Real Estate Investing : IRON FIST Property Management!
Anyone who has been in the rental business for more than three months knows the biggest problem…TENANTS, TENANTS, and of course TENANTS!!! No question about it.
Who are these people who call you with all these lame excuses and situations that seem to unfold so effortlessly in their lives month after month? Their consistent stream of BS is simply amazing!
Here is the life changing kicker…you don’t have to put up with it!
It all starts in the very beginning of your landlord-tenant relationship. Define the rules and your expectations VERY CLEARLY and HOLD STRONG to them!
The first time they call and tell you why the rent is going to be 5 days late, explain exactly what it’s going to cost them and why. Do not come off of your late fees even a little bit, especially early in the agreement. YOU MUST draw the line in the sand with them and stick to it, or they will walk all over you. Once a tenant understands what paying late means, they will stop putting you behind other bills. They will miraculously start figuring out a way to pay you on time. They will continue to test you throughout the lease just like kids test their parents…don’t waiver!
This philosophy has drastically changed tenants’ mindsets about the way they pay us every month. We have given too many tenants the benefit of the doubt over the years and have learned from our mistakes.
Set the expectations early. Hold your ground when they try to change the deal. Now you can sit back, relax, and enjoy the asset you’ve added to your portfolio.
Now, you’re managing the property instead of it managing you!
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Patrick Riddle: