Real Estate Profits And Losses. Scenario 20: Your Tenants Hate You. Don’t Try To Befriend Them.
Mar 24th, 2008 | By moneyking | Category: Real Estate
The Money Kings are keepin’ it real, baby!!!
For your consideration: Real Estate Profits And Loses.
Scenario 20: Your Tenants Hate You. Don’t Try To Befriend Them.
Many landlords don’t know what time it is out there. They’ve got their facts straight on their properties and their various accoutrements therein.
One thing they don’t realize, however:
Tenants Hate You!
Don’t believe us?
Observe and learn (These stories are 100% true):
Tenant 1: “[Leaving message on lanlord's voice mail.] Good Morning, Sir!. This is John Doe. Can you please give me a call when you get the chance? No big deal. Just need to chat really quick. Thanks, and have a great day!”
Tenant 1 then forgets to COMPLETELY hang up the phone . . .
Tenant 1: [Speaking to his daughter.] “Tried a while ago . . . I can’t get f*ckin’ nothin’!”
Tenant 1’s Daughter: [Speaking to her father.] “You called too early, Dad. That’s why!”
Tenant 1: “And the a$$hole! He will NOT return my phone calls.”
Doesn’t sound like someone that likes his landlord, does it?
How about this:
Tenant 2: [Speaking to his landlord.] “Hey, man. What’s up?”
Landlord: [Working his a$$ off on the roof.] “Gotta get this roof done before the rain comes, so you don’t have water pouring in your bedroom.”
Tenant 2: “Say, man. Can I borrow 5 bucks?”
Landlord: [Still working his a$$ off on the roof.] “You’re already a month late on your rent. You already owe me money.
Tenant 2: “Awwww, man. You guys are rich. You can afford it.”
Notice some problems here?
Still don’t believe us? Fine. Here’s one more:
Tenant 3: “[Speaking to his buddy/drug dealer/pimp/garbage man/father/dude/whoever.] “Hey, man. What’s up?”
Dude: “Just tryin’ to slang deez rocks, dog. Tryin’ ta git paid!!!”
Tenant 3: “[Pouring Schlitz onto the floor of your newly carpeted living room.] “Remember when they smoked Tito, man? He was my boy . . .”
Dude: “True. True. Hey, dog, ain’t cho landlord gone mess you up for pourin’ sh(t on his new flo?”
Tenant 3: “Man . . . F)ck him!”
Bonus Video!
Would you like to be this landlord?
Tenant collects 70,000 beer cans!
The Money Kings hope true stories like these will wake landlords up to what some of their tenants are more than likely saying about them when they’re away. We’re not even close to joking on this one . . .
Regardless of the motivations, tenants don’t want to be anywhere near you unless:
- You’re going to fix something they need.
- They want a break on their rent.
- They want to tell you some story about why they can’t pay their rent.
In order to make sure that you get paid, don’t try to be nicey, nicey with tenants. They’ll only walk all over you for it. DON’T BE STUPID. Business is business. The Money Kings say: Keep it this way.
Good luck out there.
Keywords: real estate, investing, income, tenants, hate, you, landlord, nicey, nicey
Thanks for saying it like it is! I’ve done accounts for plenty of landlords and what you say is true. Business is business, keep it that way.
This is so true. The best way to deal with people in business is to keep it just that, business.
I think most tenants subscribe to the theory of “landlords are rich” in your #2 example. The reality is that we are just like everyone else, having to pay our own bills to stay afloat and trying to make our way in the world as well! The reality of it is when tenants don’t keep up their rent, landlords have a difficult time making ends meet. That’s why we screen renters in the first place!
We own three properties that we’ve elected to rent out instead of letting them go. It’s not a business for us as much as an attempt to hang on to property as an investment for our future. So I have a tiny bit of experience in this arena and here are my two “favorite” tenant scenarios:
1. The tenant who runs into you somewhere and begins explaining how they’ve had a bad go of it lately and just don’t have the rest of the rent they owe you. The whole time she’s talking you can’t help but notice her freshly manicured nails…
2. Cleaning the nasty mess the tenants left behind when you were forced to go through the lengthy eviction process only to find vacation photos from a recent cruise and hundreds of dollars worth of what used to be valuable videos and CDs (before they were left in piles on the floor to be scratched up and ruined).
I’ve learned the hard way that you can’t really be friends with tenants. This post was a great idea.
are just rudimentary, Lisa. This is one of them . . . Thanks for the compliment.
If you believe that people are fundamentally good, then you’re focusing on a huge percentage of small-time landlords. If you believe that people are fundamentally bad, then really focusing on a huge percentage of tenants PLUS one. NOT because the people are particularly evil, but consider:
In today’s world, US law affords tenants a certain level of laziness/irresponsibility/whatever-you-wanna-call it that gives them the idea that the LAST person on Earth they should respect is their landlord.
That’s the truth of the situation. If there was ever a need to quit focusing on tenants and “their homes,” in favor of focusing on tenants and their commitments. NOW is the time.
The system needs to change!