C-19 Retention (by Ray-N-Pa [PA]) Feb 23, 2021 7:28 AM|
C-19 Retention (by NE [PA]) Feb 23, 2021 7:42 AM
C-19 Retention (by gevans [SC]) Feb 23, 2021 7:45 AM
C-19 Retention (by NE [PA]) Feb 23, 2021 7:50 AM
C-19 Retention (by WMH [NC]) Feb 23, 2021 8:25 AM
C-19 Retention (by myob [GA]) Feb 23, 2021 8:32 AM
C-19 Retention (by S i d [MO]) Feb 23, 2021 8:52 AM
C-19 Retention (by Robert J [CA]) Feb 23, 2021 12:04 PM
C-19 Retention (by Ray-N-Pa [PA]) Feb 23, 2021 2:46 PM
C-19 Retention (by Robin [WI]) Feb 23, 2021 11:18 PM
C-19 Retention (by Robin [WI]) Feb 23, 2021 11:19 PM
Click here to reply to this discussion.
Click Here to send this discussion to a friend
C-19 Retention (by Ray-N-Pa [PA]) Posted on: Feb 23, 2021 7:28 AM
So a year ago - the sky was falling.
Since we have found out that the world is still spinning and we are still here, I am finding out that most of my residents are also still here.
Truth be told, my annual retention rate is the highest I have ever had since I started measuring it. My residents have knuckled down for the most part. The ones that have left, have left with my nudging. So Covid has not all bad news here.
So I have a two part question:
1) How is your retention rate rate over the past 12 months?
2) How do you see your retention rate moving in the year ahead?
C-19 Retention (by NE [PA]) Posted on: Feb 23, 2021 7:42 AM
Three units went vacant. Two bought a house and one relocated for work. It took a while to fill the one and the current vacancy is slow moving. Typical dead of winter stuff though.
Anyway forward in real estate is very cloudy to me at this point, though. I'm very leery of adding more rentals and there are no flips to be had. People are not selling their homes right now. No one is calling my signs or ads with anything for sale and there is nothing listed on the MLS.
I would love to pick up a project just to have something to do. I may have to go back to side work on construction for a while just to get out and about. --70.44.xxx.xx
C-19 Retention (by gevans [SC]) Posted on: Feb 23, 2021 7:45 AM
No change whatsoever for me. Less than 30 days vacancy on all units put together in 2020. Everyone paid. --69.80.xx.xx
C-19 Retention (by NE [PA]) Posted on: Feb 23, 2021 7:50 AM
And yes, same as Gevans. 100% rent collection so far. --70.44.xxx.xx
C-19 Retention (by WMH [NC]) Posted on: Feb 23, 2021 8:25 AM
I've had people move but as always, the units were rented before the old tenants moved out. I have four people moving in March 1st at 4 units. Actually one couple has agreed to wait until the next weekend because we offered them new flooring. We said no pro-rating as it was a choice, and they are thrilled to get a new floor so no rent lost.
Raised SD to 2 months rent and getting it without issue.
I've mentioned I've had one no pay, Jan & Feb so two months rent, she is out on the 25th and new guy comes in on the 1st. I had less than 1.5 months rent as SD and there's damage from her abusive boyfriend (long gone) so a couple of doors to fix too. All told we will probably lose $1k on her.
Otherwise, even tenants who actually caught Covid paid their rents normally. --50.82.xxx.xxx
C-19 Retention (by myob [GA]) Posted on: Feb 23, 2021 8:32 AM
Have one ignoring me-- in 2019 she had 8 dispo's in 9 months so nothing new for her. Have one who owes 200.00 and one who owes 1200.00 but we have a consent order.
Here in our county the sheriff will not serve -- even with the writ of possession in hand from the court. Point being we have the court order but no one will enforce it-- no one being the sheriff's bunch. So we have the sheriff dept. now making the rules-- not the legislature or court.
Very frustrating. --99.103.xxx.xxx
C-19 Retention (by S i d [MO]) Posted on: Feb 23, 2021 8:52 AM
Retention is about normal. I had a long stretch where no one moved, then around Nov I had five places gave notice and/or buy out their leases within about six weeks. Took a little hustle, but got them all filled except for one. The last 2 weeks are clobbering my fast turn around rate. Zero inquires or showings for about a week and a half while the weather was terrible. But today I had five inquires, so off to a good start!
Had to file on two non-payers in 2020, but they caught up and are now back in good standing.
C-19 Retention (by Robert J [CA]) Posted on: Feb 23, 2021 12:04 PM
Most of my tenants with issues bring things on themselves. They decided not to go into work because they fear exposure to the infected. So no work then no money. Then their savings dwindle and they put in their 30 day notice. Then when they see work, moving and more expenses, they declare -- "I have what-ever he has that puts me in the class of not having to pay rent for the next 14 months"!
Then I file an eviction for cause and win the case only to have the Sheriff told the tenant file the form, "excuses why I don't have to move" and my lock out is in limbo.
C-19 Retention (by Ray-N-Pa [PA]) Posted on: Feb 23, 2021 2:46 PM
Late November/early December was a rough patch where I had a few folks shake out. Thus far I have had to remove only one person during the Covid year. Everyone else understands that you can't live for free. Two of my residents are on payment plans. as long as they are trying, I am willing to extend an olive branch. Both of them were genuinely negatively impacted.
I have had one open unit most of the first part of the year, but haven't seen a single empty day in any unit for about six and half weeks. At the same time, I have been selling places and trying to do 1031's. It has been a challenge to find even MFH that make sense. Singles are not even worth reviewing. --24.154.xx.x
C-19 Retention (by Robin [WI]) Posted on: Feb 23, 2021 11:18 PM
This was one of our best years ever. Zero turnovers and almost no maintenance requests. I think they got family members to fix things so they wouldn't have a stranger in their home. Two of my tenants even bought their own furnace filters! Two fell behind, but got caught up. Hoping this year is just as good! --65.28.xxx.xxx
C-19 Retention (by Robin [WI]) Posted on: Feb 23, 2021 11:19 PM
I take that back... we did have two tenants move. One found a replacement who has been awesome (first time ever!) who moved in the day after the previous tenant moved out, and we sold the other house for more than double what we paid for it six years ago. It could have been worse. --65.28.xxx.xxx
Click Here to send this discussion to a friend
Report discussion to Webmaster