1. We get what we allow.
2. Be businesslike and professional, even with just one rental.
3. It has nothing to do with respect. If you’re in this for respect, you’re in the wrong
business! Residents don’t pay rent out of respect, they pay to avoid the pain of late fees
or eviction.
4. No pain, no gain! Just like our kids, residents won’t do what you want until there is
some kind of pain to avoid or eliminate – not until Mom says, “No supper until your
room is cleaned!” Set a deadline with a consequence.
5. Our judge was VERY clear and even emphatic at our landlord association meeting last
month: “Standard practice” overrides any lease clause. If there are no late fees,
dropping fees, accepting late, five days grace, etc., then HE must allow the same in
court. His example: Five days grace by the landlord forces him to allow 5 extra free
days for the evictee. (I STILL cannot understand why landlords give grace periods!)
6. Residents lie. And landlords tend to be gullible. We WANT to believe in people.
7. In the end, they didn’t pay because they flat out don’t have the money. You cannot get
blood from a stone. No amount of letters, talk, chest puffing, threats, etc., will make a
hill o’ beans difference. If they can’t pay, they can’t and they need to go. No hatred or
harsh words – just time to work something out or have the judge tell them they have to
go.
8. Stick with the system. Rent, late fees, eviction…Both your life and the resident’s lives
will have less stress. Don’t re-invent the wheel for every resident excuse. We ADAPT
the system to unusual situations, but the system stays in place.
9. Landlords play games with grace periods, unenforced late fees, let rent slide, etc.
then get upset when the resident blurs the lines.
10. Stay in control. The landlord is in charge, not the resident.
The above tips are shared on the MrLandlord.com website and in the Mr. Landlord newsletter from landlord contributors and real estate advisors and authors featured on MrLandlord.com. To receive a free sample of Mr. Landlord newsletter, call 1-800-950-2250 or visit their informative Q&A Forum at LandlordingAdvice.com, where you can ask landlording questions and seek the advice of other rental owners 24 hours a day.