Collecting the Money

One of the biggest problems for new landlords and part-timers is preparing themselves for the task. Simply because you own rental properties doesn’t automatically make you a qualified landlord. The fact is many property owners find out the hard way that there’s lots more to landlording than meets the eye.

Landlording is a serious business when you own and operate income-producing real estate. I don’t mean serious in the sense that you need to worry or be uptight about it. What I mean is landlording is necessary for the production of income—your income—and that’s why it’s so serious.

There are basically two ways to learn this job. You can educate yourself by seeking out those who teach it and are good at the job themselves, or you can learn it from your tenants as you acquire properties. I can tell you it’s much more civilized learning from experienced folks that know what they’re doing.

Avoid personal conflicts over such matters as lifestyle, housekeeping (inside) and moral issues. They are not your business. If you feel compelled to change your tenants lives, try praying for them. All matters relating to their tenancy should be kept strictly business and within the rules set forth in your rental agreement. Obviously it would be a poor business decision to keep unruly or destructive tenants because that costs you money. Making money is top priority in the landlord business as it is in any other business.

It is your business to see that rents are collected and that rules and regulations in your rental agreement/contracts are obeyed. You should never allow any tenant to intimidate you. It will almost always lead to poor decisions on your part. One of the most common mistakes landlords make is to allow a tenant’s urgency to become their urgency. 

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