Rent discount 4 the win

I have went back to listing my properties below market like I always have in the past. This current vacancy, I listed just a touch below market. But I put a discount option on the counter for the tenant to decide. The flooring in the living room is about 13 or 14 years old and there’s an area in the corner where the laminate is starting to flake apart. Pretty easily covered with a couch or desk, etc. A paper on the counter stated that advertised rent price includes new flooring in the living room or you can decide to keep the existing flooring for $150 discount per month. The incoming tenant decided to keep the existing flooring for the discount. I am fine with that, because, my rent is the same as it was before and I don’t have to change the flooring.

Before you say, I should just change the flooring and get the extra $150 a month. That’s a hard pass, doesn’t work like that.

I have another apartment that needs flooring in the kitchen and living room and it’s a small area and not a big job to do. I have that listed with the advertised rent price including new flooring or they can knock 100 bucks off a month and keep the existing flooring. I have two houses coming on the market in about two months. Both will have an option of rent price, including a new washer and dryer or they can knock some money off and provide their own. --24.152.xxx.xx

Rent discount 4 the win (by Ken [NY]) Posted on: Sep 5, 2024 5:16 PM
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have you thought of advertising at the discounted price and saying for $150 more you would replace the flooring rather than the other way around? why bother providing a washer dryer at all? --74.77.xx.xx

Rent discount 4 the win (by NE [PA]) Posted on: Sep 5, 2024 5:22 PM
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I’ve tried both ways. Depends on what I want to do. I didn’t want to replace the flooring and hoped they took the discount. I don’t have a problem providing appliances. --24.152.xxx.xx

Rent discount 4 the win (by plenty [MO]) Posted on: Sep 5, 2024 6:05 PM
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Win win! Thanks for sharing your success. --172.59.xxx.xxx

Rent discount 4 the win (by RB [TN]) Posted on: Sep 5, 2024 6:15 PM
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Creativity. --69.130.xxx.xxx

Rent discount 4 the win (by Robert J [CA]) Posted on: Sep 5, 2024 6:29 PM
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I was taking over the management of an apartment building on the same block where I own a upscale 4 unit. My friends building is a 9 unit.

Her last newer 2 vacancy's got rented out at $2,200 a month each. So her current vacancy had to be rented for the same amount -- if she gave a discount, then the two units paying the most would complain.

This empty unit sat 7 months on the market, loosing the owner over $15,000 in rent. So I advertised this unit for the needed amount $2,200 per month.

When I got a "Hot Live" applicant, she asked for a lower rent", otherwise she'd take someone else's apartment. There were 1/3 of the buildings within a 1/2 mile with vacancies.

So I ask if I could make a proposal? She said Go For It, I'm all ears.

I said that if you pay 12 months rent on time, not late by on or by the 1st of each month, I will give you the 13th month for free. That brings the rent down closer to your $2,000 a month wish price. But once you are late and can't prove you were on time, The Clock starts over on 12 consecutive payments on time. THE APARTMENT got rented that day. Now I have checks made out to me for $2,200 that if another tenant claims I rented the apartment for less, I had proof.

The owner came back from a trip and shouted, I'm not going to earn my commission of 1 months rent because I gave a discount. I explained that at that time rents and prices came down. And the real rent should have been around $1,800/mo.

I caught this same landlady doing the same trick to rent out her units, so I sued for my full commission and won. --107.191.xx.xxx

Rent discount 4 the win (by 6x6 [TN]) Posted on: Sep 5, 2024 6:42 PM
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Thank you for sharing your approach on that. I may consider something similar myself. My current house I have for rent has some hardwood flooring, that is good, but needs refinished. I have been trying to get higher than rent SD, but I am the only one around here doing that, so it doesn't work here right now. So, I decided to up the rent just a bit and lower the deposit to match the rent. If I still don't get any inquiries, I think I will try your approach. --76.129.xxx.xx

Rent discount 4 the win (by Ray-N-Pa [PA]) Posted on: Sep 5, 2024 8:02 PM
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I like the approach. With the housing market still good but the economy slowing, this is indeed a win-win. Moreover, the tenant gets a say in the outcome so they are vested and trust you now. --24.101.xxx.xxx

Rent discount 4 the win (by MikeA [TX]) Posted on: Sep 5, 2024 8:43 PM
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I like it. Kind of like the clearance aisle at Lowes. Get them in the door and keep them there with a gimmick.

I'd probably be too cheap for $150 though. That's $1800 per year. I wonder if $50 per month would have the same affect? --209.205.xxx.xx

Rent discount 4 the win (by NE [PA]) Posted on: Sep 5, 2024 8:44 PM
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Mike, it might’ve but I don’t care because the tenant pool has been so so bad for almost 2 years. I’ll sweeten the deal however I have to at this point. --24.152.xxx.xx

Rent discount 4 the win (by David [MO]) Posted on: Sep 5, 2024 10:27 PM
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Glad you found a way to bring in a new tenant with a good option. --199.200.xx.xxx

Rent discount 4 the win (by Ray-N-Pa [PA]) Posted on: Sep 6, 2024 7:31 AM
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You highlight an important point - what is better a $600 move in special or a $50 a month reduction in rent for a year long lease? They numbers work out the same $600. One way you are going to attract a concession hopper and the other way you attract someone who is concerned about making the same payment for the either lease.

What I see you doing is initial training of a tenant. You are teaching you are going to get what you pay for only. In the past, we as landlords could collectively rely on having some other landlord training up our future tenants.

The govt stepped in and broke up that cycle so we now have to double down on training our own. If I have to pick lessons to teach: accountability, responsibility and you get only what you pay for ring hard in my head. --24.101.xxx.xxx

Rent discount 4 the win (by Paulio [PA]) Posted on: Sep 6, 2024 8:26 AM
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Last month I had a friend who posted pics of her place along with "You can have it now as-is at $x or I can renovate and list it at current market rent next month. Your choice." She was inundated with people wanting the as-is unit. --50.107.xxx.xx

Rent discount 4 the win (by NE [PA]) Posted on: Sep 6, 2024 8:28 AM
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Paulio, excellent. I think for selling, it’s still a strong sellers market. But for renting, it’s a bargain hunters market. It’s kind of strange. --24.152.xxx.xx

Rent discount 4 the win (by NE [PA]) Posted on: Sep 6, 2024 8:44 AM
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Paulio, that gives me an idea. My next rehab coming up is one of the WORST condition apartments I’ve had. I bought it about 11 years ago. Tenant moved out this summer and we’re in there 5-6 years before I bought it. It needs an overhaul but may I will just fix what’s broken, missing ceiling tiles, leaky faucets, cracked windows. Then mop the walls and floors and advertise it as “YOU CAN PAINT!” for $xxx or we can paint for a larger $xxx. Even if the tenants paint, they’re not going to hurt anything if you know what I mean? --24.152.xxx.xx

Rent discount 4 the win (by zero [IN]) Posted on: Sep 6, 2024 9:49 AM
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In the past I have been known to drop some on the SD because of flooring or something that was not quite perfect.

That worked out well but then when they left I couldn't charge for the flooring that they destroyed because it was discounted initially.

Your rents are higher than mine so discounting that amount doesn't hurt as much.

Best news is you rented a place that you had trouble with renting before. --107.147.xx.xx

Rent discount 4 the win (by WMH [NC]) Posted on: Sep 6, 2024 10:12 AM
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I believe market rent is what a particular place rents for... not what others are asking.

If I list a place and no one responds, or no one qualifies, then the rent is too high.

But we've discussed before the fact that there is a place in this world for slumlords (not calling you one, NE) and for less-than-perfect places. --173.28.xx.xxx

Rent discount 4 the win (by NE [PA]) Posted on: Sep 6, 2024 10:15 AM
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Hey, I wear a lot of hats. My one duplex needs a slumlord for a landlord and some of my top notch places need a top notch landlord. (Not saying I’m either.) --24.152.xxx.xx

Rent discount 4 the win (by Oregon Woodsmoke [ID]) Posted on: Sep 6, 2024 10:23 AM
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There is a type of tenant who picks a place for the cheap rent and then once they are in, they complain about everything an expect the landlord to upgrade the unit until it is as new and nice as the more expensive units. I suppose if they move in understanding that the rent is low because the unit is not updated and they already know what it costs them to have it updated, you might avoid the type of complainer who expects perfection for mark-down prices. --76.178.xxx.xxx

Rent discount 4 the win (by NE [PA]) Posted on: Sep 6, 2024 10:30 AM
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Oregon, during lease signing, right at the end I have a speech I give them that we promise professionalism, but we do not promise perfection. And explain the difference to them. --24.152.xxx.xx

Rent discount 4 the win (by Sisco [MO]) Posted on: Sep 6, 2024 1:05 PM
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What is the full price rent that was advertised?

Would the new tenants have qualified at full price?

What did their current residence look like at in-home inspection ? --149.76.xxx.x

Rent discount 4 the win (by NE [PA]) Posted on: Sep 6, 2024 1:18 PM
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Advertise rent was $1150. His current residence looked fine. He was clean, respectful. Shook my hand like a man. Good strong handshake. I didn’t see any warning signs. --174.249.xx.xxx

Rent discount 4 the win (by BRAD 20,000 [IN]) Posted on: Sep 8, 2024 10:19 PM
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NE,

Good plan!

My suggestion is to take TONS of photos and of these imperfections and very clear AS IS documentation on the Move In Condition form so if/when you go to eviction court they cannot use the imperfections against you.

I used to give folks a discount for cleaning, etc and it came back to bite me in court "Judge, The place was filthy! We should not have to clean on the way out"- lesson learned to document.

I show lower rents by not supplying appliances, unless they pay extra. 2 new leases last week had their own appliances.

AND having them take care of minor maint. We do the roof and HVAC

AND no security deposit. The same amount is their Non-Refundable Rent Discount Program Fee.

BRAD

--73.103.xxx.xxx

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