Tip of the Month - August, 2009

Many Tenants assume all Landlords are rich. They think you need the money just for your golf game or new luxury car. If you show the Tenant that you are just an average person, working for a living as a Landlord, they will be more apt to pay rent on time. Make clear that you cannot tolerate tardy rent payments. Explain that your credit, your future, and your family are at stake. If you let the Tenant know how serious you are about collecting the rent promptly, the Tenant should be willing to cooperate.

If the Tenant has intentions of not paying his rent, you might scare them off with a hard-line stance. If this is the case, you have saved yourself time, money, and grief. Do not be afraid to spook a Tenant, but do not come off looking like a dictator. If you present your rental policies in a diplomatic manner, good Tenants will play by the rules and bad Tenants will deserve what they get. Keep the communication lines open at all times. If you stop talking with your Tenants, you are headed for trouble.

The first step in making rental collections easy is doing a complete screening of all prospective Tenants.