Tip #25

Leave your Emotions at the Door

Written on March 6, 2013 by , updated on September 8, 2014

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:

  1. 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.
  2. 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.
  3. You try to be BFFs with the tenants.  I’ve never met a tenant who wants to be besties with their landlord.
  4. You only rent to friends/family (I personally don’t rent to Friends and Family, like ever, ever, ever)
  5. 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.

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