On our blog today, we are talking about how you should handle late rent payments from tenants.
First, always make sure it’s clear when the rent is due. This information should be spelled out in your lease agreement and the tenant should be aware of it.
If the rent is late, make sure you contact your tenants right away. We recommend that you call them the day that it’s late and ask why it has not been paid. If the tenants won’t have it until the end of the week or they won’t be able to pay for a few weeks, you have a couple of choices. You can wait and see if they do come through with the money. Or, you can post a Three Day Notice, which is the start of the eviction process. You don’t have to go ahead with the eviction, but at least if the tenants don’t come through on the date they have promised to pay, you have at least started the process and you can continue moving forward.
Finally, never get emotionally involved with tenants, and don’t take a late payment personally. Owning a
piece of rental property is just like running a business. You need to remember that, and your property will be a lot more profitable in the long run.
If you need help collecting late rent, or you have any questions, please contact us at Re/Max 200 Realty Property Management Division.
