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On The Ups and Many Downs of Becoming a Landlord
I have been managing property for about 20 years. Take the time and go over the lease with your management company/landlord and document everything! Yes, it is a pain in the behind but it is worth it! That way you can be clear on who is responsible for what. Repairs are going to come up, no matter where you live, but knowing how to respond and who to call will make all the difference. If the landlord is not responsive, make sure to respond in writing. If your resident is not being receptive, respond in writing. It will prove to be very valuable in court it it goes that far. Take pictures and do a walk through of the property. Being a landlord is not for everyone, trust me. It is a lot of work even with the easiest of residents because managing the asset is not for the faint hearted.
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On How to Negotiate a Lease Renewal
I do renewals for a property management company in the Chicago area and I have to say that her points may work with an owner of just one or 2 buildings, like she stated in the article. However, medium or larger companies will not be willing to do a lot of these items. For example, all the points about the rent I have already researched before I sent out the renewal price. Therefore I will have the answers to the market rents in the area, what the neighbors are paying, the rental history of the apartment, etc before I send you my renewal price. Offering to pay your rent upfront is not an incentive because in most states if you take more than 3 to 5 months rent ahead of time, the company is supposed to pay you interest on that rent. Most people don't know this though and as a landlord, I don't need that headache. Just pay the rent on time each month. It doesn't help the company by paying ahead of time, unless you are a individual landlord of just a building or 2. Even then, if they are not careful, it can come back to bite them. As for doing your own repairs, most companies do not want that either. That takes the control of how the building is being maintained out of their hands and a decent company would not want that. However, they would be happy to address the concerns and do the work for you as part of the renewal. I would suggest that you don't wait though if you have a concern. Most companies are willing to address your issues throughout the lease so that when renewal time comes, we don't have to negotiate these type of things. Lastly, by stating that you are a good resident and haven't damaged the apartment in any way does not help. It is expected that you would be a good resident and not damage the apartment in any way. Yes, it is appreciated but I don't think you should be rewarded for doing what your contract states you should do. Just like you want the landlord to do what that have stated they would do when you rented. It is just what should be expected. Yes, I know that it does not always happen that way, but the goal it to rent to those who will respect the property and a landlord who will be attentive to maintaining the building. Both of you have a choice. Much more can be shared about this, but these are just some of my observations...