Thompson Management
1-800-757-6598  
Something to think about
 
 
 
 
 
 
 
Tenant turnover is expensive and is a major problem facing rental owners and managers today, even more so in a college town. We've had great success renting places for 18 to 24 months. We do not furnish our rentals with beds, tables, etc, only refrigerators and stoves. We have a lot of students and people wanting to share a place to live. A lot of those tenants like the idea of furnished apartments or houses. Our company is not in the motel business. If we were to allow furnished rentals, all of our residents would be short term tenants. This would lead to a lot of chaos, we will not manage property that has this form of market strategy. We are not in the business of modern day versions of a motel.
 
This can be very frustrating to a tenant who wish to rent from us, and they realize that our policies won't allow it, so that market share rents from someone else. Our market share is long term tenants. Our rental policies conform to those wishing to stay 18-24 months and even longer. There can be a lot of frustration when a short term tenant requests a showing and comes to find out that their window of time won't fit our management style. At times we are looked at as the villain because of this business model. Our business model will not allow tenants to sell their rental contracts. Again, we are not a modern day version of a motel.
 
I want to thank many of our very long term tenants who have stayed with us for years. As of this writing, I have several residents who are approaching their 10th and 12th year with us. I've seen their kids turn into teens. I'm grateful for those who desire to live at the places we manage for the 18-24 months, and even longer. 
 
 
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Over the 30 plus years of managing rental property, I can not help but think how I did things in the 1980's and today.
 
Back in the 80's I had a binder called the "Tenant Guide-Book"  It was several pages and it set the tone for the property the resident lived in. It solved many problems and it was a simple explanation of all our rules and other useful information.
 
Its primary purpose was to help the tenant by making them familiar with policies and procedures. Today with the click of a mouse, tenants can have everything at lighting speed.
 
I'm thankful for the tenants who take the time to review our policies. It makes things so much easier during their stay, and most importantly, it helps with the move out process.
 
Thanks to all of our residents who follow the online tenant guidebook.
 
 
 
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Food For Thought, Are Residents Customers or Are They More Like An Employee?
I don't have employees, the owners I manage for usually do the work or they get someone to do it for them. When I was an employee years ago I had to follow company procedures or company policies. If I didn't, the company would evict me or I should say fire me. 
 
I put some thought into this and got thinking tenants can be compared to employees, not customers. Interesting view from my view point. You can have the greatest physical company assets in the world, but if you don't have great employees ( Tenants ), you can not reach the highest potential. It's human capital or I should say our residents who make the difference at the properties we manage. What makes employees ( Tenants ) great, they follow the rules or policies set by the employer ( Landlord ) When you confront poor performing employees ( Tenants ) who do not follow your company policies, one of two things happen. The employee ( Tenant ) improves or they move. Hopefully to a different company ( Landlord ) "Improving or moving. When I say improving, I really mean, following our rental policies. This keeps our remaining residents happy. Most employers ( Landlords ) don't want to rock the boat fearing poor performers ( Tenants ) will retaliate with even worse performance, so the employer ( Landlord ) does nothing and everyone suffers. Some employers ( Landlords ) allow poor performers to run rampant and it creates chaos. 

The customer is always right has been drilled into the psyches of every business owner, but when it comes to tenants, they are more like an employee. Thinking that the tenant is a customer can result in a serious disservice to the tenant and landlord. Here's why I think this way

Unreasonable customers eat away at the employers ( landlords ) finite resources. Employers ( Landlords) have limited resources and should never allocate a disproportionate amount of them to employees ( tenants ) who repeatedly cause problems. Employers ( Landlords ) only have so much time and energy to deal with unreasonable employees ( tenants). If the employer ( Landlord ) try's to address a complaint and the employee ( tenant ) still isn't happy, it's time to move on from that employee ( tenant.)

How does this make any sense? It's human nature to think of a tenant as a customer. They are buying a product, you are exchanging shelter, thus they are customers, right? Wrong. In reality they are more like an employee and landlords need to be their boss. Their job is to pay rent in exchange for the shelter being provided. Employees and tenants need a strict set of rules that must be followed. Customers on the other hand are always right. Employees and tenants do not share that privilege. Good employees make their employers money just like good tenants make rental owners money. If they do not do their job they cost the rental owner money just like the bad employee cost their employer money. In the event they stop paying you rent you must stop providing them shelter as soon as possible. This means you must fire them via eviction.

Just like employers, landlords have policies, if the policies are not followed the landlord or employer must end the relationship, because it was the standard or the policies that created the relationship.

Tenants and employees sign a contract to do duties on both sides, either side can leave if the contract is not complied to. Tenants can do a term known as constructive eviction, they can evict the landlord. Landlords can evict for non complience as well. I have a set of guidelines for our tenants. You can see some of these policies on www.SomeOfOurPolicies.com It is there that prospective tenants get to choose if they wish to rent from us. When a tenant moves, there is a process to follow, no different then a employer and employee. If the tenant does not do their part upon move-out, it can cost them with dinging their deposit. Most of those who are unhappy as a tenant comes after they see their deposit accounting. The landlord makes the rules, he or she with the responsibility makes the rules. The general public has nothing to do with the policies a landlord sets, they don't have the responsibility, only feelings on how they think it should be. The tenant has a choice, that is why I have our policies upfront, before the tenant signs a contract, lease.

So just to let you all know, when ever you get into a tenant landlord relationship. Follow the policies set in stone, its no different than an employee and a employer. There are rules, policies that have to be followed. That is why I feel tenants are not customers, they're more like employees and we as landlords are employers. The biggest mistake landlords make, they are always re-inventing the wheel which makes it difficult for a tenant. That is why I have set policies, policies that the tenant reviews before taking the place.

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Thompson Management
P.O. Box 6003 • North Logan, UT 84341
1-800-757-6598 •