Artie and Candy pay late every month. They always pay. There are always late fees. But after a while, it gets old.
When I talked to Candy on Saturday about this, I mentioned I was growing tired of this game. In all fairness, they weren't the ones that tuckered me out. Mr. Sherwood and I had it out earlier in the week. But, that is for another blog.
Artie and Candy split the rent and send me one check. But the reason rent is late, is that Candy gets paid once a month. Artie gets paid twice a month, with the second pay date falling around the 25th. So, rent will never come on time. It blows me away they didn't say anything when they first moved in. I would have been happy to change the the rent due date and save the aggravation had I known up front.
During our conversation Saturday, I asked Candy if they planned on renewing the lease this summer. She didn't know. Money was tight. I suggested moving can be expensive too. I pointed out I could save them $50 a month right away by changing their due date if they wanted to stay. As much as I like the late fees, I would prefer happy tenants. They are worth much more than a few dollars.
What I didn't tell them is the home will probably go to Kirby if they leave. Kirby charges 10 percent of the rent to manage the home. I would rather keep Artie and Candy and take a reduction--if they ask--than start all over and take an additional 10 percent cut.
I figured it out. If Artie and Candy leave, between the vacant home, any repairs and/or refurbishments to make the home move-in ready as well as Kirby's fee, I will loose about $3,500 over the next year. And, that is if the home is vacant for one month only.
These figures don't doesn't include the liability of a vacant home (vandals, etc). Nor does it account for the phenomenon I have seen. Homes in property management in Birmingham seem take longer to rent. Additionally, my rents tend to be slightly higher than market to begin with. So, I have no idea if I would get my existing rent amount. My figure is based on my current monthly rental amount.
If I have to give Artie and Candy a rent reduction and they stay, I will loose somewhere between $600 and $1,350 in the next year from a reduced rent. I will have my home baby-sat by people who have put down roots and are established in the neighborhood. And, that is only if I have to reduce the rent.
I am motivated to work with them. But first, I will wait and see how motivated they are to stay.
Monday, May 03, 2010
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3 comments:
As long as Artie and the "Mrs" insist on driving Infiniti's, wearing Manolo Blahnik and purchasing the latest in HD TV's and exercise equipment, money will always be tight. They need to realize that when you make $14 an hour, you simply cannot live as if you make $50 an hour. Or at least not forever.
Do they make $14 an hour? I am pretty sure I wouldn't have approved them for that particular home if they did.
I suspect their personal possessions aren't the issue. I am guessing their personal relationship is the long-term problem.
I don't know if they make $14 an hour or not, I was just making a point (or trying to). Their possessions are an outward expression of their relationship. Over taxed, over extended with one foot on ice and the other on a banana peel.
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