Tenants That Pay Late - What Can A Property Manager Do?

By
Real Estate Broker/Owner with Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL 481.010183

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!"

 © Copyright 2015 Rice Property Management, All rights reserved

  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.

Comments (4)

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Diane Rice ... First ... it's SO good to see your post!  Missed you!  And second .. your advice is very good.  Get it right from the start!  I hope Chicago-area property owners in need of property managements services follow your advice ... and Call you at Rice Property Management and Realty ...

Gene

Feb 23, 2015 06:50 AM
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Hey there Gene!  Thanks for the welcome!  This word was bursting to get out, so this  writing also serves as a vent!  It's a sad thing to see owners expecting some tenants to keep their word.  I've heard many stories of those who lost their places thinking this way.  Many are not bad tenants, just perpetually late, not seeming to ever become timely for various reasons.

Feb 23, 2015 08:29 AM
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

I wish you were here in Central PA that I could be able to use your services!  Great blog post.  You are right - you need to get right (at least as much as possible!) from the beginning.  

May 20, 2015 03:34 AM
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Hi Joy!  You'd just have to purchase your investments HERE!  We are licensed in Illinois & Illinois... does not cost much... rents will cover the expenses and give you a return every time with the right choices!

May 20, 2015 05:06 AM