The 1 Key to Successfully Manage Tenants

[Gavin Welch]

So, as an investor/landlord and real estate broker and owner of a property management company I probably talk to 2 or 3 distressed landlords a week.  I have noticed one key thing with all of them.  This holds true for the owner of one property who is new or the owner of numerous properties that has been managing them for years.  Here it is:

The key is they either don't have solid systems in place or they don't enforce their rules/use the system.  The owners for whatever reason stop running their business like a business.  They don't enforce late payment penalties, they chase the tenants around for money and the list goes on.  As the manager of my own properties and properties for others I can tell you without a shadow of a doubt you have to make the tenants live by YOUR rules.  When we interview prospective tenants we spell it out for them right then.  Here is our payment system, here is our maintenance request system, here is the late fees, here is what happens if you leave broken down cars in the yard or have a dog you didn't disclose to us. 

 I have on occasion broken this rule and taken tenants from the previous landlord (mistake) and I could never get them to live by my system and I always ended up terminating the lease.  So please hear me when I tell you come up with systems to make your life easy and it gives your tenants boundaries of what is and is not acceptable.

Good Luck

Gavin

[Patrick M.]

@Gavin Welch, While I agree with your list of faults, that is certainly not one key thing... that is numerous things.

The one key thing is FEAR.

They fear being  labeled "mean."

They fear the courts.

They fear the hassle of enforcing their rules.

They fear the risk.

They fear it is not fair to collect a late fee.

They fear the tenant will move if they raise the rent.

They fear they are too greedy.

They fear their tenants.

Fear is the one thing.