I'd go with laugh
Sell with vacant possession if you can afford to. There are some tenants that are fantastic when selling, others are not, and they can de-rail the marketing, price and even sale of the property.
Good luck with it..
Tenants... they just dont get it
- Thread starter startled...
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I'd go with laugh
Sell with vacant possession if you can afford to. There are some tenants that are fantastic when selling, others are not, and they can de-rail the marketing, price and even sale of the property.
Good luck with it..
Whats the difference? Can you be annoyed big time, but not stressed????
In the past we've had the misfortune to rent 3 places, one after the other, that all went up for sale at some stage. Yes, it is a real pain in the neck! Big time. Not only do you have strangers going through your place, but unlike an PPOR, the sale is likely to mean a bad thing - you get kicked out (as opposed to the PPOR owner who looks forward to the money). At the time we didn't think to ask for rent reduction though....
That's the most significant aspect of this entire thread.
MM, you're doing exactly the same as Startled is, except in the opposite direction. You're assuming they're great people and have valid excuses and are being hard done by. You know even less about them than Startled does, so if anyone was to make assumptions, it should be the LL.
I treat one of my tenants with respect - they are consistently late with EVERY SINGLE RENT PAYMENT. I have still let them continue to rent there despite the fact that I could kick them out at any time with 1 months notice. I also attend to maintenance issues within 24hrs of them being reported (not that there have been many).
They have been warned by the PM time and time again that they need to get their act together, to which they reply how sorry they are and how they'll change. Has anything changed? No. I'm still in the same situation one year on. This from a family that has about $90pw to pay for rent after Centrelink chips in with the rest (how much is that per room per night Daz?
).So much for respect being returned.
It depends on the tenant - some will, some won't.unit4me.
Not once has he explained what is classed as late on rent but he clearly stated his views on tenants and he has no respect for them.
I find it annoying people suddenly jumping on some one when it could possibly be the agents error or a minor issue.
All that I note here is people getting upset of the word " late rent"
The smart thing to do would be give the tenant a reduced rate and there is a good chance he will work with the agent. ( if not keep as is)
But because of attitudes you now have a tenant who will slow or ruin your sale and cause nothing but problems.
Show respect to others and they will do the same.
Not once has he explained what is classed as late on rent but he clearly stated his views on tenants and he has no respect for them.
I find it annoying people suddenly jumping on some one when it could possibly be the agents error or a minor issue.
All that I note here is people getting upset of the word " late rent"
The smart thing to do would be give the tenant a reduced rate and there is a good chance he will work with the agent. ( if not keep as is)
But because of attitudes you now have a tenant who will slow or ruin your sale and cause nothing but problems.
Show respect to others and they will do the same.
correct me if I am wrong , but I beleive in S.A. at least that if you buy a place with a sitting tenant , then the lease has to be honoured.
I bought a place with a sitting tenant a year ago , the RE was very keen to sell to an investor , and did not advertise it with a sign out the front.
Great tenant too , looks after the place , pays on time and as yet , hasnt complained about anything
I bought a place with a sitting tenant a year ago , the RE was very keen to sell to an investor , and did not advertise it with a sign out the front.
Great tenant too , looks after the place , pays on time and as yet , hasnt complained about anything
Yeah you're right Granev, lease has to be honoured, although the new LL can still put the rent up slightly after the first 6 months of the lease. That's what we did with the one we bought late last year - gave notice of $10pw rise upon taking possesion. Tenant is getting evicted next month though when his lease runs out at which point we'll adjust to market rent for re-let.
Currently trying to sell one myself, and the tenants were quite nervous about what was going to happen to them. They are ok now, and are being quite co-operative with letting people through, and have offered to move out if necessary for new owners to move in.
Currently trying to sell one myself, and the tenants were quite nervous about what was going to happen to them. They are ok now, and are being quite co-operative with letting people through, and have offered to move out if necessary for new owners to move in.
Muffinman, either you're riling up the forumites here or else you've really had bad experiences with LL and real estate agents... but if anyone is renting...then being a renter means you're renting subject to the contract and subject to the landlord's desires to keep or sell the IP. That's why you should buy your own PPOR if you dislike being subject to events out of your control. I'm sure you're not the only one who's experienced having people trekking through the living room and poking into your things whilst the property is for sale. Anyway... everyone should pay their rent on time. Paying rent is just like paying other bills. If the tenant is in a bit of financial trouble then I'm sure if they discussed it with the agent or LL then most owners will be reasonable and try to work out some payment option. Similarly with inspection times. No one is busy 24/7 and have absolutely no time available for a half hour to one hour inspection once a week. In this case, the rent was late and meanwhile, the tenants are taking a holiday...doesn't that sound like wrong priorities to you? Birthday or no birthday...paying bills take priority if you want services. If you didn't pay your phone bill on time... try telling Telstra you were on holiday and then demand your phone to be reconnected. Or try being late with insurance and have something unfortunate happen in the period that you were briefly uninsured...they're even harsher because they've got strict terms and conditions and you're dealing with corporations.
YES, they are losers. If they are not paying their rent, they don't deserve to stay. End of story.
Muffinman, do you think that you would get "pissy" if your employer was a week late with your wages?
But wait, maybe he's taking a well earned break on a Greek island, so that's OK.
Kudos to you Units. A rental contract is a contract & I am totally disgusted with the ease that some tenants have in not paying . What would happen if all of a sudden we stopped paying the mortgages??
Get them to the tribunal. If they are already late with the rent, then the 14 days should be well & truely up by the time they return.
We have done the following, based on the type of tenants we had when we sold:
1. served 60 day notice to vacate (selling property). This is the option we take for tenants who may pose problems for access, presentation etc, and/or where the property needs work
2. do a sales campaign with tenants in place - obviously for cooperative tenants
3. provide a discounted rent where the tenants have requested it, and their presentation during opens have been excellent
Cheers,
The Y-man
1. served 60 day notice to vacate (selling property). This is the option we take for tenants who may pose problems for access, presentation etc, and/or where the property needs work
2. do a sales campaign with tenants in place - obviously for cooperative tenants
3. provide a discounted rent where the tenants have requested it, and their presentation during opens have been excellent
Cheers,
The Y-man
My views:
* Fair enough if a tenant is late with rent occasionally, but when it is consistent then they are not holding up their end of the deal. It really should not be the landlords problem if you cant pay your bills on time.
* Landlords have the right to sell the property. The tenants have no right to make life as difficult as possible for the landlord to sell the property.
* I have no sympathy for tenants who kick and scream about the property they are renting being put up for sale. That is a fact of life, and as a tenant you should always be aware that this can happen, no matter how much it may suck.
* If the tenants want to act like a#@eholes and make your life difficult, then go through the procedures in place to boot them out.
Note to Muffinman - showing others respect does not necessarily mean they will do the same in return. In this day and age there are many people with a bug up their backside, and think the world owes them everything. Im not saying that you should not start giving your tenants respect, just dont always expect the same in return. Some people are good at taking advantage of others, and will walk all over you if they can to get their way.
* Fair enough if a tenant is late with rent occasionally, but when it is consistent then they are not holding up their end of the deal. It really should not be the landlords problem if you cant pay your bills on time.
* Landlords have the right to sell the property. The tenants have no right to make life as difficult as possible for the landlord to sell the property.
* I have no sympathy for tenants who kick and scream about the property they are renting being put up for sale. That is a fact of life, and as a tenant you should always be aware that this can happen, no matter how much it may suck.
* If the tenants want to act like a#@eholes and make your life difficult, then go through the procedures in place to boot them out.
Note to Muffinman - showing others respect does not necessarily mean they will do the same in return. In this day and age there are many people with a bug up their backside, and think the world owes them everything. Im not saying that you should not start giving your tenants respect, just dont always expect the same in return. Some people are good at taking advantage of others, and will walk all over you if they can to get their way.
That sounds fair enough as long as they come through with the goods.
What sort of a discount are we talking?
Dave
If you had read the original post, you would have read that the reason why the Landlord is selling is partly because of the difficult TENANTS.
Don't take their side when they are the CAUSE of the problems that they are now facing.
We did this and provided a 10% discount which the tenants were happy with.
Of course; we had nice tenants, whereas in this case they are not.
After not being satisfied with the way that property managers managed my rental properties, I began managing my own properties about 9 years ago.
My way of dealing with late rent payments is to call the tenant and say, "Hi, this is Glenn. I noticed that the rent that was due a couple of days ago has not appeared in my account as yet......". Saying it with these very words does 2 things....
1. It does not blame the tenant directly
2. Allows the tenant to respond when I stop talking
My view of the tenant\landlord relationship may be at odds with some here on the Somersoft forum....because I see my tenants as the customers in my rental property business.
I have had 2 bad customers in 9 years, 2 customers that I needed to manage\coach and 19 customers that have been fantastic.
Good luck Startled....
Glenn
My way of dealing with late rent payments is to call the tenant and say, "Hi, this is Glenn. I noticed that the rent that was due a couple of days ago has not appeared in my account as yet......". Saying it with these very words does 2 things....
1. It does not blame the tenant directly
2. Allows the tenant to respond when I stop talking
My view of the tenant\landlord relationship may be at odds with some here on the Somersoft forum....because I see my tenants as the customers in my rental property business.
I have had 2 bad customers in 9 years, 2 customers that I needed to manage\coach and 19 customers that have been fantastic.
Good luck Startled....
Glenn
Investing is a business!
Tenants are you customers!
They don't need to "get it" If you adopt a professional approach to rent arrears and work within the law, losses will be minimised!
Tenants can be as reactive as they want but it makes it worse when landlords react back. I agree with the above post!
Tenants are you customers!
They don't need to "get it" If you adopt a professional approach to rent arrears and work within the law, losses will be minimised!
Tenants can be as reactive as they want but it makes it worse when landlords react back. I agree with the above post!
it may be a business but because it loses money from day one (in most cases) is the reason why landlords get their back up with SOME drongo tenants. SOME tenants live in these places for next to nothing and carry on as tho they are the revered Cashcow itself.
there is such a disconnect between the objectives of the landlord and the tenant which is why, unless the tenant is an angel, these things tend to end in grief
there is such a disconnect between the objectives of the landlord and the tenant which is why, unless the tenant is an angel, these things tend to end in grief
I agree you just shouldn't be late on you're rent and if you are going to the rental office to pay you're rent then there is something seriously wrong haven't you ever heard of internet banking???
So as an employer if I was to say have trouble parking/internet crashed or whatever reason you want and didn't pay pay my employees is this all right too?? no because most of those people I employee live week to week.
As a investment property owner myself if someone doesn't pay there rent to me I can't afford to pay my loan repayments...
I think the point I am trying to make is people just don't get there priorities right they should not be holidaying instead of paying there rent be it 20 dollars or 2000 dollars (and I'm sure its more than a weeks rent...)
So as an employer if I was to say have trouble parking/internet crashed or whatever reason you want and didn't pay pay my employees is this all right too?? no because most of those people I employee live week to week.
As a investment property owner myself if someone doesn't pay there rent to me I can't afford to pay my loan repayments...
I think the point I am trying to make is people just don't get there priorities right they should not be holidaying instead of paying there rent be it 20 dollars or 2000 dollars (and I'm sure its more than a weeks rent...)
I agree with Xenia and Glenn. Tenants are our clients or customers. Just as in the wider business world, it's far easier to keep a good customer than it is to find a new one.
It's all about building and maintaining a good relationships. Without these customers, how would we keep up the payments on our properties and build wealth for a financially independent future?
A good business relationship is a two way street. You only get back what you give out.
It's all about building and maintaining a good relationships. Without these customers, how would we keep up the payments on our properties and build wealth for a financially independent future?
A good business relationship is a two way street. You only get back what you give out.
Except in environments like this when people are clamouring for your product.
Alex
