Rent collection is the most important part of owning rental properties because of the simple fact that if tenants don’t pay, no money comes in and you must cover the mortgage plus other expenses yourself.
Sadly, more than 3.7 million renters get evicted every year and the sad truth is that most evictions can be avoided if the landlord utilizes one of these solutions.
Solution #1 – Enforce Your Rent Collection Policies
If you already have rent collection policies in place, it’s best to focus on enforcing them because if a tenant knows that they can get away with paying rent late each month, they won’t think twice about paying their rent late again.
If you don’t have a rent collection policy in place, it’s best to establish one immediately.
Your rent collection policy should be very clear about when rent is due, how it is to be paid, where you expect rent to be paid and what happens when rent is paid late.
Solution #2 – Follow Up with Your Tenant
When rent is late, you should follow up with your tenants to find out when they will be paying rent and you should also be clear about when they can expect to be accessed with a late fee if they are more than a certain number of days late paying rent.
Solution #3 – Issue A Late Rent Notice
Last of all, but most important, if the tenant hasn’t paid their rent within five or more business days after you initially contact them, you should issue a late rent notice.
This notice is typically mailed to the tenant’s property or posted on their front door. The goal of the notice is to remind the tenant that their rent is late and that you will be moving forward with eviction if they don’t pay by a certain date.
If a tenant does not pay the rent within 72 hours, a landlord may immediately file a court eviction proceeding. In calculating the 7 days, the day the rent is due counts. For example, if rent is due on the first of the month, you can give your tenant a 72-hour notice on the eighth of the month.
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