2019 5:18 AM
Message:

Few years back, this website sent out a newsletter and had a "lease initiation Fee" article in it. So I started to charge a $100 fee at the start of the lease. Collected about 3K now. multiple local landlords told me I was nuts for charging it. Not one person has backed out. --66.170.xx.xxx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: It worked! Move-in Fee
Your Name:
Your State:

Message:
It worked! Move-in Fee
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: