Today’s episode is the story of how you may consider collecting rent each new month.
Rental income is much like the income a grocery store receives from its clients. Client goes to the grocery store and buys fruits and vegetables, maybe some bread and butter. It is recurring income. The customer is hungry on Monday when they go shopping. By Tuesday, they’re hungry again, and again on Wednesday. Each time you go to the grocery, the store does what it can to earn your business. They make sure the fruits and vegetables are in good condition, displayed in an attractive manner, kept from spoiling by being chilled to a lower temperature.
If the bananas look terrible and beat up, you probably won’t buy bananas today.
Imagine if the grocery store experience was conducted the way some landlords collect rent on the first of each month.
The grocery store isn’t entitled to the tenants money. The grocery has to deliver value each and every day to earn your business. If they fail to do so, you will shop elsewhere.
What if, you asked yourself, what could I do as a landlord that would allow my tenant to clearly remember the value they’re getting each time they the rent?
What if each month’s rent was treated as a new sale. No sense of entitlement. What would be different?
