Have you ever wondered why is it that tenants get away with not paying rent but landlords dare not miss any mortgage repayments? Why is it that some tenants
would prioritise making car lease payments over rent? While there are many lessons we can learn from traditional businesses, such as banks and leasing
companies, immediate consequence has to be at the top of that list. As human beings, we are the sum of a lifetime of learnt behaviours. We
know that the immediate consequence of late mortgage or lease repayments is penalties (and possibly repossession) so we make sure that payments are
always made on time. So if we look at this pattern of behaviour from a different angle, then it is not hard to come to the conclusion that the number one thing to remember when you become a landlord is to be firm and consistent. Stick to your policies and avoid making any exceptions.
So why are we inconsistent?
Perhaps the biggest reason is that deep down, for most of us, there is an intrinsic desire to be liked. So we convince ourselves that it is better to be
‘the nice guy’ and forgive what may come across as a minor tenant transgression than to take the hard lined and be labelled an ‘a#$*&#e’. It is
important to remember that asserting your legal rights makes you by-the-book, it does not make you a bad person. There is a fine line between being
the ‘nice guy’ and being a ‘pushover’. Your perceived sign of weakness will incentivise your tenant to continue breaking the rule. Lets say we are
talking about rent arrears, if your tenant misses a rent payment with absolutely...
