A landlord’s greatest problem is lateness and non-payment of rent. The absence of rental income can cause financial hardship for the landlord. Let us look at what can be done to minimize this issue.
Proper tenant screening is the first and best defense. If you continuously have challenges with your tenant paying rent, it is possible that your screening process is not rigorous enough and you need to make some changes.
Review the lease with the tenant before they sign, highlighting the amount of the monthly rent, when and how it should be paid. A penalty for paying late with an incremental fee for additional days late should be part of any lease and the tenant should understand that you will enforce the policy. Late fees discourage the tenant from paying late.
If lateness continues, it may be best to not renew the lease and find a new tenant. Always remember to serve that five-day notice because lateness unavoidably evolves into non-payment. Be ready. If the tenant will not voluntarily leave you may just have to start the eviction process.
Collecting rents and fees from tenants could be difficult regardless of how hard you try. Getting the help of a professional reduces stress and gives you more leisure time.
Crest Premier Property Management team is skilled at tenant screening. We have confidence in our process, and we therefore offer a one-year tenant guarantee to all of our landlords.
Reach out to us today so we can deal with the non-paying and habitually late tenants by phone at 520-432-0089, or by email at firstname.lastname@example.org. You can also visit our website.