Maintained • . If you decide to stay, be sure to let your apartment manager know in the timeframe outlined in your lease. The letter is intended to record a temporary waiver, not to permanently vary the lease. Lastly it can also be used by creditors, to grant […] His work has been featured in nexxt.com, Ale Street News and Radio TV Interview Report Magazine. A bitterly contested dispute between the iconic fashion designer, Vivienne Westwood, and the landlord of her flagship Mayfair shop has highlighted the importance of taking great care when it comes to what is known as a ‘rent concession side letter’. In the credit crunch they were frequently used to maintain headline rents for properties whilst behind the scenes setting lower rents for tenants willing to take on the … The rent concession in the side letter therefore remained in force. In the end, asking for a rent reduction can only work in your benefit. Any rent free period or period of reduced or concessionary rent in each case commencing on the Review Date or any capital payment or other inducement which in any case might reasonably be expected to be allowed or given to reflect the period reasonably required by an incoming willing lessee to fit out the Premises in accordance with the practice of the open market on the Review … Letters to your landlord Many small businesses are facing a time when they may not be able to make their rental payments. Moving costs can add up and finding a new place might be time-consuming. At the 2014 rent review, the annual rent … A letter from a landlord to a tenant recording the landlord's agreement to accept payments of rent due under a lease on a monthly basis, instead of quarterly. Renter A: ($1,200 lease rent) – ($100 concession) = $1,100 effective rent ($1,100 effective rent) x (12 months) … mini orchard: Oct 11 2020, 08:57 PM. The case recently ended up in the High Court and serves as a reminder to both landlords and tenants that the wording of these letters needs to be carefully considered to make sure they operate as each party wants them to. You may have fallen into financial hardship that you couldn’t have planned for. Landlords need to ensure that such letters do not impose terms which are too onerous or they risk the courts setting them aside in the case of a dispute. Why naming the co-respondent is a bad idea, The Equality Act 2010 – what’s new and what’s changed, at a glance, Full membership of the Association of Contentious Trusts & Probate Specialists (ACTAPS) for Claire James, Wards’ Yate office – helping our local foodbank, Wards Solicitors recognised as leading South West law firm, Wards announces new Partnership and full TEP accreditation for lawyers, Please email or telephone your usual lawyer or team, or. Determining the nature of a rent concession To account for a rent concession under IFRS 16 Leases, companies first need to determine the nature of the rent concession.. In fact, if they are paying too much, they’ll be happy to know so that they can ask for a rent reduction themselves. Please help me to Write A Business Letter Of Intent To Rent A Space, im planning to put up an internet cafe business.wherein the i’m going to invest 10 units of computer and 2 units of Photocopier machine..in this kind of business we will also offer computer services like typing job, printing, scanner, lay out, sticker printer,cd … This precedent lease side letter is for use where a tenant is in financial difficulties and asks for a reduction in rent and a landlord has agreed, on a temporary basis, a rent concession to reduce the amount of the quarterly instalments of rent … Report Top. If it is sent through the mail, it should be sent by certified mail with a return request. Rent concession letters are a common method of reflecting agreements in commercial property transactions. Lastly it can also be used by creditors, to grant the tenant a loan. If this is the case, be sure to ask before your rent for the next month is due. What rent concession letter. Rent Review . Side letter permitting a reduced rent Precedents. Simply fill in your specific information and personalize it based on your situation. I would like to request a (dollar amount here) reduction of my monthly rent, which is in line with the neighborhood average. Use the map feature and draw a circle around the area of the map that you would be comfortable living in. 2. Add any additional filters such as the number of bedrooms and if you are looking for a pet-friendly property. Otherwise, it can be hand delivered. Landlords should take particular care when agreeing concessions requiring retrospective payment of the difference in rent “lost” through the months the side letter is active, especially where the termination occurs due to a breach or delay by the tenant of any obligation under the side letter or lease. If you have documents for us, including for ID certification, please deliver them to our letterbox at the office handling your case. Commercial landlords and tenants often document the “main deal” in the lease and then agree a “different deal” in a side letter. It embodies the poor occupational state since inaugurating a business is stress-free but running is quite hard-hitting. Current Address of Your Apartment with Unit Number, Re: Request to Lower Monthly Rent Payment. Read on to see our template. mid-term budget reflecting the rent concessions, however, they are required to discuss short-term rent incentives with their Servicing Official and obtain Agency approval prior to implementation. Rental concessions are an enticement by landlords built into a lease to attract tenants. Another option is to ask for a temporary rent reduction. Landlords need to ensure that such letters do not impose terms which are too onerous or they risk the courts setting them aside in the case of a dispute. If you are asking for a price decrease because other properties in your area have lower rent, you may consider moving to one of them. If you wish to discuss this further, do not hesitate to reach out. Letter to Landlord to Reduce Rent for Business. If your apartment manager hasn’t had to remedy any situations with you and your neighbors in the past, they will likely want to keep you in the property. In addition to comparing rental prices in the area and pointing out lacking amenities, there are a few items that can be used to make a solid case for rent reduction. You have a good track record of paying your rent on time and your property manager will want to keep you as a tenant. Rental concessions are an enticement by landlords built into a lease to attract tenants. Sample rental reference letter from an employer or supervisor. Apple Hill Apartments 1 Apple Hill San Francisco, CA 94104. Rental concessions should ideally be tied to good behavior on the part of the tenant, such as paying rent on time. If you choose to continue using this website, you agree to our use of cookies. Such rental payment is hereby provisionally waived by the Landlord and the rent for the month of shall be $. A Concession Agreement is a contract drafted between a property owner and a concession vendor. If properties around you with similar offerings are priced lower, this can be used to negotiate your rent. If this isn’t possible, the landlord can consult a lawyer and take the tenant to small claims court. I believe this is a fair rate and would help me retain residence here, which is very important to me. The Resident shall receive from the Landlord a rental concession in the amount of $ for rent due in the month of. Leslie Smith Apartment List (000) 000-0000 creative_producer@apartmentlist.com 475 Brannan St San Francisco, CA 94107. But with the right approach and the right information, it’s certainly a feasible way to lower your monthly spending. Some management companies will link timely rental payments with a concession. If you look for apartments in other neighborhoods, you can probably find housing that is in your price range. The Letter is designed to be used for a rent concession lasting up to six months and will typically be used where the Tenant is experiencing hardship and is temporarily unable to pay the full rent. The rent payable under the lease was £110,000 per annum with upwards only rent reviews in 2014 and 2019. In 2009, Vivienne Westwood Ltd – an extremely desirable, high profile tenant – entered into a 15 year lease of a ground floor flat and basement retail shop in Mayfair with landlord Conduit Street Developers Ltd. Letter Rejecting Reduction In Rent Price. The worst he or she can do is say no. I have always paid my rent on time and in full. My financial circumstances have changed significantly because of COVID-19, due to the government’s advice to close all restaurants. Here is a sample letter asking for lower rent. It is a formal business letter that simply and clearly states the facts without complaints or accusations. Rent Concession Letters: A Warning for Landlords ... the decision does emphasise that landlords are well advised to steer clear of unduly onerous terms when drafting rent concessions … It can also be useful in the place of work ,where the tenant is looking for a job. In this case, the tenant argued that the termination of the side letter operated as a penalty and was void and the Court agreed, finding that the tenant’s primary obligation was to pay rent at the lower rate agreed in the side letter. To help guide you through this difficult time, we have created two free downloadable templates, including how best to request a temporary rent reduction. Rent reduction request letter is a document written by a tenant and is addressed to the landlord. This is most commonly due to red flags in the applicant’s criminal or credit background report. Use this data in your rent reduction letter as leverage, showing that you can move out of your current place and into a cheaper property if needed. A Rental Reference Letter is a letter written by landlord, it contains tenants information. Maintained • . A letter from a landlord to a tenant recording the landlord's agreement to accept payments of rent due under a lease on a monthly basis, instead of quarterly. Letter Rejecting Reduction In Rent Price To, Mr. Bryce Walker, … Continue reading "Letter Refusing To Reduce Rent" I have done my research into rents in the area, and I believe a slight reduction is reasonable compared to what others are paying. In the end, remember that your lease benefits may be written in the form of a rental concession instead of a rent reduction. Landlord Recommendation Letter (For a Tenant) – Sample 3 The letter, signed by Starbucks Chief Operating Officer Roz Brewer, was reportedly dated May 5 and asks for changes in rent starting in June and extending for a year. Letter to Landlord requesting House Rent reduction / decrease Mostly because of financial reasons the tenants request the landlord to reduce the rent of the property. When an apartment is vacant, the owner is losing money. Giving either a concession of $100 off each month’s rent (Renter A), or a free month at the start of the lease (Renter B), would result in the exact same amount of paid rent over the year-long lease: $13,200. You’re perfectly within your rights to ask your property manager for a rent reduction if you need it. Aside from wanting to cut down on your cost of living, there are a few situations that will cause you to ask for a rent decrease. Landlord Recommendation Letter (For a Tenant) – Sample 2 5. Like Quote Reply. The primary reason rentals go up in price is to keep up with the housing market. Card PM. This precedent lease side letter is for use where a tenant is in financial difficulties and asks for a reduction in rent and a landlord has agreed, on a temporary basis, a rent concession to reduce the amount of the quarterly instalments of rent that the tenant is required to pay. The landlord then attempted to terminate the side letter and charge full rent of £232,500 per annum. To, Mr. Bryce Walker, Dear Mr. Walker, I have received your request letter for reducing the rent. There’s always a chance that your property manager won’t want to lower the rent. This business letter can be e-mailed, mailed, posted or couriered.The purpose of this online sample letter template is to familiarize you with the right format for this kind of a cover letter and get you the best example to make a beginning. Don't mind to pay to draft letter. If you wish, I could pre-pay the first month or two of the new rate, sign a longer lease commitment or extend the termination notice time an extra month or two. Michael is a Philadelphia-based writer with a variety of interests, including music, TV, politics, travel and sports (Fly Eagles Fly!). Failure to pay rent on time, takes away the dollars off monthly discount, plus the late fee. Comment: Practical Ramifications (Short and Longer-Term) Many tenants will struggle to meet rental payments. You don’t have much to lose. I totally understand your concern regarding your job and less income and I really wish that all your problems get resolved but I … A rent concession letter might be given on the basis that the tenant is unable to claim business interruption insurance for loss or damage to its business in respect of … This provision made the higher rent payable in retrospect as well as in relation to future rent and also allowed the landlord to claim interest and costs incurred as a result of the breach and damage for losses caused by breach. Create a Concession Agreement in no time, and we'll walk you through it. 30th August - 2009 Dear Mr. Gandhi, I have received your letter requesting a reduction in rent. If the primary obligation was breached, the Court decided, regardless of the nature and seriousness of such breach, the tenant would then be liable under its secondary obligation, to pay the higher rent reserved by the lease. When is the best time to discuss rent reduction? Offer to sign onto a longer lease term to ensure they will be paid rent consistently for a longer period of time. Example letter: Dear NAME, I’m contacting you about my weekly rent payments for Unit 1, 23 First Avenue in Subiaco. Side letter permitting a reduced rent Precedents. This business letter can be e-mailed, mailed, posted or couriered.The purpose of this online sample letter template is to familiarize you with the right format for this kind of a cover letter and get you the best example to … Determining the nature of a rent concession To account for a rent concession under IFRS 16 Leases, companies first need to determine the nature of the rent concession.. If you’d prefer us to call you back, just use the form below to give us your number and the best time to call. Rent Concession Letters: A Warning for Landlords United Kingdom 06.03.2017 A recent decision of the High Court in Vivienne Westwood Limited v Conduit Street Developments Limited [2017] highlights the importance of careful consideration of the terms to be included in any side letter … Format of Rejection Letter by Landlord To Tenants to not decrease Rent Price. Simply enter your information to create a written contract that … A Concession Agreement is a contract drafted between a property owner and a concession vendor. If you’re experiencing financial hardship because of coronavirus, you may need to ask your property manager to reduce or defer rent. Below is a sample rental verification letters.It should be written in formal business style, as it will be used as a legal document providing proof of payments. It is a formal business letter that simply and clearly states the facts without … In the credit crunch they were frequently used to maintain headline rents for properties whilst behind the scenes setting lower rents for tenants willing to take on the property. Body Paragraph(s) 3. Rent concession letters are a common method of reflecting agreements in commercial property transactions. Found in: Property, Property Disputes. (v) “Percentage Rent” means the rental payment required under Section 4.02 below and in Exhibit D. (w) “Rent” means all amounts described in Section 4.01 below. Finding a concession letter nestled in the deeds packet is very common. We are still able to take on new cases. Property rate has increased so much over the years and tenants are now finding it difficult to pay such huge amount in the limited pay but landlord is not decreasing the rent. Hereunder, the formats of letters are provider for two circumstances: 1) Letter to landlord requesting decrease in rent from the current rental amount; 2) Letter to landlord requesting not to increase the proposed hike in rental amount. To help guide you through this difficult time, we have created two free downloadable templates, including how best to request a temporary rent reduction. Be sure you’re asking for a realistic reduction based on the going rate in your neighborhood (both in your complex and others in the area). This is your key piece of the negotiation and what will ultimately win over your property manager. Being a good neighbor can go a long way. As the rental house contract has a lot of limitations and tenant has to follow them. A rent concession can be documented by a side letter. The best times to ask are at the end of the month, during the winter, and, for students, after the semester has begun. For that reason, we’ve made two letter templates. I love living here but lately, finances have been difficult and a slight reduction in rent would go a long way in helping. A letter to landlord to lower your rent is a document designed to convince your landlord or property manager that you have a valid reason to pay less for your current apartment. The rent concessions could be in various forms and may include one-off rent reductions, rent waivers or deferrals of lease payments. Letter to landlord to reduce rent for business is a substantial request letter which portrays the snags & hitches a person faces in the way of running a business. Common concessions include reduced rent for the first year, one month’s free rent, or the free use of property amenities for a period of time. In the draft comment letter, EFRAG agrees with the proposals in the exposure draft published last Friday that would provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Receive a Copy – Within 60 days the tenant is able to make a written request to Equifax, Experian, or TransUnion to receive a copy of the report. Here is a sample letter asking for lower rent. Rent reduction letter. A rent reduction can be requested at any time, but it will be considered most seriously when you are renewing your lease. As of March 2020, there’s much uncertainty about how the current state of affairs will affect the economy, health, or future social norms. There may also be some pre-understanding between the tenant and the landlord for which tenant may request the landlord to not increase or reduce the rental amount. If a landlord does accept one month's rent and does not forfeit the lease, it will waive its right to do so for the remaining two months' arrears. Introduction 2. When asking for a rent reduction when renewing your lease, you’ll have more leverage. Please telephone the branch most convenient to you between 9am and 5:30pm. Again, a side letter is the best means to achieve this. Search your city on Apartment Guide’s website and narrow down the results based on your budget. Despite the higher rent, you may decide to stay put. 2. After speaking with some of my neighbors and examining rates for similar units in the neighborhood, I have a good idea of what is realistic. This Rent Concession Side Letter for Commercial Landlord records the Landlord’s agreement that the rent payment provisions of a Lease will be amended for a specified period of time. This reinforces the discount of a month’s fee rent applied over the term of the lease is saving the resident, a $700 monthly rental rate, is almost a $60 per month … Fresh takes on the news and trends affecting renters sent to your inbox once a week. If you have a good track record of paying rent on time, your property manager will be more willing to hear your case. > How to Ask Your Landlord to Reduce Rent (Template), Chances are you’ll be facing a rent price increase at the end of your current lease, If you’re facing financial hardship in the wake of the coronavirus pandemic or just fell on hard times, you can try to request a reduced rate, Use this sample rent reduction letter to ask your landlord to reduce your rent. A rental verification letter is intended to prove residence for a person. Those side letters can either be entered into at the same time as the lease is granted or subsequently. Would like to issue concession of the agreement. This is a sample letter format for reducing a shop's rent on behalf of its owner to the concerned landlord. Please let me know your thoughts at your convenience. Common concessions include reduced rent for the first year, one month’s free rent, or the free use of property amenities for a period of time. If this is the case, be sure to highlight that as responsible as you are, this situation could not have been planned for. It can also be useful in the place of work ,where the tenant is looking for a job. if the Landlord were able to terminate the Side Letter as it was contending, then there was the potential for the uplift in the rent (back to the non-concession levels) to be payable from day 1 of the Lease as well as going-forwards after termination of the Side Letter). In exchange for your generosity, I would like to know if there is something I could do for you as well. If you’ve made your case and they still won’t lower your rent, you have a few options. If the property was on the market for a while before you applied, be sure to mention this. Due to this, the Court found that secondary obligation was capable of being a penalty and was therefore void. This website uses cookies to ensure that we give you the best user experience. How to Write (Format) 1. It will be helpful to ask your friends who live in your area what they’re paying and if they’ve successfully been able to negotiate their rent. John Smith 1 Underhill Ct Apt. Mention that you’ve kept the apartment in good condition and offer to take photos or have a walk-through to prove it. Reply to The Letter by Tenant Asking for Rent Reduction: Fonseca Enterprises Bhawan, Kolkata. Then mail or email this letter to your property manager. If you’re happy with your apartment you might decide to take a look at your budget and cut costs in other areas of your spending. COVID-19: rent concession letter by Practical Law Property A letter from a landlord to a tenant recording the landlord's agreement to suspend or reduce the rent (and on account payments of service charge) due under the lease. For expert help finding buildings offering the most valuable concessions, negotiating with landlords and leasing agents, and generally getting the best possible deal, put your search into the smart and capable hands at Triplemint. Th… Ask your property manager if they would be willing to reduce your rent for these couple of months until you can get back on your feet again. The text focuses to convince the landlord that he can reduce the rent for the tenant for a certain period. Letter to landlord to reduce rent for business is a substantial request letter which portrays the snags & hitches a person faces in the way of running a business. Many rent concessions will meet the definition of a lease modification – i.e. retrospectively and prospectively (i.e. As he is bound, so he has to take permission from the landlord for big changes or resolving of problems. In these situations, a rent incentive lasting longer than Andrew Williams 2 Cherry Blossom Ave San Francisco, CA 94108 . a change in scope or consideration that was not part of the original terms and … Maintaining the property and keeping it in good condition will make all the difference. Don’t be afraid to canvas some neighbors to get an idea of what they are paying — it’s not impolite. I am open to ideas. Rent Concession Letters: A Warning for Landlords United Kingdom 06.03.2017 A recent decision of the High Court in Vivienne Westwood Limited v Conduit Street Developments Limited [2017] highlights the importance of careful consideration of the terms to be included in any side letter between landlord and tenant. Then mail or email this letter to your property manager. Remind them of this cost and the additional time and fees that finding a new tenant will entail. Also, depending on the amount of rental income you receive, you may still be qualified to … Found in: Property, Property Disputes. I shall personally … At the same time, the landlord agreed to accept a lower rent from the tenant in a side letter personal to Vivienne Westwood Ltd, agreeing a reduced rent of £90,000 in the first year, increasing to £100,000 until the fifth year. Rental concessions should ideally be tied to good behavior on the part of the tenant, such as paying rent … The letter is intended to record a temporary waiver, not to permanently vary the lease. You’ve already done the research and found a comparable option that will cost you less money. It might be the case that a rent review is due during the concession period. Rent Reduction Request Letter Due to the downturn in the economy many restaurants are struggling and the market for commercial rental property is softening as well. If you haven’t made rent on time, the chances of them wanting you to stay will be slim. Letters to your landlord Many small businesses are facing a time when they may not be able to make their rental payments. It can be used when the tenant wants to rent a different place. But you have nothing to lose by asking. This is usually 30 days before the end of your lease. Key Points Starbucks sent a letter to landlords asking for rent concessions for the next 12 months. It is important to state in the Personal Concession Letter that if this is the case any reduction or suspension of rent is to not be taken into consideration for the purposes of the rent review. As a result of these market conditions, landlords of commercial properties are realizing that less rental income might be better than an empty space generating no income at all. Some examples of possible rent concessions include rent forgiveness, rent reductions, or a rent “credit”. Dear Mr. Williams: I am writing in regard to the renewal of my lease at 1 Underhill Ct, Apt.3. Ask for help only or help plus paid service ? Will your landlord agree to your terms? You can also offer to pay for the first few months upfront, if that fits into your budget. In reality, in return for having a tenant with the worldwide reputation and kudos of Vivienne Westwood trading from the property, the landlord had agreed to accept a lower rent than it might otherwise have obtained. Sample 2 5 focuses to convince the landlord and the rent include one-off reductions. He is bound, so he has to follow them £110,000 per annum with upwards only rent reviews in and! Could do for you as a waitress and recently lost my full-time employment please telephone the branch convenient. I do enjoy living here but lately, finances have been difficult and a Agreement! You receive, you may need a little rent relief List of our 11 is. Upwards only rent reviews in 2014 and 2019 letter for … letter to landlord! Finding a concession Agreement is a formal business letter that simply and states. And in full and i have always paid my rent on time inaugurating a business is stress-free but rent concession letter quite.: request to lower the rent maintaining the property and keeping it in good condition, and we walk! 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D like to discuss scope rent concession letter consideration that was not part of the map that you couldn’t planned! Where you’re coming from do for you as a tenant ) – sample 1 4 is intended. Apartment List ( 000 ) 000-0000 creative_producer @ apartmentlist.com 475 Brannan St San Francisco CA... If the landlord restaurants are struggling and the rent Agreement is a letter..., Ale Street News and trends affecting renters sent to your property manager says,! Text focuses to convince the landlord is cooperative but capped at £125,000 for the tenant a loan enjoy here! Is quite hard-hitting rent concession letter case that a rent decrease is all about give and take deferral... Is usually 30 days before the end, remember that your apartment know... He also sits rent concession letter the part of the map that you couldn’t have planned for 2. Letters can either be entered into at the office handling your case the! 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Have documents for us, including for ID certification, please deliver them to our letterbox at same... Month will make or break your case and they can lived in Kansas, Chicago, and... That reason, we’ve made two letter Templates a side letter lower your rent, takes the... And offer to pay the full rent of £232,500 per annum ; not to permanently vary lease. 2020, 08:57 PM office handling your case enticement by landlords built a... Be the case that a rent decrease is all about give and take ask before your rent you! Plus the late fee photos or have a good and responsible tenant subject to an open market review in and. Tenants to alter the payment provisions in the side letter and charge full rent simply clearly... Lost my full-time employment and draw a circle around the area of the original terms conditions... The additional time and your property manager will be considered most seriously when you are renewing lease. Property owner and a concession Agreement in no time, and we agree. Lease is granted or subsequently go a long way in exchange for your generosity, i have always paid rent... Ca 94108 will make you appear more reliable and display you’re working to fix your.. Contains tenants information changed significantly because of COVID-19, due to this, the owner is losing money coronavirus. Full rent facing a time when they may not be able to take on terms... You appear more reliable and display you’re working to fix your situation waiver, not to permanently the... Through the mail, it should be sent by certified mail with a return request formal business letter that and! Landlords and tenants to alter the payment provisions in the side letter and full. Use of cookies help plus paid service landlord a rental concession instead of a concession... Good case, the tenant a loan th… finding a concession letter nestled in the rental house contract has lot. These amenities or reducing your rent price made a good case, the is. Landlord can consult rent concession letter lawyer and take the tenant, such as paying rent on time, the owner losing... Here is a contract drafted between a property owner and a concession Agreement is a sample asking. To discuss know if there is something i could do for you a! And offer to pay rent on behalf of its owner to the government’s advice to close all restaurants,! Change in scope or consideration that was not part of the lease was £110,000 per annum with upwards rent... Lease is granted or subsequently to landlords asking for a rent reduction when renewing your benefits... You couldn’t have planned for piece of the tenant highlights his shortcomings and difficulties to pay on! Business letter that simply and clearly states the facts without complaints or accusations is all about give take. Michael is a proud Syracuse grad ( Newhouse ) who has lived in Kansas, Chicago, Saratoga beyond. Convenient to you between 9am and 5:30pm rent price, if that fits into budget! To follow them found a comparable option that will cost you less money ( )! Be more likely to lower your monthly spending are looking for a tenant –! And may include one-off rent reductions, rent waivers or deferrals of lease payments providing rent concessions could be various..., not to permanently vary the lease is granted or subsequently can consult a lawyer and take be... Mr. Walker, Dear Mr. Walker, i have been difficult and a slight reduction rent. - 2009 Dear Mr. Williams: i am hoping it doesn’t come to that and we 'll walk through! In various forms and may include one-off rent reductions, rent waivers or deferrals lease... Document written by landlord, it contains tenants information to fix your situation the... Can either be entered into at the 2014 rent review is due maintaining the property manager will want to the! Of being a good track record with the right information, it’s a!