I have a great potential for a tenant, however they wont be ready to move until 2 months from now. They are asking if it can be held for them. Whats a good strategy for this, obviously don’t want to lose 2 months of rental income.
Im guessing take a non-refundable hold deposit for 2 months rent?
@Kenny Luna In my state that would be your only option. I’d be leery of a 2 month out date because usually that means the tenants are looking for a better place or a cheaper place. Not always but usually.
@Kenny Luna In my state that would be your only option. I’d be leery of a 2 month out date because usually that means the tenants are looking for a better place or a cheaper place. Not always but usually.
@Kenny Luna In my state that would be your only option. I’d be leery of a 2 month out date because usually that means the tenants are looking for a better place or a cheaper place. Not always but usually.
Rental Property Investor · Seattle, WA · Member since 2013 · 2k+ posts · 1k+ votes
2y
I would do it as a non-refundable holding deposit that transfers to a refundable security deposit. Honestly, you will probably absorb about half of that vacancy lost revenue, it is unlikley they will be willing to bear two months cost. Sometimes we offer a discounted rent to get them to take the keys sooner, benefits everyone. But often when we take a holding deposit they don't end up moving in, so be prepared for it.
I have a great potential for a tenant, however they wont be ready to move until 2 months from now. They are asking if it can be held for them. Whats a good strategy for this, obviously don’t want to lose 2 months of rental income.
Im guessing take a non-refundable hold deposit for 2 months rent?
HOW??? Take it,, yes nonrefundable, ALSO PLEASE hire a PM co, learn then go on your own All the best
Property Manager · Denver, CO · Member since 2021 · 667 posts · 587 votes
2y
@Kenny Luna Surely there is someone else out there who doesn't need to wait 2 months. I would not hold anything unless they are willing to pay the two months of rent as a holding deposit, assuming your state allows that. Whenever we are asked this question, we tell the prospect that the lease starts on X date, if that doesn't work for them, they are welcome to check back to see if the unit is still available and go from there. We've never had to wait for anyone.
Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes
2y
I'd only be willing to hold for two weeks, or if I had a current tenant that wasn't moving out yet and was holding for two months from now when the current tenant left. So in your scenario I'd tell them we could start the lease Nov 1 ( a little more than two weeks from now) whether they move in now or in two months is their choice. I'd take a 'holding fee' now that is ~1K or so, and it will apply to their deposit on move in. At least if they back out you were compensated for waiting.