You hope that your tenant pays in full and on time every month. There is nothing better than knowing that you can trust this person to live up to his or her end of the rental agreement.
Unfortunately, you also know that there are times when this doesn't happen. There are tenants out there who believe that it's okay to miss payments or pay late.
If you find yourself dealing with this situation, here are some of the best ways to collect on past due rent:
- Be clear with your communication with tenants. Along with this, make sure you document every instance of communication, including letters you send and phone calls you make.
- Enforce a late fee. If this is built into your lease, it's less likely that your tenant will pay late.
- Be consistent. You should be consistent in regards to how you deal with late payments. For example, if you give the person a five day grace period one month, you should do the same the next.
- Act in a professional manner. As challenging as it may be when you're frustrated, you must act in a professional manner at all times. You should never threaten your tenant, as this won't get you anywhere.
These are just a few of the many things you can do to improve your chance of collecting past due rent. If all else fails, you should learn more about your legal rights. This starts with reviewing your lease. From there, if nothing else works, you may need to take the person to court to collect the money you're owed.
Source: Rentalutions, "A Timely Discussion of Late Rent: 4 Tips for Landlords to Collect Rent On-Time," accessed Sep. 29, 2017