Have you done your rent increase calculations yet? While you may be happy with the results, your tenants probably won’t be. Because of inflation and the rising cost of EVERYTHING, the TAL increases are high this year. 

Worried about delivering  the bad news? You also don’t want to end up with a pile of files at the TAL !

In this episode, we'll dive into the art of explaining your rent increases. During this live coaching session, Terrie gives practical advice to our guest, Ron Warner, a multifamily investor. 

Terrie outlines the crucial elements to include in your renewal letter, as well as effective negotiation strategies. She explains fees the judge is likely to include or exclude should you end up having the rent Fixed at the TAL, such as insurance coverage. 

So sit back, relax, and get ready to become a rent increase communication pro!

What we learned from Ron Warner and Terrie Schauer in this episode:

- Mastering the Art of Delivering Rent Increase News: Terrie's Expert Tips for Landlords

- The most important things you need to include in your renewal letter… and how you can formulate it in exactly the right way! 

- How to effectively negotiate with your tenants about rent increase.  

- Why it is important to have a completely ventilated insurance policy. 

- Does prorating of rent increase effective? (... a look at how you can do it without repercussions.) 

Success Quotes:

"I found that these kinds of increases really go through better when you show up at the tenants door.” - Terrie Schauer

Timestamp:

00:00 - Intro

01:00 - Ron talks about his portfolio and experience as a real estate investor.

03:51 - Ron tells us about his rental property's rent increase.

05:06 - Terrie gives Ron very interesting and straightforward advice on how to tell his tenants about the rent increase.

14:06 - Terrie and Ron talk about how you can negotiate with your tenants to cover rent increases?

19:10 - Terrie and Ron discuss insurance and why it’s important. 

23:05 - Pro Rata increases for tenants: how to implement them effectively.

27:22 - Closing message from Terrie — what to expect in the upcoming episodes. 

29:46 - Outro 

Connect with Ron Warner here: 

LinkedIn: https://www.linkedin.com/in/ronnie-warner-7aa945265/ 

Connect with Us:

Facebook Page: https://www.facebook.com/restateinvestorsclub/ 

Email: reic@clubimmobilier.ca 

Terrie Schauer’s LinkedIn: https://www.linkedin.com/in/terrieschauer/ 

Terrie Schauer’s Instagram: https://www.instagram.com/terrieschauer/ 

Terrie Schauer’s “Mindful Landlord” book: https://mindfullandlord.com/ 

Hosted on Ausha. See ausha.co/privacy-policy for more information.