ETF & off-season (by OHLL [OH]) Oct 2, 2022 11:33 AM|
ETF & off-season (by Oregon Woodsmoke [ID]) Oct 2, 2022 5:16 PM
ETF & off-season (by plenty [MO]) Oct 2, 2022 5:30 PM
ETF & off-season (by BRAD 20,000 [IN]) Oct 2, 2022 6:14 PM
ETF & off-season (by Vee [OH]) Oct 2, 2022 7:08 PM
ETF & off-season (by Ray-N-Pa [PA]) Oct 2, 2022 8:13 PM
ETF & off-season (by Wilma [PA]) Oct 3, 2022 7:23 AM
ETF & off-season (by S i d [MO]) Oct 3, 2022 8:38 AM
ETF & off-season (by Oregon Woodsmoke [ID]) Oct 3, 2022 6:02 PM
ETF & off-season (by LordZen [MA]) Oct 3, 2022 11:58 PM
Click here to reply to this discussion.
Click Here to send this discussion to a friend
ETF & off-season (by OHLL [OH]) Posted on: Oct 2, 2022 11:33 AM
We am thinking about adding an early termination fee to our lease. For landlords that have to deal with winter do you only give tenants the option to do an early termination during the rental season? We are in northern Ohio so there tends to be fewer qualified prospects in winter. I donít want to change the fee and have it lost through downtime. --107.77.xxx.xxx
ETF & off-season (by Oregon Woodsmoke [ID]) Posted on: Oct 2, 2022 5:16 PM
Um... that's the purpose of the early termination fee. To have you covered when it takes a month or two to replace the tenant. It's not there to punish the tenant, it is there to make you whole when they break the lease.
Winter or not, if they want to leave, they are going to leave. No contract is going to hold a tenant in place once they decide they are leaving. The ETF is an agreement by contract that they have to pay you if they leave early. If it is not in the contract, the are going to leave, anyway. --76.178.xxx.xxx
ETF & off-season (by plenty [MO]) Posted on: Oct 2, 2022 5:30 PM
They will move anyway so even if the agreement stated that ETF can not be exercised in the following months Nov dec Jan Feb. If they needed or wanted to leave in those months they would and you'd not get paid. --172.56.xx.xxx
ETF & off-season (by BRAD 20,000 [IN]) Posted on: Oct 2, 2022 6:14 PM
Are used to live in Cleveland so I know what winters are like up there.
It is time to adjust your thinking. The rental season is 364 days a year. (I don't work on Christmas day). We rent houses you're around, every day of the year.
Sure it slows down a little bit around the holidays but it does not stop. Remember people are still moving. There are many people moving for new jobs that start January 1. People are splitting up. People are moving in together. People are having babies and want more space. People want a new home for the holidays, some thing where they can entertain family. Life goes on even when it's chilly outside.
ETF & off-season (by Vee [OH]) Posted on: Oct 2, 2022 7:08 PM
If you knew about the early termination fee why is it not already in your lease? Time to adapt to the changing times. --76.190.xxx.xxx
ETF & off-season (by Ray-N-Pa [PA]) Posted on: Oct 2, 2022 8:13 PM
I am located at ground zero of the snow belt. The folks up in Watertown NY might be a little worse off than me, but not every year.
ETF is a win win for the landlord and the tenant. If the tenant desires freedom the ETF provides that for them. It also gives you a two month hedge to ride out that rough spot that you can occasionally have from about mid December to end of January.
The only thing I don't like about getting a vacancy filled in January is the applicants tend to be less qualified over all and don't stay as long. So I end up signing them up with 18 month leases instead of a 12 month lease. --24.101.xxx.xxx
ETF & off-season (by Wilma [PA]) Posted on: Oct 3, 2022 7:23 AM
There ARE good renters out there who find for various reasons that they need to move in the dead of winter. I have a current, nearly 8-year resident who viewed the property on December 23rd, qualified and paid on the 26th, and took keys on Jan. 1. And then did not move in until late January, as his other place 2 hours away was taken through the end of Jan, and the weather was stormy and snowy for the first half of the month.
Now I'm not in northern PA, but I'd still say to make the ETF a year-round thing. --98.115.xxx.xxx
ETF & off-season (by S i d [MO]) Posted on: Oct 3, 2022 8:38 AM
I suppose you could write the ETF into your lease and only allow it during certain month. Everything is negotiable. If you want to say, "Early Termination Fee can only be used to end the lease without penalty between the months of April and September"... I mean it's just like any other terms in a contract. If everyone agrees to it and there is no contradiction with local / state laws, then by all means...
But as others have said, if they want to move, they WILL move. How confident are you that if someone moves out they would continue to pay rent until you find a new tenant? Even in the best times, I've rarely found a tenant who could afford rent on two places for an extended period. That's what taking the ETF during the off season does: it assumes you think you'd be better off trying to get rent out of a tenant who has left for the 3-4 months it would take to re-rent during the dead season.
As Brad says, you should be able to rent all year round. We do too. I've got several "lease anniversaries" in Dec, Jan, and Feb. People move when they're ready once the streets are clear of snow. I'd keep the ETF available year round. Just charge 2 months of rent (or whatever) and that should reduce your loss and maybe even compensate you extra for the hassle.
ETF & off-season (by Oregon Woodsmoke [ID]) Posted on: Oct 3, 2022 6:02 PM
Ugg. You jinxd me, OHLL.
One of my good tenants gave notice today. I changed them from a lease to month to month because I was worried about his source of income (commission) and figured it would be the easiest way to get him out if his job crapped out on him. So, all they do is give 30 day notice and off they go. I don't get the ETF that is in my leases because I took them off the lease.
Time to try to get some workmen lined up to do some upgrades while the house is empty. Getting a tenant between Thanksgiving and Valentines Day can be done, but it is tough. --76.178.xxx.xxx
ETF & off-season (by LordZen [MA]) Posted on: Oct 3, 2022 11:58 PM
Click Here to send this discussion to a friend
Report discussion to Webmaster