Don’t Be That Guy! – the guy that doesn’t know how to charge properly for their rents!

Don’t be that guy!  You know, the one that doesn’t keep up with the times and undercharges their tenants. I know you want to be nice. But the problem is that when you go to sell and the rents are out of whack, it can mess up the deal and drive your price down!

The goal is to keep up with the area and with inflation. I reviewed a property recently, and the daughter of the owner was handling the business. When her father died (moment of silence), she found that he had written a lease for a ten-year period that was under-market by $10 per square foot!  For them, it meant a $10,000 per month shortfall! When she went to sell it, the deal was toxic, as the lease could not be bought out.

Keep up with the times and Don’t be that guy!