How to Get Tenants to Pay Rent on Time
Be aware of the fact that being a landlord is a very tough task as you need to cope with unique situations every month. The tenants will come up with a new sob story every month as they make a late payment. On the other hand, some tenants will usually pay late because of a valid problem but others will make payments as a rule. If the owner only has a couple of properties or has a strict budget, then late rent can cause problems in the shape of a bad credit rating and will be unable to pay the mortgage on time. If you want your tenants to pay rent on time then follow some basic methods to help.
Instructions
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1
Tell them you will evict them if they make late payments
Make sure you tell your tenants that this is an important source of income for you and if they do not pay rent on time, you will suffer and will not be able to pay the mortgage. As a result of this, you will have no issue throwing them out if they are not punctual in paying rent. In addition, get a signed agreement from them especially with this term mentioned in it. Tell your lawyer to cover all loopholes and safeguard your property so that tenants do not take advantage of you. -
2
Make the process of paying rent simple for the tenants
A number of people cannot pay rent on time just because it is hard for them. Therefore, you can always ask them to pay weekly or biweekly payments by automatic debit. Moreover, you can provide them with various incentives. For example, if they pay you weekly and biweekly rent, then offer them a Christmas or New Year's refund in order to purchase gifts or save money. This way they will like your gesture and will reciprocate with good behaviour. Also, tenants pay early if they like you as a person. -
3
Offer discounts
Tell your tenants that you will provide them with an early payment discount so that they pay rent on time. Urge them to save rent if they pay on the 1st of every month. However, if they pay after that then ask them to pay the full amount. Know that discounts have a two way effect as they might increase the chances of paying on time and the word discount has a nice sound to it.
