Drilling your own teeth can hurt.
Acting as your own dentist is almost as painful as acting as your own property manager. I say almost because at least the pain in the dentist chair will stop a few hours after he’s done drilling. The pain of acting as your own property manager can stretch on for years.
As a landlord and property manager, you’re in the inevitable position of listening to tenants tell you every sob story under the sun about why rent is late. You’ve heard them. Some are serious reasons. Some are plain stupid. (A.D.D. Moment: One of the best was a tenant at a property we manage. She was adament she mailed her rent on time. She begged and pleaded that we believe her. Well, sure enough she did put her rent check in the mail. The envelope even had the correct address on it. One problem: she put the stamp on the back of the envelope prior to mailing it. The envelope came back to her a week later as undeliverable. Can’t make this stuff up.)
So, how do you not fall prey to waiving their late fees or making other concessions to tenants? Especially when they are in your face, begging and pleading with you?
Easy. Two choices:
1. Hire a property manager to be the ‘bad guy’ for you. The manager will run interference for you and remove the gut wrenching emotional turmoil by taking you out of the equation altogether. In addition, the manager will be able to “sift” through the truth from the trash your tenant is trying to espouse.
2. Realize that operating your rental property is a business like any other and stand steady. A For Profit business. No exceptions. This is the tougher choice except for those landlords with leathery skin and a lot of experience under their belts.