Your Property Manager and You - Changes in Income

When you think of the most important relationships in life, the one you have with your property manager may not immediately come to mind. But when you consider that two major quality of life factors — a big chunk of your monthly earnings and the enjoyment of your home — depend on the relationship, you may come to realize how important fostering rapport can be.

With that in mind, we spoke to some of the best property managers in the country to talk about common tenant issues and how to create a great relationship with your property manager that's beneficial to the both of you.

In the fourth installment of this ongoing series, we asked about changes in income.

Money problems can be embarrassing for tenants, and a lot of people have more than a little ego tied to their financial standing. No one wants to admit they've lost their job or are facing a serious change in circumstances. It's important, however, not to let your embarrassment or fear keep you from bringing those types of problems to your property manager's attention promptly. Managers know it's far easier to keep a good tenant whenever possible and few people are as educated on the resources available.

One property manager shared a success story based on open communication. "I had an elderly tenant who was divorcing. As you would expect, she was stressed by the life change, but she was also afraid that the legal costs and change in income would mean losing her apartment. I spent time educating her on local eviction laws and, when she located a charitable organization that could provide temporary assistance, I was happy to support her application. The tenant is now financially secure and remains comfortable in her apartment. Had she kept her concerns private, I wouldn't have been able to provide the advice and support that kept her in her home."

"I had a young, successful tenant who'd been unexpectedly laid off. She was in absolute shock, but very optimistic about her job prospects. Frankly, I only knew about the situation because I ran into her in the building," a manager shared." We'd spoken several times in the past, so she felt comfortable being honest. When her next lease renewal came around, and she hadn't yet found full-time work, we agreed that she shouldn't renew. She'd been in the building for years, so it was sad to lose her. But, because we'd maintained an open dialog, I was prepared for the vacancy and able to counsel her against overextending herself and potentially damaging her credit and rental history."

Eviction and legal proceedings are time-consuming and stressful for all parties. By being open with your property manager, you may be able to avoid unnecessary costs and anxiety, and even find a way to remain in your home.

Relationship Advice: Keeping problems to yourself hardly ever helps any relationship. Be honest when you're in trouble, and you might be surprised by how much your manager is willing to help.