What can you do as Professor Landlord to insure they keep their grades up? After all, this will only benefit you in the long run (with lots of shiny apples in the form of rent checks)!
Here are 5 lessons to instill in the young mind's of your renters:
Lesson 1: Prizes! That's right, prizes! Who doesn't respond to a prize being attached to something? How about offering a small, but significant discount when your tenant pays their rent on time (or better yet, EARLY!)? Even $20 can make someone consider getting his or her act together. You could offer it in the form of sweet cash, a gift card to their favorite store or a credit on their utilities. Get creative. Whatever you think will give the most value for the last amount of out of your pocket!
Lesson 2: Slap their wrists for late payments!
It is YOUR responsibility to create tenant behavior that works for you! Positive reinforcement begins with you as Professor Landlord! It sounds nuts, but training human beings is no different that training your trusty Labrador retriever! Just as you want to bait them with a treat for paying their rent early, you want to "punish" them for poor behavior! And the key to either of these is CONSISTENCY! The second that a tenant's rent is considered late, you need to put a 3 Day Notice to Pay or Quit on their front door. That bright yellow piece of paper that their neighbors can see is going to make them think twice before they are late again... it's like rapping a puppy on the nose with a newspaper for turning your carpet into his personal fire hydrant! For those of you that think this sounds a little harsh, I can guarantee you, you are the same ones that currently have people paying you late! Try this once and see how quickly the rent check mysteriously makes it into your mailbox!
Lesson 3: Make tenants stand in the corner for rental agreement violations.
Bad behavior must be followed up with consequences (or what it to stop them from doing something worse next time?) You must be consistent and swift with your punishments. It is vital to send a clear message to your tenant that you do not tolerate violations of the lease agreement.
If your lease agreement says tenants cannot have dogs in their units and you see a frisky little poodle playfully humping a stuffed animal, you must immediately deliver them a "violation of lease agreement" letter. If they don't resolve this immediately (within the time frame YOU set for them), you must immediately serve them with eviction paperwork. No matter how harsh this seems, you must proceed with the paperwork even if they promise to handle it that evening. Do not let them dictate the rules of your building. They don't stand to lose money, you do! So, put them in the corner with a dunce cap if you have to... you can always withdraw the paperwork if they apologize and take action to rectify their errors.
Lesson 4: Inspect their homework often: do frequent unit inspections.
It's really easy for a tenant to be lax with the condition of their apartment if they feel that you are lax about it. Who ever got their homework in on time for a teacher that showed up late to class? On the contrary, if you give them frequent notice that you will be entering their unit (make sure YOU follow your own lease agreement by giving them the appropriate amount and type of notice - usually 48 hours), they are sure to keep it clean and well maintained. Even the dirtiest of people don't want other people to know they are slobs! ☺ A sneaky little thing (remember "pop quizzes"?) is to schedule an inspection, but then have to cancel last minute. This will maintain a mindset that you could stop by at any time and train your tenants to keep their apartments in top shape.
Lesson 5: Report your rental payments to the credit agencies.
Most tenants understand the importance of having a good credit score; after all, it's how they got the apartment in the first place, right? If they know you report their payment history to the credit bureaus, it will put a higher degree of importance to them paying on time.
In closing, it is important to take away from this that the more on top of the ball you are, the more on top of it your rental students will be! They cannot respect you or their home space if you don't seem to care!
Being on top of it means staying organized, available and a having a heavy hand for any rental agreement violation or late payment of rent.
If you rule with a large stick and a larger eviction form, your tenants will respond the way you want them to. And after all, isn't it more valuable to be respected and make your bank deposits on time than to be a likable sap hoping they pay on time this month?
Stirling_Gardner
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