Regular late rent payers need to be dealt with differently from the average tenant who may get behind every now and again. This is simply because the serial late rent offender has a priority issue, and they don’t consider paying their rent on time a priority.
SMS is one of the most effective forms of communication when dealing with your tenants that are regularly late in paying rent. Not everyone frequently checks their email, but everyone reads a text (unless they’ve blocked you, of course).
Your message always should be strong, direct and one that will get a response and action.
If it doesn’t work, don’t use it!
I am regularly asked, “What’s a good bonus system for our property managers?”
I have outlined one that is the easiest to understand, has the best approach and reward, motivating property managers to performance over the whole position description.
But first … here’s what I’ve found that doesn’t work!
I am surprised that most property managers think they are differently from their competition! Ask any property manager what they do different, and they will all start saying what they believe is their difference. In most cases, there are two major flaws with their answer.
Most rent rolls don’t grow! What I mean is that they don’t really grow!
Until recently I was a perfectionist. I have now realised that perfectionism is a character flaw and not quality.
Having a ‘too hard basket’ is something we all own, it’s just what we store in this basket for longer than necessary that causes us problems and grief! This unseen in-tray can store things we believe too difficult, or too hard to solve.
As a national property management trainer and consultant with the Bob Walters Team, I am constantly flying and travelling around the country to conduct property management seminars and conferences. I find that property managers and principals are very different in many ways depending on what state they are from, and whether they work in metropolitan areas or regional areas- there are definitely some real differences!
There is an old cliché which says “you only have one chance to make a first impression”. Research shows that people have often made their minds up about you and your product or service within thirty seconds of the first meeting. It is therefore vital that the impression which you make during that brief window of opportunity is the right one.