Are you facing a tenant asking for a rent reduction? In this week’s Mark Minute, I dive into one of the most challenging conversations landlords can have. When a tenant requests lower rent, it’s essential to navigate the discussion carefully to create a win-win outcome.
Here are the three steps you should take.
- Position the Conversation: Instead of agreeing to a rent reduction, focus on helping the tenant increase their revenue.
- Leverage Data: Use tools like Placer.ai to analyze foot traffic and visitor trends, giving you valuable insights into the tenant’s performance.
- Review Financials: Request and analyze the tenant’s financials to understand their challenges better and find ways to help them improve.
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