On deciding to take up the huge responsibility of managing a property, the property manager makes it a point to allure good tenants who will actually stand responsible to fetch good business. But what if the tenants, despite keeping good relations, fail to pay monthly rents? What if the tenants lose their income from where they were actually making those monthly payments? Here again, the property manager has to take up an active role apart from maintaining the property and handling the complaints of their tenants. This time, it’s your mental strategies that will work out as solutions for them to pay out with ease. So, you must always take the initiative to talk to your tenants and help them bring out better solutions, which would fix things up.
Every property manager must know that no matter how friendly their tenants are, what matters is the rent, which might sound to be harsh but actually true. However, this should not be converted to mean-mindedness on behalf of the manager. Rather, he should be considerate enough to first understand the major reason why tenants are not able to pay the rents. To make things easier, here are some tips and suggestions for property managers to help their tenants come out of financial challenges:
- Keep the communication active – Irrespective of what type of business you own, you must always communicate well with your tenants. Remember, you should not be the last one to know that your tenants have lost their job. Instead, if you can keep the communication going, they will find it easier to approach you. So, try to keep the communication lines open for your tenants, be it through calls, emails or face-to-face meetings. The wisest thing, however, is to start communicating right from the time when the first payment is missed. It might be that your tenants are really nice but it’s just that they are not able to make the payments. So, know the reason first and communicate accordingly.
- Give them payment options – The relationship with your tenants must be flexible. For obvious reasons, the monthly rents cannot stop flowing in because this is everything for which you are exhausting your efforts. So, if you come to know that your tenant is sitting jobless, try to discuss some payment plans with them. Give them ideas as to what payment schemes can make it easier for them to pay. You will never want to go with the legal process against tenants, especially if they are good and if they are not purposely making the payments. So judge the circumstance and take steps accordingly.
- Be aware of the legal proceedings – Of course, there are legal processes to initiate against tenants. But this is not for which you were appointed. Indeed, it is difficult to handle when you find that on one hand, the tenants have lost their jobs while on the other hand, the landlord is showing an unwillingness to let the tenants go. In such cases, you must reach out to the tenants and make them understand that there is no way out than moving out, or otherwise, they need to make the payments. After you pass on this discussion to your landlord, he/she will probably not show any discontentment in regard to making the tenants stay. Although it will be a loss for the landlord as well as the manager, there will be no other way out.
- Keep the tenants aware of renting policies beforehand – Prior to occupying the property, every property manager must ensure to inform the tenant about the methods and regulations of paying rents. This would keep the tenants aware of the consequences of not being able to pay the rents. So, even if they lose their job, they would try to find out some alternative to make regular payments. In other words, tenants must know their deadline at all cost, and if they miss it, they will face legal proceedings. The clearer you are at the beginning of making your tenants enter the property, the better it is for managers and landlords to stay away from complications.
Now that you have to come to know about the tips and strategies to help your tenants in coming out from monetary constraints, it will be easier for you to keep a healthy bond with them as well as your landlord. Interact regularly with your tenants, know their problems, give them solutions, and believe it or not, they will be happy.