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

  • We were under boomtown when we moved to Maryland from the west coast. Johns team was able to FaceTime a walk through the house, answer all questions & have a seamless transfer with keys and all the necessary information when we moved. It made everything much less stressful (especially west to east).
    Anytime something came up with the house, johns team was on it. We had several leaks spring up & other issues within the first few months. Boomtown was incredible to work with.
    Unfortunately our landlord was awful & refused to fix things at an appropriate timeframe. She didn’t like boomtowns willingness to fix things immediately before it got worse. We were transferred to another property management company for the remainder of our lease and they were awful to work with. The difference with them and boomtown was night and day.
    Highly recommend Boomtown & we will be looking at them if we choose to rent our home we purchased.

    Ana
    6/09/2023

  • As a new tenant, we've had a very smooth and easy qualification and lease process with Boomtown! They were immediately responsive and helpful in setting up our showing, and John spent time answering our questions when we met. Katie helped us with the leasing process and made it very seamless. We've been renting for many years and this was the easiest lease signing yet!

    Heather
    5/26/2023

  • Our family has just completed the application process and we are moving into our new home, thanks to Boomtown! Katie has been incredibly helpful and responsive throughout the entire process and has made the application process very easy. John was very knowledgeable about the property and always happy to answer questions. We are impressed by their professionalism and how quickly the process of getting into our new home has been. We are happy with our experience so far and look forward to working with them.

    Jasmine
    4/23/2023

  • I havent rented with them yet but I went on a tour with john he was great very knowledgeable about the property and friendly! He even let my client come along with me to the showing. katie has been nothing but helpful through email answering all my questions and making the application process very stress free!

    Natalia
    3/16/2023

  • 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

  • We have been working with Boomtown Inc. for several years. Angie is always quick to respond to questions or concerns, and goes out of her way to assist in resolving any issues that arise. The entire staff at Boomtown Inc. is very professional and it’s been a positive experience working with them.

    Thomas
    12/13/2022

  • 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

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.

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60 DAYS.
NO COST, NO OBLIGATION.

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