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.
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!Sean2/20/2023
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!Sydney9/30/2022
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.Daniel9/29/2022
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.Andy8/05/2022
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.Ian3/10/2022
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.
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.
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.