PROFESSIONAL LEASE NEGOTIATION

There are many facets to negotiating a lease – monthly rent is one of many inputs that affect profitability.
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LEASE NEGOTIATIONS THAT DRAW ON ALL AVAILABLE INFORMATION TO DRIVE PROFITABILITY.

Proposed rent, level of interest, length of lease, lease start date, and concessions the five main inputs of a lease negotiation. Each of these inputs influences profitability and must be negotiated at the same time.

PROFESSIONAL LEASE NEGOTIATION DETAILS:

LEVEL OF INTEREST
LEASE START
LEASE TERM
CONCESSIONS
OPPORTUNITY COST

  • Basing this review off of our experience touring and moving into the property and our interactions with Boomtown thus far.

    My wife and I toured one of their properties a few weeks ago and were very appreciative that the owner, John, was flexible with us and patient with all our questions. Since then, we've had nothing but a positive experience through all of our initial onboarding with Boomtown and Katie has been INCREDIBLY responsive and helpful with providing everything in a super transparent and timely manner.

    I hope that our relationship with Boomtown continues to be this positive throughout our upcoming lease, because we've had nothing but an amazing experience thus far!

    Sean
    2/20/2023

  • John and Katie were great to deal with! Got us approved super fast, John has integrity and is honest about properties and got us the place we couldn’t be happier going to! 5 stars!

    Bryan
    10/19/2022

  • I’ve moved several times with different apartments and property management companies and this is by far the best experience I’ve had! The entire process was quick, well explained, and easy. John was very friendly and personable showing us the property and Katie has been amazing at getting everything set up and answering any questions. I quite literally never had to wait on answers or follow up on my own. 10/10 would work with them again. I’m very excited to me moving in to one of their properties!

    Sydney
    9/30/2022

  • Our experience was excellent. They gave us all the support and the process was very fast. We thank all the Boomtown team, especially Katie, who was very attentive and punctual in everything. We highly recommend her company.

    Samuel
    9/30/2022

  • Despite not having any weekend hours, Boomtown Inc. managed to get more done and process everything faster than major companies paid to essentially work 24/7. John was kind and polite when showing the property while exhibiting professionalism and knowledge. The real star of the show though is Katie and how quickly and efficiently she is with email responses of any kind. Just follow along with their detailed emails about what is needed from you and you'll be into your new home quicker than you might believe.

    Daniel
    9/29/2022

  • After driving cross country to settle in Maryland for a new assignment, a string of events left me with an urgent need to find a new home for my family. I inquired about a property managed by Boomtown and filled out a preliminary questionnaire. A couple of days later, I met with John at a property managed by Boomtown. The townhome was by far better than anything else I had viewed, which at that point was about 12 homes. It was a no-brainer. John and Katie wasted no time and began collecting my documents on the spot. A couple of hours later, my application was submitted to the owner and I had a lease signed by the next morning. As an active duty servicemember, I have had my share of rental experiences but I have never worked with any entity as attentive as Boomtown. Between John's attention to detail with the property and Katie's unmatched customer service, I only wish that every experience could be so smooth. Well done, Boomtown! We're ready to move into our beautiful new rental.

    Andy
    8/05/2022

  • Boomtown Inc. has been a pleasure to work with. They were able to provide a tour of the property immediately and the turn around time for approval and signing the lease was exceptional. Their customer service and responsiveness was top notch and I would highly recommend!

    Matthew
    7/06/2022

  • Boomtown doing just dandy. I've been a renter for the last 10 years and they are on par with my expectations. Quick to respond and an easy to use app to pay for rent and request maintenance.

    ALEX
    4/30/2022

  • Boomtown is a great rental company, and I would highly recommend. Quick response time and friendly staff. Quality customer service, as well as quality housing. Thoroughly enjoyed my single family rental home for the duration of renting with Boomtown.

    Chelsea
    4/29/2022

  • Boomtown was a really great partner. I was a property owner and was previously using another property management company to rent my home. I was not getting the customer service support that I needed from that company and that has now drastically changed with Boomtown. They are available for questions. Their pricing is transparent and easy to understand. They were extremely helpful in the transition from one tenant and the other property management into a new tenant. They were also extremely helpful when I eventually transition from renting the property into selling it. They were very responsive to me and the real estate agent and handled all questions timely and appropriately. I was very pleased with their work.

    Ian
    3/10/2022

LEVEL OF INTEREST:

Through the years Boomtown has developed benchmarks and best practices as early indicators for the effectiveness of pricing strategies when marketing homes for rent. If the current price of a home is yielding strong interest, there is less incentive for a property owner to agree to a discount on the advertised rent. The opposite is also true.

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LEASE START:

The sooner a new tenant takes possession the sooner our property owners see a return on their investment. Negotiating the start date of a lease has a material impact on profitability and is never overlooked during negotiation.

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LEASE TERM:

Turnovers are the antithesis of a profitable rental property. Longer lease terms are generally preferred by property owners and provide certainty for tenants. Win / win. Turnovers always include “normal wear and tear” expenses that cannot be billed back to previous tenants and deducted from the security deposit. Finally, lost rent is also part of the equation when turning over a property. The lease term should always be part of a negotiation and can help both tenants and the owners achieve their respective goals.

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CONCESSIONS:

Lease concessions are an overlay of sorts during the negotiation. Concessions help to achieve a specific goal of the owner (e.g., three-year lease) or the tenant (e.g., new carpet in bedroom) and can be useful to promote tenant satisfaction while improving the owner’s property. In our experience lease concessions have a measurable impact on tenant satisfaction and can be linked to longer total tenant length of stay which results in lower turnover costs and a more profitable property.

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OPPORTUNITY COST:

At Boomtown we believe opportunity cost is a real cost. We believe lease negotiations should always include creativity to meet the needs of prospective tenants and maximize the profitability of our managed properties.

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Frequently Asked Questions

How are emergency calls handled afterhours?2021-07-07T15:53:07-04:00

All afterhours emergency calls are answered 24/7 by a Boomtown employee trained in the immediate mitigation of property loss. If necessary, emergency services are arranged to limit property loss, and our owners are provided a video if an emergency site visit is necessary.

How will I know that the tenants are taking care of the property?2021-07-07T15:52:58-04:00

Maintenance inspections are performed twice a year. Boomtown property owners are provided with an inspection report with time / date stamped pictures so you can feel confident in the condition of your property. During the turnover process you can stream the move-in / move-out video for additional detail.

What type of properties do you manage?2021-07-07T15:52:46-04:00

We manage residential property in Frederick and Montgomery counties.

How quickly do I receive the rent income?2021-07-07T15:52:34-04:00

Owner distributions are processed on the 15th of each month and funds are generally available within 48 hours. All owner distributions are direct deposited.

How long is a typical turnover?2021-07-07T15:52:22-04:00

1-2 weeks. We generally need about 1-2 weeks after a move-out to inspect the property, and make it move-in ready for a new tenant.

Who takes care of turnover work?2021-07-07T15:52:14-04:00

We do! The placement fee includes the work Boomtown does to scope and administrate any work done at your property. Contractors perform the work, Boomtown administrates the work.

Can I do my own turnover work?2021-07-07T15:52:05-04:00

Yes. Our requirement for licensed and insured labor is only for occupied units. Boomtown only hires contractors that are licensed and insured; however, you are welcome to perform work on your own property and hire your own contractors without restrictions during the turnover process.

Can I use my own contractors?2021-07-07T15:51:56-04:00

Yes. We are happy to oblige any request for preferred contractors as long as they are licensed and insured.

Why should I sign with Boomtown?2021-07-07T15:51:48-04:00

This question is predicated on assumptions. A better question would be: “What matters to you as you consider a professional property manager?” Browse through our Services and Types of Owners sections. We are a property management company focused on adding value by innovating through technology to deliver better experiences at a lower cost. If that works for you, then our Rental Analysis is the next step.

What makes Boomtown different?2021-07-07T15:51:37-04:00

Low price AND great service. We use technology to drive down the cost of business and we pass the savings to you. We’re not a property management franchise. We’re not the largest property manager in Maryland (and we don’t want to be). We’re a small business with great processes and a professional staff working with like-minded property owners in Frederick and Montgomery counties.

Do run background and credit checks on tenants?2021-07-07T15:51:28-04:00

Yes, 100% of our tenants have been verified through background and credit checks. We also conduct employer and landlord verifications for all wage earners. Private landlords go through an additional step to verify ownership and validate the reference.

How would you market my property?2021-07-07T15:51:17-04:00

We used a paid marketing syndicate to advertise our properties on 41 different sites. When a prospective tenant shows interest our automated CRM software takes them through the process to schedule a showing 24 hours a day, 7 days a week. We regularly place new tenants in 48 – 72 hours using our proprietary system. Even phone calls at midnight on Saturday are processed immediately using our automation.

How much do you charge?2023-02-07T08:49:13-05:00

Our management fee is 6%/mo., we do not have any hidden fees. There are no start-up fees, or marketing fees and we do not add 10% to vendor invoices. Click here for details on our placement fee and lease renewal fee.

TRY BOOMTOWN FREE

60 DAYS.
NO COST, NO OBLIGATION.

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