Fresh Stats for LLs
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Fresh Stats for LLs (by BRAD 20,000 [IN]) Nov 27, 2022 7:08 PM
       Fresh Stats for LLs (by BRAD 20,000 [IN]) Nov 27, 2022 7:16 PM
       Fresh Stats for LLs (by jonnh [NY]) Nov 27, 2022 10:18 PM
       Fresh Stats for LLs (by Ray-N-Pa [PA]) Nov 27, 2022 10:55 PM
       Fresh Stats for LLs (by John... [MI]) Nov 28, 2022 8:27 AM
       Fresh Stats for LLs (by WMH [NC]) Nov 28, 2022 9:11 AM
       Fresh Stats for LLs (by S i d [MO]) Nov 28, 2022 9:45 AM
       Fresh Stats for LLs (by jonny [NY]) Nov 28, 2022 10:23 AM
       Fresh Stats for LLs (by GKARL [PA]) Nov 28, 2022 6:38 PM
       Fresh Stats for LLs (by bp [AL]) Nov 28, 2022 8:11 PM
       Fresh Stats for LLs (by BRAD 20,000 [IN]) Dec 1, 2022 10:22 PM
       Fresh Stats for LLs (by John... [MI]) Dec 2, 2022 8:39 AM
       Fresh Stats for LLs (by John... [MI]) Dec 2, 2022 8:39 AM
       Fresh Stats for LLs (by WMH [NC]) Dec 2, 2022 9:15 AM
       Fresh Stats for LLs (by WMH [NC]) Dec 2, 2022 9:24 AM

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Fresh Stats for LLs (by BRAD 20,000 [IN]) Posted on: Nov 27, 2022 7:08 PM
Message:

Source: CNBC Nov 26, 2022

-Black Friday online sales increases by 2.3% over last year. [BRAD -could that be due to inflated prices? The big increase in online sales came a few years ago. Now itís normal.]

-48% of online sales were done on a mobile device. [BRAD -(Ray that means a smartphone:) proves people LOVE to use their phones. Make sure your website, app, communications are compatible for mobiles cuz that is where your prospects and residents hang out.]

-BuyNow PayLater options chosen are up 81%!!! [BRAD - This figure does NOT include paying with a credit card and paying the CC bill later. I just ordered dog vitamins on Amazon and was given the option to make 3 easy $6 payments. Same with pants, doorknobs...everything! Proves people are broke and still overspending. This will catch up to them in Jan/Feb. watch your incoming rents CLOSELY! Do not let them slide because they will not be able to catch up. We already moved two slow payers to PayDayPlanRent to help them stay current.]

BRAD --73.103.xxx.xxx




Fresh Stats for LLs (by BRAD 20,000 [IN]) Posted on: Nov 27, 2022 7:16 PM
Message:

I forgot to mention...

I watch such stats to observe how and what people are thinking and acting, then testing MY business - am I keeping up with the mind of my prospects?

BRAD --73.103.xxx.xxx




Fresh Stats for LLs (by jonnh [NY]) Posted on: Nov 27, 2022 10:18 PM
Message:

Brad... how does that work for the payday plan rent... are they paying ahead or throughout the month (but with higher payments)?

--69.201.xx.xxx




Fresh Stats for LLs (by Ray-N-Pa [PA]) Posted on: Nov 27, 2022 10:55 PM
Message:

Do you use clear now system with your pay day plan?

I have three different pay dates so accepting payments every two weeks would be easy for me. --24.101.xxx.xxx




Fresh Stats for LLs (by John... [MI]) Posted on: Nov 28, 2022 8:27 AM
Message:

Just to clarify one of the stats... The "BuyNow PayLater" figure being "up 81%" was not over last YEAR -- for that one, they just did it over last WEEK. Which is a really weird stat to me and tells us very little about how it compares to last year.

They also had other stats that were just over last week or "a random week in October." For example, they said that "online sales of electronics surged 221%." Not over last year -- but over a random week in October. Well, yeah, of course it did.

And, as you mentioned, these are not inflation-adjusted, of course. So, this year, people actually bought LESS stuff than last year after you adjust for inflation. They just paid 2.3% more for less stuff.

--67.209.xxx.xx




Fresh Stats for LLs (by WMH [NC]) Posted on: Nov 28, 2022 9:11 AM
Message:

Several of my tenants have already paid for December, they have been paying in bits & bobs since the beginning of November so I don't know if many were planning ahead? Would be nice. --50.82.xxx.xxx




Fresh Stats for LLs (by S i d [MO]) Posted on: Nov 28, 2022 9:45 AM
Message:

jonnh, Pay Day rent is just what it sounds like: their rent is due and payable the same day they get paid.

Example A: Traditional $1000 per month rental, due on the 1st. Tenants get paid on the 1st and 3rd Friday. Uh-oh...that leaves them a full week to spend all their money on other stuff. Now they are behind and can't catch up because this cycle repeats every month, adding on late fees.

Example B: The Bi-Weekly Rent plan. The rent is $500 due every 14 days. The tenant is paid on the 1st and 3rd, or the 2nd and 4th Friday. Doesn't matter. The rent is due the day they get paid. Cha-Ching, they have money! You get paid. Everyone else has to wait. Tenant stays on-time. No late fees. The bonus to the LL for being flexible is you know there are 26 two week periods in the year, so 26 half rent payments = 13 full month rent payment. Again, you have to TRAIN tenants to understand they are not paying monthly rent: they are paying EVERY TWO WEEKS, regardless of whether or not there are 4 or 5 Fridays in the month. Some folks get confused and say, "I already paid twice this month." Yep, so true. But you aren't paying MONTLY any more. You're paying every 2 weeks. I spell it out in my lease and even include verbiage that bi-weekly costs more than monthly. They must initial next to this. Clears up any confusion.

Some folks get paid on the 1st and 15th. Same deal, except to make it worth my while I split the payment in 2 and add 7%. So

instead of $1000 per month, I get two payments of $535.

The Pay Day plan sounds weird at first, but it works. It prevents people from getting behind and trying to just pay a little here and a little there. It solves the "can you work with me on the rent this month?" Because you already have the answer: "Sure, we'll put you on the bi-weekly payday plan."

You know as well as I do that when they ask you to "work with them" on the rent, what that means is they're getting ready to stiff you or drag things out forever. Don't allow that. Take control. You have a plan. They won't have a plan. They accept your plan, or they leave. It's that simple.

--184.4.xx.xx




Fresh Stats for LLs (by jonny [NY]) Posted on: Nov 28, 2022 10:23 AM
Message:

Ok... I get it and understand it. I just wondered if they paid "ahead" or "behind (or during) and it's the latter but with a built in "fee" or cost for it.

May be worth it to try and see. I don't know... the wording is going to be tough. We're in NY so I don't know how the courts or NY would look at how they pay vs when they are late.

For example: NYS now has a law stating that the rent is due on the 1st, late on the 5th. That makes it pretty clear that if we come up with a "1st and 3rd Friday X is due" in a lease.. that NYS now has no control and they probably won't like it. I don't care... I'm just wondering how if they don't pay by the 1st Friday... we would "wait" for 5 days THEN indicate they are late and start the eviction process? What if it's the the 3rd Friday and they don't pay?

I think that's where my brain is... NYS isn't that easy to get along with now. Do you have the wording in your lease that we can look at? --69.201.xx.xxx




Fresh Stats for LLs (by GKARL [PA]) Posted on: Nov 28, 2022 6:38 PM
Message:

I use the payday plan quite a bit. It makes it far easier for them to pay and it's predictable for all. Simple to understand as well; you pay the rent when you get paid. --209.122.xx.xxx




Fresh Stats for LLs (by bp [AL]) Posted on: Nov 28, 2022 8:11 PM
Message:

Can anyone tell me what company they use to set up this payday plan please.I would like to do this for my slow paying tenant Thanks --99.102.xxx.xxx




Fresh Stats for LLs (by BRAD 20,000 [IN]) Posted on: Dec 1, 2022 10:22 PM
Message:

jonny,

SID provided a great explanation. Let me clarify a detail.

We offer weekly, bi-weekly (every other Friday = 26/year, and twice a month (1st and 15th = 24/year).

Lets the res make bite size pieces instead of choking on giant payments.

Formula: rent divided by 4 plus $10 = weekly payment.

1000 rent / 4 = $250, plus $10 = $260/each Friday. Easier to come up with $260 than $1000.

$1000 x 12 months/year = $12000

$260 x 52 Fridays/year = $13,520

By helping your res manage their budget you increased your income by $1520/year - you clever landlord you!

When they stay 3 years you profited an extra $4560!

We advertise these price plans - people COME TO US because we offer them help. Extra profit thru simple MANAGEMENT without investing a penny in new cabinets, flooring, etc.

70% of our new residents choose PayDayPlan.

This makes is A LOT of money.

Manage smart.

BRAD --73.103.xxx.xxx




Fresh Stats for LLs (by John... [MI]) Posted on: Dec 2, 2022 8:39 AM
Message:

Brad: Are all of those weekly people on auto-payment plans that direct deposit? Or something else? Just curious how you collect it. I tend to find that people that can't handle $1000/month, but are willing to pay $260/week or also the same people that can't handle a bank account and settings up auto-pay properly.

So, I'm curious how much more work it adds for you? Or are they all auto-pay and it is just some minor accounting?

--67.209.xxx.xx




Fresh Stats for LLs (by John... [MI]) Posted on: Dec 2, 2022 8:39 AM
Message:

Typo: I meant "ARE also the same people..." not "or also the same people..."

--67.209.xxx.xx




Fresh Stats for LLs (by WMH [NC]) Posted on: Dec 2, 2022 9:15 AM
Message:

John, I find the people who can't do the math and don't realize they are paying more than they have to are slightly less than great tenant.

Our "payday" plan is different. I allow Tenants to pay in any increment and on any day they want and as many times as they need to BEFORE the rent is due as long as it is paid in full by their due date. They pay ahead, as you should with rent, not in arrears as happens with Sid and Brad's PayDay plans (or a mortgage.) I'm glad it works for them, but I couldn't handle the uncertainty of it - not knowing if I was getting my weekly payment, dealing with issues if they skip a week, etc.

So I set my rent - one price - and they pay it - and when I run my monthly rent roll report it's either fully paid or it's mot. --50.82.xxx.xxx




Fresh Stats for LLs (by WMH [NC]) Posted on: Dec 2, 2022 9:24 AM
Message:

When they first sign up, they pay their first rent in full before possession. Then, they can start paying whenever they want towards the next month, which many do starting their next pay day. Many (33% of all tenants, I checked) are paid in full well before the first.

I don't charge extra fees for this because with electronic payments I always know who is paying, and as long as it all adds up on the due date, we are good. --50.82.xxx.xxx



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