Let's say a tenant that has been a really great tenant for over 20 months now, calls up and says we can only pay half of our rent this month.  What do you say?  With the reputation of paying on time, every month, no hassles - I say once.  I do not give these people a 3-Day Pay or Vacate right away.  One payment arrangement over 20 months is a great track record.  

So when does a good tenant go bad?  Managing the expectations of our tenants is one of the greatest tools professional property manager's must master.  In the example above, these tenants followed through with their arrangement and we will continue on our path of a great relationship.  I have made payment arrangements in the past with people.  Never make a payment arrangement in the first 3 months.  The first time a tenant is late, immediately post a 3 Day Pay or Vacate.  This manages their expectations of what they can and can't get away with.  

Cindy Spray - Realtor