Dealing with late rentals? Best exercises for Landlords and Tenants

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In managing properties there would always be a time that tenants will be late in paying rent. Communication between the tenant and the landlord is the only way to work out late rent issues.

Advice for tenants:

  • Call first. Things will work out in a good way if you make the effort of contacting your landlords first; don’t wait for them to call you.
  • Be sure to know the late fee agreement and assure you landlord you will follow it. If you can’t comply with the terms, work out a different arrangement with your landlord.
  • Give your landlord a definite date for paying the rent – try not to be a few days late.
  • If you lost your job and you will be unable to pay the rent, just be honest and tell your landlord. Even though you know that you have to move – it’s better to let the landlord know what’s going on – a decent landlord will give you time and will not let you move immediately.

Advice for landlords:

  • Be understanding and try not to be upset when a tenant calls and says that rent will be late.
  • If the your tenant is a  good tenant, compromise – extend the late fee grace period – then begin late fees if the tenant does not pay rent on the agreed upon extended day.
  • Listen first to the tenant and their reasons before imposing late fees. Once a tenant left a message to tell me that rent would be late and they would pay it a few days later.  The rent never came, but they called back. When I asked the tenant what was going on, it turned out their child went to the emergency room and they had to pay a substantial co-pay.  I did not impose any fees because sometimes, there really is an acceptable reason.
  • Give incentives for late-paying tenants.  For example, after the first time a tenant is late, and has paid rent plus late fees, I give them a “one free late fee waived” coupon.  For the remainder of their lease, they can only use it one time.. I’ve found it to be a good incentive because they don’t want to use up their coupon!

 


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Nick Walton
JP And Associates REALTORS
469-556-2393
Nick@TrackingTheWeb.com