by Carol Gibson
The worst thing you can do is to get involved with a Tenant’s personal life. Listen to their tales of woe and it will come back on you to your PERIL!. It is not good to befriend a Tenant, especially if you live in the same building. When it is time for rent to be paid, you will be told all kinds of tales. The Tenant had to go to the doctor, she didn’t work a full week and other reasons will be given.
Do you tell your Tenants to “pay the rent when they can”, when a dear relative has passed away? This is because you feel sorry for the tenant. You listened to the entire series of stories about the deceased relative, what he or she meant to your Tenant and all the work and money that had to be paid before the relative passed on. The Tenant may want you to take they’re situation into consideration and give him or her a break. The Tenant wants you to feel sorry for them and will ask you to give them more time to pay. This will help the Tenant, NOT YOU!
Collecting the rent every month is a Business. Your property is a major Real Estate Investment. You cannot stop running your business and consider your Tenant’s personal problems. This does not happen at Walmart or Target. If you stop requiring the rent to be paid in Full and On Time each month, you teach others that your property is a hobby and not a Business. Regardless of a Tenant’s personal problems, they still need a roof over their head. Make getting your rent a priority and your Tenants will make paying it a Priority also.