New - Graduated Rent Scale

[Account Closed]

Thinking about something different for the coming weeks ads,
near 5% discount for early rent.

Not sure if it is a good idea or another fart of the brain.

Example: Rent for 2 bed unit : 525.00

(All dates for received, not postmarked)

Rent: 500 if paid on or before the 1st of the month.
525 if paid by the 5th
565 (40.00 late charge) + 10.00 a day from the 6th on.

(Of course three day notices go out on the 2nd, but waive the late charges if paid on or before the 5th, hence 525)

Sort of an incentive to get some more interest on vacancies, and hopefully from some that might actually pay the rent early to take advantage of the cost steps.

Any thoughts ?

[Peter Giardini]

I have used this method. The results were mixed. I stopped using it when I got my head handed to me in local (Baltimore MD) rent court.

One thing I would caution... keep your approach very simple. If it takes more then a minute to explain, the tenant is going to cry that they didn't understand what they were signing and that you were trying to get one over on them.

Good Luck...