Being a landlord is not an easy going responsibility and a glamorous hobby. Being a landlord, you should learn the basics of patience 101 due to several scenarios that you have to deal whether you like it or else. It is a fact that in property management there are many horror stories, funny situations and light or heavy dramas that you may encounter every day. One of those that you have to deal with is late rental payments.
1. Do what you have to do
Landlords should check the terms of the lease and the records and know what agreements you made with the tenant before approaching about the issue.
2. Do communicate with your tenant
Communication is one of the most important factors in deciding how to deal with issues like this. It is also one vital move to show being responsible and somehow sending a remarkable impression and a reputable character. As much as possible avoid contacting the tenant through the phone, instead visit the property when they are likely to be home. Be calm and approach in a businesslike manner. You should have good listening skills which may help a lot in turning a possible trouble into a good result. Once you have had an initial talk on the situation, document the agreements you made by sending a certified letter to address the issue immediately. Make sure to emphasize the agreements you made with a pressure on tenants to comply. On the other hand, you should avoid threatening statements or alike.
3. Do seek legal remedies and amend the terms for lease
As much as possible many doesn’t want to do this since the time and effort spent on this is quite heart crunching. This is one part of the business which is not enjoyable but there are instances that we have to do what we ought to do. If the agreed deadline passes and still no payment received, landlords should file a formal complaint to demand the rent or worse could lead to eviction. On the contrary, if the issue is resolve successfully, then landlords should consider revising the lease to include any special instances that may have led to the delayed of rental payment.
4. Don’t freak out and don’t get angry
Late payments could sometimes add stress and pressures to the landlords but they shall always remember the basics of Patience 101 which is not going overboard emotionally. Keep in mind that as a landlord your relationship with your tenant is essential to your business and it could motivate positively in your income stream. Always keep your calm and approach in a businesslike manner with resolutions not anger in mind.
5. Do not set a precedent
This action should be done at the first time of experiencing late payment. Do not set a precedent that you don’t mind if they pay the rent late. Onset of the scenario, landlords should set the impression to the tenant that you always take proper action when rent is late to protect your legal rights. Doing so, can help you work out in times that you have to reach the level of evicting the delinquent tenant.
Overall, dealing with late rental payments is a part of owning a rental property which sometimes landlords could not help to avoid. While everyone has their own philosophy in dealing to this situation, you just have to take every situation uniquely and handle your decisions with discernment. Hence, striking a balance between being firm and yet reasonable would sometimes help maximizes the financial output. This is where a Property management company would be of use, here at Real Property management we strife to always be better than the rest out there.
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