So you’re a landlord? Or are you thinking about becoming one. Let me tell you – it isn’t easy!
You’re probably sinking in your chair right about now thinking, “I’m not even two sentences into the article, and already I’m nervous.” Don’t be. We here at LandlordAssociation.Org believe in giving you the truth – nothing more, nothing less.
Let’s talk about one of the fundamental aspects of our business that no one seems to talk enough about. This is the avenue of collections, i.e. you getting paid on time. We want you to develop what we call a “Zero Tolerance Policy.”
We’re not advocating that you become a ruthless tyrant or an old man Potter from “It’s a Wonderful Life”, but we are saying that you ought to have a line that no one crosses. It’s really up to you set that line, but you have to have one. It is an absolute must. This business that we are involved in is a very simple, yet very complicated business. Many times, you are faced with decisions that, as a business owner, are easy, but as an individual, are difficult. In those times, you must remember why you are in this business. . . TO MAKE MONEY.
You may be asking yourself, “How do I create a Zero Tolerance Policy?” This is what we recommend.