3 Tips To Prevent Your Tenants From Paying Rent Late
Posted on: 7 February 2018
As a landlord, it is probably important to you to ensure that you are paid your rent in a timely manner. Unfortunately, some tenants do get in the habit of paying rent late. If this is something that you are concerned about, consider these tips for preventing your tenants from paying their rent after the due date.
1. Choose the Right Tenants for Your Properties
Of course, it is not possible to be 100 percent sure that a tenant who moves into your unit will pay his or her rent on time. For example, something could happen that is out of the tenant's control, making it difficult or impossible for him or her to pay the rent. However, proper screening can help you choose a tenant who will most likely to pay the rent on time. For example, you may want to check credit scores and check with landlord references. If you can find individuals who have a good credit history and who have a history of paying their rent on time, you can help ensure that they will pay you on time as well.
2. Offer Multiple Payment Options
If you make it easier for your tenants to pay their rent, they might be more likely to pay on time. For example, you may want to accept rent payments through the mail, at your office and online. This gives your tenants options, which makes things easier for them, and it gives them less of an excuse to pay their rent late.
3. Don't Let Late Payments "Slide"
Unfortunately, if you don't say anything when your tenants pay their rent late, this could result in your tenants thinking that it's not a big deal for them to pay their rent on time. Additionally, if you let your tenants fall behind on their rent, you should know that it will be much harder for them to get caught up in the future. Therefore, it is important to stay in contact with your tenants about their rent if they pay late. Make sure that you follow your state's landlord and tenant laws, but send out notices or make reminder phone calls if the rent gets behind. If this seems like too much for you to have to handle along with all of your other responsibilities, consider working with a property management company. One of these property management companies can help with collecting rent and dealing with tenants who aren't paying their rent on time.
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