What Should You Do if Your Tenant Can’t Pay Rent on Time?
As a landlord, you should make sure that your tenants are taking care of your apartments. The bad news is that not all tenants are good ones. Some of the things that tenants do can cause you to cringe. The stories are wild. Among the many things that tenants can do that landlords hate is not paying their rent. Are you experiencing this issue with a tenant? If you have a tenant who can’t pay rent, you must take action.
Read on to learn what actions you can take to resolve this issue.
Check the Lease Agreement and Payment Records
One of the first things you should do is review the lease agreement. Double-check this document to make sure the tenant is truly late on their rent payment.
You might have a grace period in there that states that you allow tenants to pay a few days late. If this clause is there, you’ll need to honor it.
You should also check your payment records. This is important to do if you have someone else managing the rent collection. Errors can happen, so do see if the rent was paid.
Send a Late Rent Notice
If the rent is late, the next step is to send a late rent notice. This is a written document that notifies the tenant that the rent is late.
The information should clearly state that the rent is past-due. It should also outline the amount of rent due and if there are any late fees. The notice should state the date that the amount will be due.
Make sure to state that you may take further legal action if rent isn’t paid. You can deliver this notice to the tenant in person or you can tape it to the tenant’s door.
Contact the Tenant
If a tenant can’t pay rent after the notice, you must contact the tenant to find out what the problem is. The approach you take matters. Don’t make any threats to the tenant as doing so can land you in trouble.
Harassing the tenant is out of the question, too. This is a call that should serve as a verbal late-rent notice.
Send a Pay or Quit Notice
No landlord wants to experience tenant problems like this one. When a tenant has failed to pay rent, it’s time to send a pay or quit notice. This is an official document that demands the tenant pay rent in full or leave the premises.
Begin Eviction Proceedings
The last step involves tenant eviction. If you have no other choice, you must do this.
Once a tenant is evicted, you must find a new tenant. Finding tenants shouldn’t be hard. You’ll need the best real estate agent to help you find them.
Use This Guide to Help You Deal With a Tenant That Can’t Pay Rent
Now that you know how to collect rent, you can deal with a tenant who can’t pay rent. This guide provides you with an outline of the actions you should take to address the issue. You’ll be able to achieve a successful resolution.
Contact us now to learn how our company can help you.
