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Jummah Mubarak Fam 💚
Need your suggestion on career choice Current role: business analyst (VBA automation) Y.o.e 9 years , relevant experience: 4 years CTC 8.25lpa Offer 1: TCS : 16.5 lpa Role : business analyst -payments domain (sdlc) Offer 2: Exl : 19 lpa Role: business analyst - process automation (not SDLC) Offer 3 Jp morgan (in pipeline) :expecting 20lpa Role: documentation specialist (not BA) - 601 Please suggest which one to chooseTata Consultancy JPMorgan Chase EXL
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Easily could raise it to 3,700. At that price range, tenants shouldn't be too concerned about a 150 increase.
Coach
How’s the tenant? Do they always pay on time, not a lot of maintenance requests, generally out of your hair? If a low maintenance I’d consider keeping it around 3-5% and still below market - you have to balance a tenant who always pays and isn’t a headache vs your vacancy loss while you try to find a new tenant, and even then the new tenant might suck. Even if you’re still below market the consistent cash flow might be worth it
Not as good as last tenant in being willing to just fix things on their own, but not a hassle at all. Unfortunately they were the tenant when the fridge gave up the ghost (it was almost 10yrs old) but not their fault it needed replacing. And the rent comes by Venmo first of every month.
Current rent is 3,550, spoke to a property manager recently who said his estimate on the market is somewhere between 3,800 and 4,500.
My daughter leases apartments for a living. She says charge market rate and offer a discount at renewal time for being long term excellent tenants. It’s basically framing it as a reward from what a new tenant would pay, but there is still an increase. She says capturing market rate is better than retaining a tenant. 🤷♂️ I guess the math works in your favor being at market rate with potentially higher vacancy rate.
I’m not sure sharing my experience will be helpful but here it is. My last tenant was terrible. She stopped paying rent for months. It took forever to evict her. I hired a management company to scrutinize potential tenants. My current tenant pays on time, has less people that allowed by occupancy regs, and has a cleaning service so the new appliances I had to buy after the last tenant left will be maintained. I won’t raise the rent because I don’t want to wait for another tenant (I waited two months to pick this tenant. I was really picky given my experience). The couple hundred dollars a month won’t really make much difference to me so weighing the risks, I’d rather have a bird in the hand.
I have been so lucky with my tenants so far. First ones stayed for about 2 years then moved away, these want to stay and have made overtures that if I was ever considering selling to let them know. They have made upgrades of their own (some which would be easy to take if/when they leave, some which seem like permanent improvements to the property that will be left for my next tenant). The thought of coughing up a month's rent to hire a realtor or management company to find me a new tenant also hurts, but stories like yours are why I will absolutely not handle it myself. But I also feel like a 3% to 5% increase is reasonable considering everything else that's going on in the world. I wouldn't be surprised if I could actually get $1,000 a month increase from someone else, but it definitely wouldn't be these tenants.