Tis' The Season For Late Rent Reasons

Ah, the holidays...carolers singing the landlord blues, cash registers ringing everywhere but your Quicken account, tenants skating on thin ice and free sleigh rides for everyone!
Local news troubleshooters love to broadcast a woeful Cratchit family being evicted on Christmas Eve and portraying the landlord as Ebenezer. No matter that rent was due 24 days prior, Scrooge won't win the sympathy vote here.
This is the time of year when tenants of all income levels seem to be forgetful on paying rent (maybe it's the eggnog).  Be prepared to hear every reason possible and keep your business hat on, no matter how frosty the wind blows. Business is business as Scrooge aptly stated.
If you choose to waive late fees, it's up to you. Just remember this, they will expect it next time too. Do I sound cold to you? I assure you, I'm not. If the heat conks out in the dead of winter, I will send someone out ASAP, even if they are late on rent. I expect the same courtesy in return, in the form of on time rent. Now there's a Christmas present all my tenants could gladly give their landlords this year!

Move Outs, Move Ins

Last and first week of every month are crazy time in the wacky world of property management. How to make that time run a bit smoother? Make sure to fill out a detailed walkthrough with your tenant (have them sign it) at move in. Note all carpet stains, tile chips, non-working items, condition of the property and take pictures. Don't forget to snap pictures of the yards and pool if tenant will be in charge of that maintenance. I just got a home in central Scottsdale back, and tenant killed off the backyard grass. Didn't bother to water it for two years! What to do when that happens? Get an estimate from a yard guy on how much to replant grass and remember to estimate water expense in bringing yard back to life. Those expenses can all be deducted from tenant's security deposit.
A detailed walkthrough at move in will make your move out much easier. Also, note down on that first walkthrough how many house, mailbox and pool keys along with garage door openers were issued to tenant. This is usually where your tenant has a short memory and swears you only gave them one house key. If they do not hand you the same amount of all keys at move out, they can be charged for the locksmith bill and all related expenses. At move out, whip out your initial walkthrough as a guide and again, get their wet signatures at the final walkthrough as well.
If you are a newbie in this field, you might be shocked or even astonished at what condition some properties will be handed back to you. As for me, NOTHING surprises me anymore. Even the one I got back that looked as if a heavy metal band high on meth had taken a sledgehammer to the walls, and a herd of bulls had stomped its way through the carpet. The tenant had the gall to ask if he was getting his security deposit back. I won't post pictures to protect the stupid.
Written and precise walkthroughs will be useful in landlord/tenant disputes, it is an essential risk management tool for your landlord toolbox.