Even when you try your best to discourage people from paying their rent late, there are bound to be a few that find themselves in a pinch when rent is due. It leaves you wondering what to do about rent collection.
Below, we've created a guide with a few tips that will help you collect rent.
Paying rent is a must; here are some landlord tips to get it done before paying late becomes a habit.
Check Your Records First
If you have several tenants who moved in during different times, it's easy to make a mistake when collecting rent. Before you tack on any late fees or start calling the tenant to know where their rent is, check your records.
Your records will tell you the date that a tenant is supposed to pay rent and if you've listed a grace period on their contract. A grace period allows the tenant a few days to pay rent before it's officially considered late.
Call the Tenant
We've all had those days wherever life is hectic, and we forget to do things like put gas in our cars or pay our rent. If the tenant is late paying their rent, take some time to place a courtesy call to ask where their payment is.
If you're trying to ensure that the payment doesn't go overdue, we recommend placing a call before the due date to serve as a reminder that tenants can pay before the designated date.
This gives you time to get in touch with the tenant and helps to strengthen the tenant-landlord relationship.
Send a Pay or Get Out Notice
The pay or leave notice is the first step in the eviction process and should be used if the tenant has a history of paying their rent late or not paying at all. It shows them you're serious about collecting rent, and they can either comply or find another place to live.
Ensure you've taken the time to check the laws in your area and follow the eviction process given. If you're going to take this route, it's best to find an eviction lawyer.
Your lawyer will know how the eviction process works and will help you take the proper steps from start to finish.
If a tenant begins to pay rent late, you must keep accurate documentation of everything pertaining to this tenant. This includes:
- Number of times rent has been unpaid
- Number of times rents been late
- Every time you've contacted the tenant
These forms of documentation will serve as evidence if you have to take the tenant to court for unpaid rent or if you plan to evict them.
Rent Collection: What to do When a Tenant doesn't Pay?
Rent collection is a set time of the month that each tenant agrees to pay when signing a contract to move into your properties. If your tenants don't pay their rent on time, there are several things you can do, from taking legal action to reaching out to them before it goes overdue.
Rent collection can be stressful, especially if you've got multiple properties to manage. It's for this reason you need to contact Houston Property Management and let us help you find someone to manage your properties while you tend to other landlord duties.