What can you do if your tenant is not paying the rent on time?
Aug 18, 2017 Home Trading Steps
When an owner decided to rent out his property various kind of questions and worries loom inside his head. What if the tenant does not pay the rent on time? What if they refuse to vacate the property when asked to? Rental income helps in getting a monthly income.
Here’s what you can do if your tenant is not paying rent on time:
1. Communication is the key:
Make sure to talk clearly to the tenant at the beginning. You are talking to your client, it is better to communicate strictly and make sure they understand. Threatening or personal attack can be a problem for you. An open communication system will help you understand their mindset and they will understand yours.
2. Automated rent collection:
Sometimes the tenant forgets to pay the rent. To avoid such a situation, it is better to set up an automated rent collection system. Ti can only be done when few technological steps are followed. You can send reminders and texts to your tenant reminding them about when is the rent due.
3. When to draw the eviction notice:
Ask the tenant when do they plan to pay your rent and how will they pay it. There’s no harm in knowing what will be their source of income. Make sure that the money that they will be paying is coming from a legitimate source. In case, the tenant does not pay heed to your questions or refuses to acknowledge it, you can draw an eviction notice. You can also charge them extra penalty charge if they fail to make the payment on time. But make sure the penalty clause is mentioned in the agreement clearly.
4. Offer discount:
It is a great way to attract the tenants. You can place the monthly rent a little higher and offer a discount in one of the payment. Though, it will be better to disclose it only to a genuine tenant.
5. Tenant refuses to pay the rent or vacate the home:
Every state has a different rent control act. If the tenant refuses to vacate the home or pay the rent then you can take the help of the law by approaching Rent Control Board. The board will help you in resolving the matter. If the contentions of the landlord are correct and the tenant has violated the agreement then the board will ask the tenant to vacate the property.
Here’s what you can do if your tenant is not paying rent on time:
1. Communication is the key:
Make sure to talk clearly to the tenant at the beginning. You are talking to your client, it is better to communicate strictly and make sure they understand. Threatening or personal attack can be a problem for you. An open communication system will help you understand their mindset and they will understand yours.
2. Automated rent collection:
Sometimes the tenant forgets to pay the rent. To avoid such a situation, it is better to set up an automated rent collection system. Ti can only be done when few technological steps are followed. You can send reminders and texts to your tenant reminding them about when is the rent due.
3. When to draw the eviction notice:
Ask the tenant when do they plan to pay your rent and how will they pay it. There’s no harm in knowing what will be their source of income. Make sure that the money that they will be paying is coming from a legitimate source. In case, the tenant does not pay heed to your questions or refuses to acknowledge it, you can draw an eviction notice. You can also charge them extra penalty charge if they fail to make the payment on time. But make sure the penalty clause is mentioned in the agreement clearly.
4. Offer discount:
It is a great way to attract the tenants. You can place the monthly rent a little higher and offer a discount in one of the payment. Though, it will be better to disclose it only to a genuine tenant.
5. Tenant refuses to pay the rent or vacate the home:
Every state has a different rent control act. If the tenant refuses to vacate the home or pay the rent then you can take the help of the law by approaching Rent Control Board. The board will help you in resolving the matter. If the contentions of the landlord are correct and the tenant has violated the agreement then the board will ask the tenant to vacate the property.
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