Introducing “Pearl the Landlord”.
There are many ways to get emotionally involved in a rental property. Will Ferrell’s “Pearl the Landlord” (who is also his daughter) is a prime example of what NOT to do.
5 Traits of an Emotional Landlord:
- You love the property too much – so you stop by the property at every chance you get and do a drive-by at least once a week.
- You act like the property is still your home, and that the tenants are just guests. In reality, they are paying you rent so it can be their home – and they do indeed have a right to live and decorate as they please.
- You try to be BFFs with the tenants. I’ve never met a tenant who wants to be besties with their landlord.
- You only rent to friends/family (I personally don’t rent to Friends and Family, like ever, ever, ever)
- You decorate the property they way you like it, instead of the way the general population might like it – and refuse to let them change it.
Stay calm and carry on
As a Landlord, you must stay courteous, professional, and in control. I believe your ability to stay professional in every bad circumstance is directly related to your ability to get a tenant to financially pay for his/her mistakes.
Cite the Lease Agreement
In many disagreements, if you simply state the lease rules, and the consequences of not following them (i.e. court, credit damage, collections, etc), a bad tenant will usually fall into line.