We often get asked to take over management from owners who have tenants being months behind in their rents. The expectation is that we can somehow wave a magic wand and WHAM! Tenants get back on track! YAY!
The reality is... property owners need to grasp the fact that tenants are not likely to be corrected. If they are perpetual late payers, they usually REMAIN behind and get worse! There are correctional facilities for criminals, but to believe that they can reform or mend their ways is not wise! It's the same with property management - prompt payers generally continue the cycle, whereas those destined to pay late will suffer paying late fees instead of being on time!
Even GOD who created us does not demand we choose the best course. HE leaves alternatives and the consequences of our choices up to us.
So, what's an investor to do when seeking good occupants that will appreciate and respect his or her rental property policies enough to follow them?
They must select someone FROM THE BEGINNING who already has it IN them to abide by the rules! Professional Property Management Companies can help with that. They can also assist you in evicting your non-payer.
"Where the RIGHT Price is the RICE Price!"
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Rice Property Management & Realty, L.L.C., serves South Suburban IL & Northwest IN Residential & Commercial Real Estate. 423 East 158th Street, South Holland, IL 708-862-7423. We disclaim all liability for any damages or losses, directly or indirectly that may result from use of or reliance on information contained in this blog or for accuracy of comments or opinions of visitors to my blogs.