Now that LL can't charge for on-boarding fees such as inventory and credit checks, how do you handle these fees?
Do you absorb them? increase the rent? Ask tenants to turn up with their own credit checks in hand?
I found asking potential tenants to pay a (reasonable) fee for a credit check helped get rid of time wasters.
If I have to pay for all these credit checks, it's going to become expensive.
I don't think it's that easy to increase the rent either as it may end up too high.
I didn't read the exact wording of the legislation but the gist seems to be to avoid tenants to pay fees.
But they are not tenants until they sign the AST, so a credit check fee prior to that is not a tenant fee, just a fee.
I'm sure though that lawmakers have thought about this, a bit too obvious...
Do you absorb them? increase the rent? Ask tenants to turn up with their own credit checks in hand?
I found asking potential tenants to pay a (reasonable) fee for a credit check helped get rid of time wasters.
If I have to pay for all these credit checks, it's going to become expensive.
I don't think it's that easy to increase the rent either as it may end up too high.
I didn't read the exact wording of the legislation but the gist seems to be to avoid tenants to pay fees.
But they are not tenants until they sign the AST, so a credit check fee prior to that is not a tenant fee, just a fee.
I'm sure though that lawmakers have thought about this, a bit too obvious...
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