Thermostat Lock Box

[phardy34]

I am about to sign a lease with a couple who will be moving into the main floor of a duplex I own. The building is heated by one forced air gas furnace that heats both units. The tenant in the upper unit also has some electric baseboard heaters.

As we will be paying the gas bill, my wife thinks we should install a lock box for the thermostat which is located in the main unit, in order to have some control over this expense. I understand her rationale, but it seems like a bit of a hard-nosed, adversarial thing to do, especially as these are new tenants and I want to establish a good relationship with them.

Does anyone else do this, or have any thoughts around why we should or shouldn`t do this?

Thanks!

 

[mcgregok]

If it`s to hot they will open the windows. If it to cold they will be calling you to come over to increase the temp.

 

[Nir]

Hi, I wouldn`t lock it. Trusting the right tenants or at least showing them you do is very rewarding! your customers are the right people to trust. If it makes you feel better - ok, you don`t trust them, you give them a chance. THEN.. "behind the scenes" you will carefully check your bills compare them to the statistics you get from the city (as you should do anyway) and I recommend that only a significant variance from the expected average bill should trigger further investigation by you. the reason is appearing generous comes back to you big time - less late payments! help maintaining your unit! In MBA programs they teach you most businesses that do well, do so thanks to regular customers. your tenants are regular customers. they come back every month... to deposit money to your account! Do things that make them feel good, respected and trustworthy and you will be a very happy landlord and will have less headaches dealing with "problem" tenants. Cheers.

 

[Dan_Eisenhauer]

Great comments above.

My experience with thermostat lockboxes is that they are easy to get around, and do not work well. All it takes is a long sharp object, such as a knife or screwdriver, to change the setting.

 

[Mike Milovick]

QUOTE (Dan_Eisenhauer @ Jan 17 2009, 11:56 AM) [pre][/pre]Great comments above.

My experience with thermostat lockboxes is that they are easy to get around, and do not work well. All it takes is a long sharp object, such as a knife or screwdriver, to change the setting.

Dan`s comment is very valid.

I would install a thermostat lockbox which the tenant can get around, AND a furnance limiter (which they can`t)...

That way, tenant thinks they are beating the thermostat lock box while in fact the furnace can only get to a set max temperature (i.e. 70 degrees).

For sure, make sure your furnace limiter allows the tenant to play around with the main thermostat (i.e. it does not "stick" at 70 degrees - so that once they think they have beaten the thermostat lock box they feel they are controlling their heat.

Just my thoughts.

Mike

 

[ronda]

What is a furnance limiter and is it easy to install?

 

[heliman2]

QUOTE (ronda @ Jan 18 2009, 11:49 AM) What is a furnance limiter and is it easy to install?


http://www.prothermostats.com/product.php?...mp;category=352

 

[ronda]

QUOTE (heliman2 @ Jan 18 2009, 11:00 AM) http://www.prothermostats.com/product.php?...mp;category=352


THANKS

 

[Olek]

Has anyone installed this Thermostat Lock Box or had any experience with others?

 

[invst4profit]

I would definitely do as Mike suggests and do it before your tenants move in.

This business is about anticipating problems before they happen with the understanding, particularly regarding utilities, that if tenants are not paying they do not give a dam about the cost.

Trust has nothing to do with this situation and if, as I suggest, you do it before they move in they will have no right to complain.

 

[BDFI]

I would go with out the lock box - appears institutional to me. If you have not signed the lease yet indicate you will cover the utilities to $x. Anything over $x and they will be responsible.