One of the possible tedious tasks as a landlord of a rental home is collecting that rental check from your tenants — on time. Sometimes being right on time is not a big deal, but it is if you are a landlord with mortgage bills you have to pay and you need the rent check at a certain time in order to make those payments on time. Tenants may not realize how important it is to pay on time, but there are some ways a landlord can get their rent check on time more often
To think you’ll always get the rent check on time is not realistic. An every once in a while late payment is inevitable, whether by a few days or more. The best thing you can do is do the most you can to prevent it from happening. Using a Utah property management company like KeyRenter to handle late payments for you. They send a late notice to the tenant and handle any issues after that.
Remind your tenants a few days a head of time of the rent check that is due. Sometimes they are busy or go out of town on trips and overlook paying the rent. Reminding them 5 to 10 days in advance can help them remember the date they should be paying it on. Do this in a tactful way so you don’t offend them. You can mail reminders every month, so it’s something they expect to see and you can tell them in advance that you will be doing this and it’s for their benefit.
You can also negotiate with them if they are going out of town to see if they should pay before they go or when they come back or if they could wire you a check from where they are at. You could also add additional fees for late payments. Let tenants know ahead of time that there are charges if rent isn’t paid within 5 days of the due date. This will motivate your tenants to get the check to you on time when living in rental homes in Utah
Be sure if you decide to impose late fees, that this put in your lease contract or else you will not be able to do this. These items should be explained while tenants are looking through it to sign it. Some tenants fall into hard financial times and can’t make the due date. Talk with them about this issue and negotiate payments. KeyRenter will talk to tenants and landlords to negotiate a deal if necessary.
The ideal way to prevent late payments is to have that issue and things pertaining to it stated clearly in your rental agreement. That way you can charge late fees and evict tenants if necessary because they aren’t following the terms of the contract. Be sure tenants know the policies and what action would be taken against them from the beginning of the contract. That way you both understand what is expected with the rent check.
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