Being in Property Management BY ITSELF is a huge chunk to deal with especially at this time of the year. No matter how well the tenants have been screened, it seems to NEVER FAIL that managers report a lag in payments in this season at a rate of 10 to 20% of late or NO collections! From the rents expected to recover, some may not be seen until income tax refunds come in from rapid filing! Tsk The Season!
Typical Rent Delaying Excuses Heard:
- Uh, you UNDERSTAND, It's CHRISTMAS!! - Interpretation: Y'all DON'T deserve to have one!
- Calling to say, we will be late, but we WILL pay the late fee! - Interpretation: We overspent!
- Something came up, but we will catch up next month! - Interpretation: Y'all jes hafta wait!
- We'll be out of town for the Holiday! - Interpretation: We will spend the rent money for our trip!
- We have out-of-town guests! - Interpretation: We gotta spend the rent money to impress them!
- My car is down! - Interpretation: - We will be renting a car for the Holiday with the rent money!
- I was laid off my job! - Interpretation: - We're getting ready to lay up on YOU!
- We have a repair issue! - Interpretation: Use this "smoke screen" so you can overlook the rent!
- Our lease is up next month! - Interpretation: Y'all ain't gonna receive another dime outta us!
- We are expecting a BIG income tax refund! - Interpretation: See ya when it happens!
- I had to help a relative pay their rent, so mine is short! Tsk The Season!
Of course, we deal with it by bracing ourselves to face the owners!! It is NOT always a pleasant task being squeezed on BOTH ends! We have to be experts at cracking the whip on one side, while earnestly pacifying the other! Rectifying this as swiftly as possible is what we strive to achieve! Tsk The Season!
One MUST be anointed and CALLED to handle this grueling task year after year! We, at Rice Property Management & Realty, console ourselves by applying lessons learned and using the right tools to offset these occurrences! With 15 years of experience, keen discernment, and continued training, we KNOW to keep our antennas up during this time. Tsk The Season!
There are plenty of prospective tenants with MUCH respect toward property managers, knowing that in these days and times, having a place to stay is a priority! It's these mature, responsible renters with home owner mentality that we covet after! Tsk Tsk on the others!
There are desperate owners facing this dilemma alone, intimidated, NOT KNOWING how to properly handle this, and have conceded to being victimized! We are saddened whenever we learn of these pleas for help, but are cheered and humbled to hear the accolades of gratitude coming from many we have freed from this burden!
In spite of these "seasonal" challenges, we actually LOVE being in the Property Management field.... And so does our EVICTION ATTORNEY!
"Where the RIGHT Price is the RICE Price!"
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DISCLAIMER: Rice Property Management & Realty, LLC, servicing South Suburban Illinois & Northwest Indiana Areas, in Residential & Commercial Real Estate, at 423 East 158th Street, South Holland, IL 60473, 708-862-7423, disclaims 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.