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 hunnie!
- We will 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!
HAVE A HAPPY THANKSGIVING EVERYONE!
"Where the RIGHT Price is the RICE Price!"
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DISCLAIMER: Rice Property Management & Realty, LLC, servicing the South Suburban Illinois and Northwest Indiana Areas, in Residential & Commercial Real Estate, located 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.
Diane, I knew there was a reason why I didn't want to be a landlord. Hope you had a great Turkey Day and no I didn't relocate!
Diane is TOO SMART * the "slow rent" season is upon us and we property managers need to be diligent and have OUR priorities in order to insure that our clients' cash flow is maintained to the best of our ability!!!
Hi Diane~ There is no way I could ever do property management! More power to you!
LOL...okay, I know it's very frustrating and not funny at all, but this post thoroughly entertained me. Sometimes all you can do is laugh!
Diane, you have a TOUGH job, I don't know if I would be able to put up with the excuses. I hope you and your family had a Happy Thanksgiving.
Diane ~ I loved your interpretations. Very clever! Being a landlord at this time is probably tough! Happy Thanksgiving.
Diane, I learned when I first got in to real estate that property management was not for me. Looking at your list of excuses I know that I made the right decision. Silly me I thought when they told me something they meant what they said. When I found out they did not I decided to let the experts like you deal with the property managment. You obviously have learned how to read between the lines.
Hi Diane, Happy Thanksgiving. I've missed seeing you here in the Rain.
Looks like not all the turkeys this season had feathers. But they better watch out! Bad decisions, lead to bad results.
I suggested your blog because I had not thought about the implications you face during the holiday season in your business and anyone new to property management should be alert to your experience. Thank you for sharing. It sounds like you have to be calm, cool and collected when those around you are being emotional.
Nick: HEY!! Listen, This job is needed. Thanksgiving for us was peaceful - thanks for asking!
WALLACE!!! Not as smart as YOU hunnie - Listen, some of the ones we take, you'd turn down in a flash! TSK! the pickings!
Vickie: This is a GOOD time to be in property management.... look at those sitting listings! Send your owners to me girl!
Susan: Yep! I meant it to be funny... it's the ONLY way one can stay in this field! Laughing all the way to the bank with the money... and remembering all these stories to tell the grand children!
George: YOUR job is tough too.... could NOT do what YOU do! I had a pleasant one.... thanks for asking! A person for everything, eh?
DAWN! Happy Thanksgiving to you also! Being a landlord at this time has many benefits... one just needs to be the person who can handle it!
Marchel: Listen, it's a second language hunnie! (Hmmm - good topic for a blog!)
Karen: Missed YOU too! & my Rain Family.. Been busy chasing the rents! HAH!
Ellie: Hey! Thanks for suggesting it... this is the REAL world of REAL property management. Definitely not a job for the weak minded, gullible, and naive!
I loved your title and excuse list Diane! Very creative but I'm sure from actual events! Congrats on making 200K points and also being highlighted as the Member Spotlight in the Activerain Daily Drop! Well done!
Thanks Wanda! Member Spotlight Daily Drop????? Duhhhh What's that? I've been gone waaaay too long!
Diane, enjoyed reading your "divine" profile. Your job is a tough one and it takes a special person to do it. Hope you enjoy a wonderful holiday season!
Diane, I hope this helps! Craig Rutman from NC sent this link to me.
http://us1.forward-to-friend1.com/forward/show?u=d5efbc96a4f3239261fe921dd&id=6c2118dad4
Congrats again!
Diane its that why I havent been reading from one of my favorite Active Rainers. Singing: We'll aint nothing going on but the rent-LOL. I heard that. Great to be reading one of your blogs again. Happy Holidays. Have a great Weekend. Great post.
Diane, yes it's a tough job I if the time comes I would happily defer to you...congrats on the Spotlight.
Loved your Excuses list Diane. As I was reading your post I just thought how only a team that Spiritual Covering could deal with all the different situations, renters, owners and stress that you have to deal with. There is such a need for Property Management and you have definitely been called to fill that position. Great post on a hard situation in this season. Hope its featured too.
Diane - I'm not surprised this is an issue at this time of year. And, it sounds like you're on top of it for your clients.
Good post and good luck with handling this issue once again. It sounds like you folks have an excellent handle on how to handle these difficult payment issues...
Thank you for the time to post this today. I enjoyed the read.
Happy Holidays!!
Patricia/Seacoast NH & ME
Hi Diane -- Property management is one tough field to be in. I recently sold my very low-end priced used car on Craigslist and I couldn't believe some of the stipulations buyers were asking me for. Made me really realize how much stress, etc., is out there.
Wanda: OH MY!! I feel like a CELEBRITY!! And to think... this started off being an email note to someone.... GOODNESS! THANKS to whoever is responsible for this!!
Lanre: YEP!!! Been chasing the rent! (Actually it's me chasing ME!) Missed YOU too, of course!
Nick: You have always believed in me from the beginning.... just hope to live up to all these expectations! Thanks again!
Carol: You know, Property Management was not MY idea! And YES, there is a great need for it! Regarding the differing situations to face, it's the GRACE... now, just add all of the agents, a myriad of personalities, vendor dealings, etc.... ONLY a GOD who grants us a place to rest in HIM could ever help us get this done... WHOA... did we mention the 2nd business?? About time for us to book into one of those get-away seclusions in the mountains that you have awaiting!! (Thanks for wanting this featured!)
Christine: Thank you... honestly though, we are never satisfied with the results we give the owners if the rents are delayed. Tsk!
Bob: Thanks for wishing us well!
Patricia: No, thank YOU for reading it!
Chris: So, you experienced a tad bit of it eh? No fun! Thanks for reading!
Fun but scary post. As a landlord myself, I'm hoping I don't hear any of these explanations in the coming months. All the Best of the Holiday Season to you!
Jason: Hi there! I hope you don't either! Thanks for wishing me the best... you too!
HEY!! I'm Featured!!!! WHEN Did that happen? WOW!!! Thanks Active Rain!
I can just envision your eviction attorney being dressed as Santa and knocking on people's doors., :)
LOL LOL LOL @Fernando!!!!! That was a good laugh for me today! (Great idea for the 5-Day-Notice server though)
Diane,
Interesting, my clients seem to forget about the upcoming new year - Jan 1st rental payment due.
All the best, Michelle
Hey Michelle! They DO don't they? (After all they DID pay last year, right?)
Diane, just stopped by to say Hello & wish you a wonderful season of Blessing and Celebration with your family. Also enjoyed reading your blog laced with insight and good humor. :)
HI LOLA!! May you and your family also experience the desires of your heart this season! Thanks for the blessing and for reading!
Oh Boy Oh Boy, can we relate Diane! We've heard it all by this time.... I loved your interpretations! Being a landlord is a challenge.
Debbie!!! Hiya! Happy Holidays! I knew YOU would! Getting it out places everything in the right perspective. We cannot give ourselves unrealistic expectations.... at least not at THIS time.... TSK!
Great post .I'm gonna share it with my class !!!!!!!!! I think I've also heard a lot of these excuses !!!*L*
Hey there Michael! Go right ahead and USE it! Appreciate you reading and sharing!
I am thinking about starting a property management company and after reading your post. . . maybe I should think again! :) It was fun - thanks!
Hey Joy! That's so FUNNY!!!- Be encouraged PM's are greatly needed... it has to be a fit though!
Great Blog! I enjoy being in the property management field as well because I meet different people who are looking to rent.
I do <a href="http://www.metropropertymanagement.ca">Property Management in St John's</a>