Rent Rescue

Tips to Collecting Late Rent Payments

Every property owner dreams of the best tenant, but the best tenant does not always exist. Sometimes, renters may be late on payments. Here is how you need to make sure to receive your payments.

Charge Late Fees

You need to charge late fees when a tenant is late. If you do not, then he or she is going to think that it is okay to be late, because you are not going to charge them anyway. Late fees are a deterrent for late rent. While you may not want to charge late fees, you need to make sure that you are consistent.

Be Wary of Partial Payments

A partial rent payment can set a dangerous precedent with your tenants. On one hand, your tenant may take the rent less serious. He or she may not think that paying the full rent on time matters as much as it did before. It can also lead the tenant to question the original agreement. If you do accept a partial payment, you need to make sure that the rules are clear. The experts behind Rent Rescue suggest that you add a late fee to the partial payment.

When it comes to working with your tenants, you want to make sure that you have a good relationship. While hardships may come up for your tenants, you need to make sure that you still collect rent.