Outrageous Excuses for Late Rent Payments and How a Residential Property Management Company Can Help

Outrageous Excuses for Late Rent Payments and How a Residential Property Management Company Can Help

Collecting rent each month is at the top of the list for a landlord’s most despised task. For many tenants, it’s not an issue, but then there are others that always seem to be surprised when the 1st of the month rolls around again. Sometimes you just have to laugh at the excuses they come up with, so enjoy some of the most outrageous ones we found, and then read on to find out how a residential property management in Denver or Aurora can make your days of collecting rent numbered.

  1. “My dog and bird died the same week and I’m crushed.
  2. “I was on vacation for two weeks and I had to pay for everything!”
  3. “I was going to pay on the 1st, but you sent me a reminder and it upset me.”
  4. “I have to make payments on my BMW and iPhone.”
  5. (shows up at door without clothing) “Oh dear, let me put something on and look for the money”
  6. “You are too wrapped up in the whole concept of ‘money.'”
  7. “So you’re only talking to me because the rent’s not paid? Is that all I am to you … a tenant?”
  8. “I don’t feel inclined to pay the rent this month. The apartment is neat so you can use the security as the rent.”
  9. “It is illegal to ask me for the rent. You have to send me a letter ASKING POLITELY for the rent. Then I can decide if I want to pay the rent.”
  10. “I did not pay the rent because that is the only day I can sleep late.”

If you currently own investment property, some of these might sound a little familiar to you. If you’re thinking of getting into real estate, then don’t let them scare you. As a property management company, part of our service includes collecting rent so you’ll never have to hear these excuses.

We offer many convenient ways to pay, including an online credit card payment option which helps avoid some of the late payments. In addition, we offer thorough tenant screening services to give you the best chance of finding responsible renters who won’t give you these excuses in the first place.

To find out more about property management services with Legacy properties-PM in and near Denver or Aurora, call 720.989.1996 or contact us.

How to Find the Best Tenant for Your Investment Property

How to Find the Best Tenant for Your Investment Property

Choosing the best tenant for your investment property can be the difference between loss or profit. As a landlord you want tenants that treat your property like their own. So where do you begin?

Advertise Your Property Wisely

You may not realize it, but advertising is the first step to screening potential tenants. Today landlords have many different ways to get the word out about their property. While putting a rental sign in your window, listing with a realtor, and adding the vacancy to sites like Zillow and Craigslist might be the first thing that comes to mind, don’t overlook the value of social media.

Sites like Twitter and Facebook are a great way to advertise to potential tenants. There’s probably a page on Facebook for landlords in your area to advertise their rentals. Also, don’t overlook the obvious. Word of mouth, print ads, and advertising on bulletin boards have filled rentals. But remember to choose wisely where you advertise. A bulletin board in a coffee shop near a college will attract a different tenant than one in a community center in a stable neighborhood.

Screen Your Tenants Carefully

So your advertising produced a list of prospects. Now it’s time to screen your potential tenants. Many landlords don’t want to offend by asking personal questions, but this isn’t about discrimination. Since you must adhere to the Federal Fair Housing Rules, it’s about protecting your investment. Don’t be afraid to ask hard questions when interviewing. In the very least, conduct a criminal background check verifying the prospect’s name and date of birth with a valid i.d. In addition, run a credit check and verify their income. By taking care of these issues up front, you’ll be able to quickly disqualify the more irresponsible tenants from the more trustworthy ones.

Having to evict a tenant can be aggravating and costly, but with carefully planned advertising and screening it can be prevented. Taking the time to do things properly yourself or by hiring a property management company will get you one step closer to finding the best tenant for your investment property. Call Legacy Properties-PM @ 720.989.1996 or please contact us.

The Top Five Calls You Won’t Get When You Hire a Property Management Company

The Top Five Calls You Won’t Get When You Hire a Property Management Company

Many Colorado landlords struggle with the idea of whether they want a property management company overseeing their investment.

On one hand, it’s nice to be involved and know whats going on. On the other, when things aren’t going well, your phone is ringing constantly and you have non-stop anxiety over dealing with whatever is going on in addition to all your other responsibilities. During those times, it’s easy to make the decision. From a casual poll of property owners who have teamed up with property management, these are the top five calls they don’t miss getting:

  1. “My heat/AC isn’t working.” HVAC is one of those things you don’t give much thought to until there’s a problem, and it usually happens on the hottest or coldest day of the year.
  2. “There’s a lot of water on the floor.” This is usually the start of the conversation, and then you have to play guessing games to figure out what’s going on. Did the toilet overflow? Is there a broken pipe? Maybe the roof is leaking. Water problems are one of those problems you can’t put on the back burner. They must be dealt with immediately.
  3. “My neighbor is too __________.” You fill in the blank. Noisy, smelly, inconsiderate, and the list goes on. It’s hard to know when to get involved in disputes between tenants, and it’s never fun.
  4. “I won’t have my rent until next week.” Chasing down rent is one of the worst tasks, especially from a tenant who chronically pays late. The excuses can get humorous, but the hassle is no laughing matter.
  5. “I know the lease said no pets but…” People are forever signing a lease and then asking to change the agreed upon rules, and many times it’s about pets. One cute little puppy can’t hurt anything, right? Wrong!

Whether you’ve been managing your own investment properties and have experienced these calls before, or are just getting into the game and are not sure you want to handle these types of issues, a property management company will take these calls so you don’t have to deal with them. Enforcing the lease, dealing with maintenance needs, and collecting rent are just a few of the tasks that they take care of so you have more time and less stress.

In the Denver area, Legacy Properties-PM is happy to take these calls. For more information, contact us.