Property Management Company Wny Holdings on What to Do When Your Tenants Pay Rent Late

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( — January 6, 2020) — Being a landlord can be a difficult yet rewarding job. However, oftentimes landlords struggle to receive payments from their tenants every month. Here, WNY Holdings shares suggestions on what to do when tenants pay rent late.

This is perhaps the most common problem a landlord has, and nearly every manager will have a non-paying or late-paying tenant at least once. While the tenants may have a valid excuse, such as a lost job or they may have innocently forgotten, this can cause issues for the landlord, too.

For many, this can put a serious strain on their own finances, as they must continue to make the mortgage payments on a property they own, without the monetary help of paying tenants.

Fortunately, there are plenty of steps to help prevent this from happening and ensure that payments are made consistently on time.

  1. Double-Check Your Records

You may think they’ve missed a payment, but have they?

Always keep a written record of your tenants’ payment history, and if you think they might be late on a payment, go back and check to make sure that’s really the case. You may think your mind is a reliable log, but something could have slipped.

  1. Check the Rental Agreement and State Guidelines

Before you serve them a late notice, check the rental agreement and state guidelines.

Unless they agreed to late fees in the contract, you cannot add any now. Doing so might land you in legal issues.

Additionally, your state might have regulations. For example, they may require landlords to give their tenants time to make the payment.

  1. Notify Them

If you can’t reach them through phone or email, stop by and post a late notice with a bill of what is due, including any late fees they may have.

This will also act as a warning that you might eventually have to take legal actions against them if they don’t make the payment.

  1. Call Them

Then you should check in with them as soon as possible.

Once you’re sure that they might have missed a payment, it’s best to reach out to them immediately to resolve the issue as quickly as possible.

Speaking to them directly is the best way to make sure that they are aware of the situation. If they forgot, it’ll serve as a reminder. For any other reason, having a conversation might help motivate them to pay or for you to extend a grace period.

  1. Evict Them

If all else fails, it might be time to start the eviction process.

Post another late notice that clearly tells them of any intentions to evict them if they do not pay in full, including any late fees, by a specified due date.

Should your tenants fail to pay again, research your state’s eviction waiting period; some states require a landlord to wait a designated amount of time prior to filing for eviction. Then, begin the paperwork. Having an attorney can help with both the eviction notice and paperwork.

About WNY Holdings:

Panama City Apartments manages seven of the best value properties in the area. Our team has a dedication to creating the best apartment experience you have ever had. With two beach and five town locations, we can accommodate most needs. We are also the best value in town, so if you find somewhere cheaper in our area, come see what we can do for you. Our profits go right back into the property, so our great value is one that gets better all the time! Panama City Apartments is owned by WNY Holdings LLC, a New York-based company with many years in the rental business.