Have you ever said you didn’t want to be “that” landlord? That landlord that always says “no.” Your business is your priority. You will not make money if you bend the rules for tenants. Let’s examine three situations where “no” is never a bad word.
- Letting Tenants out of Their Lease
- Painting a Unit
- Allowing Roommates Who Do Not Sign the Lease
Letting Tenants out of Their Lease
Never feel bad about telling a tenant you will not let them out of their lease for a non-valid reason. Yes, they may seem hostile and even come up with outrageous excuses; however, this one simple trick will make them see eye-to-eye with you. This applies to tenants who want a reduction of their rent or late fee elimination as well.
Educate your tenant as to why you are saying “no.” Explain how you have a mortgage that must be paid. You have to pay for landscapers and maintenance to keep your building looking and functioning its best. You qualified them as a reliable tenant that will pay their rent on time – thus enabling you to pay your mortgage and contractors on time. Letting them out of their lease means you legally must do so for any other resident that asks to break their lease.
Painting a Unit
In this instance, you don’t have to tell your tenant “no” they cannot paint the unit. However, you do want to set boundaries ahead of time. It will cost you more time and money trying to cover hideous and thicker paint than just saying, “no,” do not paint the ceilings or use loud colors.
Allowing Roommates Who Do Not Sign the Lease
Many times, you’ll have tenants come through with a family or friend and state the apartment is just for them. Well, you need to include a clause that a roommate moving in must qualify and sign a lease. If not, they cannot move in.
You see, if your tenant cannot handle the unit on their own and their “roommate” skips out on them, what should you do? What if they get into an altercation and leave your unit in shambles? You don’t have the legal authority to go after the other roommate who did not sign the lease.
To be a successful business person, you must understand that “no” is not a bad word. It’s a word that can save you headaches as a landlord.