Collecting rent is one of the vital tasks for landlords to do. The money acquired is used for settling bills, maintenance, and the landlord’s profit. But unfortunately, some unexpected events can cause the tenants to miss their payments.
When tenants fail to pay the rent on time, several plausible reasons come to mind. The tenant may have lost his job, which was common during the pandemic. Hospitalizations can also affect their finances, particularly if the tenant does not have medical insurance. Death in the family can also put a dent in their budget.
If their reasons prove to be valid, landlords can accommodate late payments. However, if the tenant habitually fails to send the amount, that becomes a problem. The question is, how should the landlord deal with it? As a leasing agent, you might have encountered situations like this from other landlords. So it is better if you also know how to manage renters who fall short in paying their rent. Who knows? Some landlords may come to you for advice.
Confronting someone in anger can lead to complications. It may cause the landlord to say offensive and irrational things to their tenants. In some cases, someone ends up getting hurt physically. It can also result in property damages. The landlord should remember to stay calm when talking things over with the renters. A person can be firm but not threatening.
Do it ASAP
Once the landlord notes that the tenant has delays in paying rent, he should remind them as soon as possible. If allowed in their local laws, he can charge the late fees or send out a notice. The landlord must act quickly to let their clients know he takes the late payment seriously. If he does not do it ASAP, they might think they can get away with it every time.
Tenants who are always missing payments may trigger the landlord to evict them or file a lawsuit against them. If the situation escalates, the landlord will need proof of the renters’ violations. He should always keep a record of documents such as notices he sent, payment receipts, and written agreements if the landlord agrees to let the tenant pay on a later date.
Do it in person
Setting a meeting with the tenant is highly advisable for these concerns. The landlord should have a face-to-face discussion about why they failed to pay on time and the repercussions of their actions. If the landlord finds a reasonable explanation for it, they can work out a compromise regarding the rent owed. The landlord can also assess the person’s willingness in person better than by exchanging messages.
When not to accept partial payments
Like I’ve said, the landlord and tenant can come up with a compromise like partial payments. The tenant can also gradually make up for the amount by adding a part of it every monthly rent. But if the landlord decides on evicting the tenant, he should not accept any partial payments from them.
Once the landlord receives the money, the notice to vacate the property will be null and void. If the same thing happens again, the landlord would have to start the eviction process again. He should stick to his plan if he is dead set on going through it.
Landlords need not worry about the empty rental they would have after eviction. Tenants who continuously violate the lease agreement are not worth keeping. Besides, they have you to help them find new ones. You can use Padleads to post your property listings and syndicate them to other websites. Potential tenants will flock, and you can choose the right one who deserves a new home.