When The Money Tree Wilts

Money Tree

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ALL OF US RUN INTO A CHALLENGING MONEY SITUATION AT ONE TIME or another. Its almost an inescapable part of modern life. As property managers we often become aware of renters/ residents struggling to meet expenses, particularly after some life-altering event, such as the loss of a job, a health problem or family emergency. These are unfortunate and regrettable circumstances over which few  have little, if any, control.

When such things occur most renters apparently are too stressed, emotional or embarrassed to talk about a reversal of their finances. This is fully understandable since one’s fiscal matters are generally viewed as personal and private. So most will try to slug it out on their own. In the meantime, if rent payments start to suffer and the resident is silent as to why, the property manager likely will conclude rent is deliberately being withheld and take the appropriate actions, which adds to the expense and stress levels. Moreover, as the manager watches rent payments arrive late, are partially paid or not paid at all, the time has passed for the resident to reorganize his/her finances and have a better chance at avoiding the fees that result, making the situation even worse.

Sure the rent still needs to be paid, but when a resident willingly discusses his/her economic difficulty with our property manager, and does so in a manner that allows the manager time to offer helpful suggestions,  we usually recommend one or more community organizations that can aid and/or work with him/her. Often the approach is to create and maintain a realistic household budget that can cover necessary expenses out of the resident’s remaining income. Sometimes we will teach household budgeting to residents where such training is unavailable through community groups. However, working with a community group usually is more beneficial to the resident in that it provides guidance while soothing the anxiety otherwise associated with speaking to management about the problem, and it may be a benefit to the property manager if it can appropriately side-step an eviction and resulting vacancy.

Of course, not all property managers will react the same way though we think most responsible managers are likely to view sufficient advance warning of a resident’s fiscal problem as an opportunity to assist that resident avoid the consequences of nonpayment. As professional property management, we do.

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Need coaching, training or problem troubleshooting regarding other housing issues? Visit us at the Inhouse Corporation website or contact us at inhouseco@aol.com

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Blog Terms of Use and Disclaimer: The purpose of this blog is to promote awareness and general discussion of the presented topic. Use of this blog shall be the reader’s agreement this blog is not a substitute for the advice of a qualified professional and each action that may be taken shall be under the specific guidance and oversight and/or performance of a professional qualified in the subject matter. If you have a question or want assistance with a featured or related matter please contact us at InhouseCo@aol.com (include the blog article title on the subject line). Links, references and credits in this blog are for convenience only and are not endorsements by the author or Inhouse Corporation. Statements and/or opinions of guest authors may or may not reflect those of Inhouse Corporation.

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2 Responses to “When The Money Tree Wilts”

  1. minecraft Says:

    I was wondering if you ever thought of changing the structure of your
    blog? Its very well written; I love what youve got to say.
    But maybe you could a little more in the way of content
    so people could connect with it better. Youve got an awful lot
    of text for only having 1 or 2 pictures. Maybe you could
    space it out better?

    • Inhouse Corporation Says:

      Thanks for the suggestion. When the blog was first created the idea was to keep them on point and short, usually between 400 and 500 words. Admittedly, once in a while an article will require more content in order to more clearly convey the subject of a particular blog.
      Still, we are open to new ideas and will appreciate learning the specifics of your recommendation.

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