I have a guest post today from someone that is definitely an expert when it comes to property management, my daughter Debbie Vornholt. I hope you enjoy this article. Be sure to leave your comments below or on her site Common Sense Landlording.
Tenants that Never Pay On Time
I get asked all the time how to deal with tenants that never pay on time. Some landlords have tenants that used to be great paying tenants but then something happened; a lost job, a death in the family, the car broke down, etc. and the tenants don’t pay on time anymore.
Other landlords have tenants that signed the lease, paid the first month’s rent and the never paid on time ever again.
Don’t Let Your Tenant Dictate Your Policy
Tenants that never pay on time are a huge problem. How you handle the first late payment will dictate how your tenant behaves in the future. If you are lucky, the tenant will call you and say “Hey, I am paying late because . . . “. It doesn’t really matter what the reason is because the bottom line is you aren’t getting your money on time.
I want you to erase the following phrases from your vocabulary when dealing with a late paying tenant: Read the rest of this entry →