Obligation to fix items non-essential stuff, when tenants not up-to-date on their payments

I tell my PMs that my IPs are a business.

I am in this game to provide good, safe, long-term accommodation at market rates. If there are any issues including maintenance, I expect these to be communicated to me promptly and to provide me with options for resolution. If need be, they can discuss the issue with me. I promised to reply to any communication within one business day (most times within the hour).

I expect my PMs to source good, long-term tenants who will look after my properties and pay their rent on time.

If my expectations are not met, the PMs and the tenants (via the PMs) are aware that our business relationship will be short-lived.

Over the last 25 years, I have had some PMs who have let me down and some tenants who have let me down. Unfortunately, that is a risk with IPs that you can't eliminate.

But I have always been true to my word .

 

In the IP arena, I suppose I haven't really got enough runs on the board (yet) to have been able to deal with it solely as a business. I know that emotions and investment don't mix well - hence, trying to be nice to the tenants has probably bitten me on the butt.

I also like to give a local business a decent shot at getting things right, before cutting them loose (everybody stuffs up occasionally, and I'd hate to see them fail based on a small issue).

I think it's time for me to put on my 80's power suit (complete with shoulder pads, and spiral perm), pick up my faux leather briefcase, and become a real businesswoman now. No more Ms Nice Landlady here. Look out ……..

 

You don't have to be nice but you must be fair and professional.