Being a landlord can come with its challenges, but one of the more frustrating things landlords deal with is when tenants don’t pay rent on time. Usually, this is just due to forgetfulness, but constant late payments can put financial strain on the landlord. Here are some tips to reduce late payments:
Applicant Screening Process
Thoroughly screening your applicants to make sure they are a good fit is very important. Always check their credit and income to make sure they can afford the rent. Failure to do so can leave you with an irresponsible tenant. Another tip is to ask for previous landlord references. This way you can cross-check with their previous landlords to see if rent was paid on time.
Communicate Rent Payment Policies
It’s always a good idea to have a late payment penalty clause in your lease. This will keep tenants motivated to pay rent on time and avoid paying late fees. Make sure this clause is compliant with local law.
Set Up Reminders
Setting up reminders can be beneficial for your tenants so they don’t forget. These reminders can be sent out via email, text message, or you can mail them out.
Flexible Payment Options
Providing your tenants with options for payment methods can add convenience. Offering options to pay online or through apps could make sending and collecting payments easier for some, since paying rent only requires a few clicks. Older tenants might prefer to pay rent with a check.
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