Doing business with tenants is what we landlords do. Needless to say, it’s where our money comes from! However, nothing says we have to personally go see them for every little issue that pops up! For example: too many guests showing up at their duplex, cars parked on the lawn, habitual late rent payments. Most of these matters involving their tenancy can easily be handled much more efficiently and emotionless with short hand-written memos.
I can still remember early on when I would stay mad at my tenant for a week or so! As hard as I tied I couldn’t see to get these emotional battles out of my head! It’s been quite a few now, but I still, but I still remember how upset I used to get from arguing with a tenant. Naturally my tenant didn’t occupy my thoughts every single minute of every single day, but it boils down to this – My tenant stole my valuable time! You simply cannot be a productive investor and get things accomplished when you are constantly upset with your tenants.
This is how my MEMOS got their start! I was extremely desperate to find a way to free my mind of tenant problems. We human types can only process one thought in our brain at one time. It’s nearly impossible to have constructive, money making thoughts if you allow your tenants to constantly keep you upset. I found great relief writing short hand written memo’s to tenants rather than discuss issues in person or by telephone. It gives me time to think rather than blurt out something I might be sorry about later on.
In order to say the right thing – it helps to pretend you are the tenant receiving the memo! How this memo would set with me, you should ask yourself! When I can say to myself, this is a reasonable request and it sounds quite fair, I feel I’m ready to send it to my tenant. I rarely need to waste any time thinking about what I want. I already know what I want! My challenge is to write a memo that my tenant will likely respond favorable to! You must always remember, threatening memos seldom change anything. Your goal is to present a written argument to your tenant making him understand that – he’s much better off to comply with your proposal than if he doesn’t. You must clearly spell out or paint a visual picture of what will likely happen if the tenant ignores your memo.