For every landlord, ensuring an on-time rent collection is a must
and sometimes becomes a bit of a challenge. Managing cash flow and collecting
rent on time is the biggest factor that determines your prospects of the
tenancy.
Every new month signifies a fresh start to things. For some, this
fresh start is a realization of another late payment. Collecting rent on time
is thus a never ending struggle and an unfortunate aspect that many property
owners have little control over.
Here are tips to ensure that your tenants pay your rent on time,
every time:
Enquire from the tenant the
reason for late payment
It is a must to confront the tenant about late payments and act as
the dominating party during rent collection. Make them provide the reasons for
late payments and press for the same. Don’t act too lenient and be a bit harsh
about the issue. It is a must to convey the tenant about how the payments are
crucial not only for you but for the provision of housing as well.
Sometimes tenants simply forget about rent payment and it is a
must to remind them about the concerned date. For persistent late payments,
what is required is a discussion between the property owner and the tenant over
why the delays occur. Rescheduling the rent collection dates or modifying the
frequency can help resolve the issue and benefit both parties.
Choose your tenants wisely
For every property owner it becomes imperative to properly screen
the tenant and ensure they are qualified for payment. Check for their rental
payment history and learn from their previous landlords. Not only finances, a
clear criminal record is necessary to qualify for tenancy.
Talk to the potential tenants and learn about them as much as
possible. Confirm about their job security and evaluate whether they are
financially capable to rent your property and pay on time.
Clear contract agreement and
communication
A contract is the single most important document that defines a
tenancy. It contains the terms and conditions that determine rights of both the
parties. All the terms about rent collection dates, maintenance policies and
tenant criteria are secured in the agreement. For a mutually beneficial
partnership, it is a must to ensure that the tenant adheres to the contract.
When formulating a new tenancy agreement, the advice from property management services Stockton ensures that all the members bound by the
contract have their initials and date mentioned on each page of the document.
This will help to avoid tenants paying late.
Clearly state the consequences of late
payment
Sometimes it is good to be bad! Simply put forward to your tenant
the consequences of actions that violate the lease. By enforcing late fees, one
can motivate the tenant to pay rent on time. This should be mentioned on the
contract as well.
One must enforce the late fee policy but also understand the
factors that led to delays in rent and whether the tenant is going through a
tough time. It is the property owner’s duty to understand the tenant’s troubles
and support them in unfavorable times.
Sometimes even despite the best efforts, the rent payment deadline
exceeds. Thus to relieve the property owner of all the troubles regarding
tenancy and rent collection, Eagle Property Management offers professional services. The property
management Stockton company is well renowned for their efforts in
providing the best real estate management services.
