All Forum Posts by: Daniel Rivera

Hello Shane, we did a trial of RentRedi about a year ago back when our company was considering a switch. One great feature that many might find useful is their integration with Latchel to help manage maintenance requests. However, we found it to be lacking in a few ways. We ultimately switched to Buildium as it was more comprehensive and had a large number of integrations with 3rd parties. The starter plan is currently at $55/mo. Doorloop is also a great management software. Their pricing starts at $59/mo with a $29/mo introductory price for 2 months or so. I would recommend either. However, as you're house hacking and may be starting small, there are a few cheaper options out there without all the extra features. Baselane doubles as property management software and a banking software, with unlimited subaccounts. It's great for separating accounts. I am not sure if they handle maintenance requests, but if you're starting small, you may not need this.

I would recommend Baselane for your situation. You can set up rent collection, and create unlimited bank accounts to keep your funds organized. They are also partnered with RocketLawyer and TransUnion, so you can access those and start creating leases directly on the site.

Given your situation, there are several factors to consider when diagnosing and addressing the vacancy issue:

1. Market Analysis

Market Shifts: Have you conducted a recent market analysis? Even if newer buildings can't price rents as low as yours, they might offer amenities or modern designs that attract potential tenants.

Local Economic Factors: Consider local employment rates, major employers relocating, or any changes in the local economy that might impact rental demand.

2. Marketing Strategy

Target Audience: Ensure your marketing is reaching the right demographic. Given the price point and size, your units may appeal to young professionals, students, or single individuals.

Online Presence: Utilize online rental platforms extensively. Enhance your listings with high-quality photos, virtual tours, and detailed descriptions.

Incentives: Offer move-in specials or discounts, such as the first month free or reduced security deposits, to attract tenants.

3. Property Management Evaluation

Performance Metrics: Evaluate the performance metrics of Ace Management and Reality. Look into their marketing efforts, tenant screening processes, and response times.

Service Audit: Conduct an audit of the services provided by Ace Management and Reality to ensure they are actively marketing your properties and maintaining tenant relations effectively.

4. Unit Appeal

Amenities and Upgrades: Although you have renovated the units, consider adding amenities like high-speed internet, in-unit laundry, or community spaces that can increase appeal.

Feedback Collection: Gather feedback from current and past tenants about what they liked and disliked about living in your units. Use this feedback to make targeted improvements.

Best of luck!

Hi Francesca, I would recommend looking into Baselane. Baselane is a rent collection and banking provider. Having both under one umbrella should put them at a great advantage.

I second @Tracy Minick. Set expectations and advise them of the consequences. We hear this often from landlords, and typically there are no real consequences to the tenant not signing. They try to work it out with the tenant amicably, but end up getting the bad end of the deal.

Go with @Alexander Szikla's advice without delay.

Tenant make payment through their online portal, which bars partial payments. Therefore, if they fail to sign the new lease, they must still pay the increase rent. If not, they automatically face late fees, as well as possible eviction. That gives a clear consequence to the tenant, and also gives the property owner a clear reason to evict (if necessary).

If you're unsure about the legalities or the best approach, consulting with a property management company familiar with local laws or a real estate attorney could be invaluable.

I'm not sure if you have had any luck yet, but if not, you can also try allpropertymanagement.com or Thumbtack. Biggerpockets will also be launching a property management finder tool soon.

We are located in NJ, and unfortunately do not have any contacts to recommend in your area.

Try Baselane.com. They cater specifically to landlords. No min balance. Decent interest rates. Easily set up sub-accounts (if you need to).

Hi Leo,

First off, congratulations on your new investment in Jersey City! Navigating tenant relations, especially in an owner-occupied property, requires a careful and respectful approach. Here are a few suggestions:

1. Understand Local Laws: Begin by familiarizing yourself with New Jersey’s and Jersey City's tenant and landlord laws, particularly those governing lease termination and eviction. Laws vary significantly by state and city, and Jersey City may have specific ordinances that apply.

2. Review the Lease: Check the existing lease agreement for clauses that cover termination by the landlord. Some leases include provisions for termination upon sale or owner occupancy but adhere strictly to the terms and any required notice periods.

3. Provide Ample Notice: Regardless of legal minimums, giving your tenants more notice than required can help maintain a good relationship and give them ample time to find new housing.

4. Communicate: Depending on your options, consider having a face-to-face conversation with your tenants. You may run into the situation where the tenants are planning to move out at lease end anyway. You can simply ask if they have plans to move out or extend their lease. If not, you can move to the alternative solutions. Regardless, I would suggest offering to assist in their search for new housing if possible.

5. Legal and Respectful Termination: If the lease does not renew automatically and you decide not to renew it, ensure you follow the legal requirements for notifying your tenants that you will not be renewing their lease. This typically involves sending a formal, written notice within a specific timeframe.

6. Consider Incentives for Leaving Early: As @William Sing suggested, consider offering an incentive for the tenants to move out early. This can be in the form of cash, paying their agent fee, part of their moving costs, etc.

Remember, the goal here is to end the lease peacefully and legally, respecting both your rights and those of your tenants. If you're unsure about the legalities or the best approach, consulting with a property management company familiar with local laws or a real estate attorney could be invaluable.

Best of luck with your new property and navigating this transition smoothly!

They are two different companies. Baselane is a banking, bookkeeping, and rent collection tool/service. Hemlane is a property management software. I use Baselane for banking, and a separate property management software.