Tips for better business


Low Power Mode is that “sleep” mode that appliances use to reduce energy usage. But if it has a light on, even in the sleep mode, it’s still using electricity. If you can, turn off your computer and peripherals altogether every night. You can plug everything into a power strip and after you turn off individual components, turn off the power strip too.

 

Rent increases.

  • If you’re worried about raising prices, raise the vacant rate first.  Wait a month or two to see if the new renters are OK with those rates.  If they are, then raise existing customers to the same rate.  But what about the customer who moved in only a few months ago? Nx.Gen lets you Exclude all occupants who moved in after (date).

  • Space Control offers so many rent-raise options, it seems inefficient to increase rents space-by-space. If you do a group rent raise instead, you can enter a few individual changes to override the group raise.

 

Minding the store

Ideally, all your spaces rent for the going rate. Space Control’s Non-Standard Rent report shows you who is paying less. If you’re only getting $80 for a space that new occupants would pay $100 for, it’s time to raise the rent.

 

Consider your customers

  • If some space sizes are renting better than others, you can schedule a raise for just those sizes without affecting your other renters. 

  • To make sure you don’t charge rent raises too close together, Nx.Gen lets you Exclude all occupants who had a rent raise after (date).

  • If you haven’t had regularly scheduled rent raises in the past, you may want to do an across-the-board raise by percentage. Another strategy is to raise rents by a small percentage every six months. Some owners say their renters are less upset by smaller raises twice a year than by a larger percentage once a year.

 

Compliance

Any time you change the rent, you need to be aware how much advance notice is required. Some states have laws governing this procedure. Just set the Business Rule in NX.gen for the number of days advance notice is required, and your rent raises will always be in compliance.