As property owners sometimes we rent out homes that we own. Or as an agent we may work as property manager for some or all of our clients. This can be as hard as we make it or it can be easier by practicing a couple of essential skills. The first skill is to recognize that it is human nature to not want to pay a bill. It is human nature to feel that the landlord is the bad guy and that they have been treated unfairly. The best way to keep this from getting out of hand is by communicating very clearly that evictions will be filed the day after the last day allowable for rent to be on time as determined by the contract. We don’t need to be mean or nasty about it. We just need to be very clear and be willing to do what we said we would do as soon as we said we would do it.
If we don’t we are sending a message that we are willing to tolerate an amount of aggravation that we would rather not. If we are the owner of the property we are not responsible for the tenants family outside of providing a safe place to live. Qazzoo sees that we are responsible to our own families and that means collecting rent when it is due.
Each day rent is late should be looked at as a cash loan. If we would not be willing to loan the money to the tenant we should not be willing to lend them a home that we either own or are in charge of maintaining. Tenants are many times not credit worthy to buy a home or they would not be renting. In these cases we need to recognize this fact and the subsequent fact that their credit may not be as important to them as ours is to us.
In these cases the only leverage points we have are deposit forfeiture and/or eviction. We need to use these two leverage points to ensure that the tenant is a long-lasting one that pays their rent on time. That they are secure in their home and that they can be comfortable knowing that they have a place to call home. No one in their right mind wants to evict a tenant that is paying on time. Turnover creates vacancy and vacancy creates a negative cash flow. This is not the goal of any landlord. The goal of any landlord should be to collect as many timely rental payments as possible and therefore be able to buy more homes and rent those homes out also. Eviction is a negative for both parties and that is not what anyone wants.
In closing Qazzoo feels that spelling out the rules from the start is the easiest way to go about keeping our relationship with the tenant and that doing what we say regardless of excuses is essential to maintaining this relationship as long as possible.
Tough love part II
Firm not tough.
Have we not all been guilty of codependency at least once?