All Forum Posts by: Troy Green

Sorry, it’s an apartment building. With commercial tenants as well.

Troy

Hello Everyone! 

I'm looking for creative ways to improve the value of the building outside the obvious "rent more units." Does anyone have anything that they have done which helped improve the NOI that's outside the box?

@Rob Beardsley, great goal! I just found out that the raffle idea is considered illegal in NYS. Shoot!

@Thomas S., it is considerably more efficient to keep a paying tenant than it is to go get a new tenant. In this case, if I could spend $1 to get tenants more likely to pay (especially on time) it makes unbelievable fiscal sense. 

At my company, I do pay employees bonuses for things that they are "supposed" to do. An example of this would be paying bonuses for keeping the property under 5% vacancy. 

@Rob Beardsley, I like that idea too. It gets a sense of community within the buildings and is fun for everyone.

@Rob Beardsley, I love the idea but we have 2,000 units. I think I'll test it at one building and see how it goes. Trying to figure out how to handle full subsidies though. Maybe you only qualify if you pay your rent not the state? 

@Rob Beardsley, did he do it for everyone or only the first 50 or something like that? Also, did he have any people who the state paid for all of their rent?

@Rob Beardsley I love that idea. Totally unique!

@Deanna McCormick, I don’t do a late fee until the 6th to avoid the weekend problem. I wish subsidies always got their rent in on time! 

@Deanna McCormick and @Thomas S., approciate both of your input. Really like the idea of the red note. Do either of you ever have problems where subsidies will pay late and it makes the tenants rent late? 

@Peter Bezuidenhout, totally agree. Working with my business partner has allowed me to grow faster and more efficiently than I had ever thought possible. More investors. More properties. More challenges. More everything. 

@Deanna McCormick, have you found this is the best possible way?