Landlord Tips a Game-Changer: Reduce Stress and Hassle, Increase Profits
Short, sharp landlord tips.
This video discusses two tips to get better results when implementing rent reviews.
Episode 2 – Soften the Blow
TRANSCRIPT.
Tip 1: for a 12-month rent review, you want to look at what the market’s doing around 12 weeks before the year’s up. That way, if the market has moved, you’ve got plenty of time to prepare a 60-day notice, so at the 12-month mark, the actual increase would start.
If you wait until the year ends before giving notice, the rent increase will not take effect for 14 or 15 months from the last rent review or when the tenancy started because, legally, you have to give a minimum of 60 days’ notice.
Tip 2: When I prepare a rent increase notice, I won’t send it until I speak with the tenants.
Over the years, I have found that tenants appreciate a call. It prepares them and reduces the shock of just giving formal notice.
It’s an opportunity to have a candid conversation with low-income earners. If the rent increment is high, some tenants may be unable to afford it.
I can discuss affordability with tenants and then negotiate a smaller increase with the landlord’s approval.
Remember, retaining great tenants is the key to long-term rental success.
Making life easier for landlords is what we do.
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