Calling All Rental Owners

Over the weekend, I had a great discussion with a property manager about some common questions I get concerning tenants.  This particular discussion lead to a question I hear frequently.  “My tenant is not great about paying on time, but does pay the rent.”

My mantra is a firm but fair policy.  Our leases provide a 5 day grace period for paying the rent, which is due on the 1st of the month.  If the tenant pays within the grace period, there is no late fee.  If the tenant pays after the grace period, there is a $60 late fee plus a daily fee.  The way a landlord protects themselves is to have a policy of always send out a 3 day notice for non-payment of rent(regardless of the reason).  This is the landlords only protection to start a legal process if the tenant does not pay.  In the 13 years of managing properties, I have found if I stick to the terms of the lease, my tenants pay on time or they will communicate with me about what is going on.  The other lesson I have learned (the hard way) is to be very consistent with 3 day notices!

Stay tuned for more rental management tips…

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