Any questions for an owner?

Hello board!

I own and manage a couple of dozen buildings, mostly residential 4-5 story walkups in Manhattan.

I will not reveal my identity or plug any vacancies I have here in the message board area... It is completely possible that some of my tenants and potential future tenants are here, as well as peers, so I rather be Anon...

Anyone have any questions for me?

Why do owners hire brokers? Is it just laziness (not willing to show the apt / deal with applications)?

Unless you are dealing with a small hands-on owner/manager, you are dealing with a large company whose principals are busy doing much bigger things then renting individual apartments.

Most landlords have several hundred apartments in their portfolios. If all of the time was spent renting the apartments, there would not be time to manage the building otherwise, yet alone look for other deals, r do anything else other than show apartments to anyone who responds to an ad.

Most people also prefer to see apartments in the evening, or over the weekend, when most owners are home with their families, which most of the time is not in the city...

Is asking a 90-100 dollar drop reasonable?

yokim wrote:

Is asking a 90-100 dollar drop reasonable?

More details please: A new lease? A renewal?

In general, the more desirable a tenant is, the more room there is to negotiate. I am much more likely to give a break to someone who is a better applicant...

for a new lease.

yokim wrote:

for a new lease.

It is more relevant to talk % than $...

Make an offer... You could have found out by the time you waited for me, lol

My lease is up, and my land lord has raised rent (from 1750 to 1775).

Similar apartments in the building are listed (on their web site) for up to $150 less a month and they are offering a free month rent to new clients.

My question is why would a company treat an existing stellar tennant (eg, no complaints, quiet, rent is always paid on time (or early!!!)) this way?

Isn't it More expensive to bring in a new customer? it at least costs one month rent!

@annon12345. Also, I read (in the NYT) that tenants moving out always means a cost for the building manager - if nothing else, in tying up the elevator and possibly scratching the walls, doors, etc. Buildings with higher turnover rates have higher maintenance costs.

Another reason to keep their current tenants happy, especially if they pay their rent on time...

I just don't get it... maybe i need to go buy (or manage a building)

annon12345 wrote:

My lease is up, and my land lord has raised rent (from 1750 to 1775).

My question is why would a company treat an existing stellar tennant (eg, no complaints, quiet, rent is always paid on time (or early!!!)) this way?

Because if that was given to the whole building, you might not have heat this winter, that is, if the mortgage is even able to be paid.

Please explain your last comment.

I dont understand that if you dont raise rent on current owners, you will force building management not to pay heat/light

Economics say that your statement doesnt mean you make any sense

1) If Tenant A- pays same rent and then their is no raise, then managment doesnt have to pay renovation or any freebies like one free month
2) If a new tenant moves in you have to pay for renovation as well as give a free month and probably give a discount for the first year

How does this help managment