Today, we’re talking about how to get your tenants to pay their rent on time. Chasing down the rent every month is a problem most people can do without. The later the rent is, the less likely you are to collect it.
First, most landlords know that tenant screening is important. We want to reinforce that and tell you not to skip this step. It counts as 70 or 80 percent of your success in collecting rent on time.
You have to enforce the lease. If it calls for rent to be due on the first of the month, you should serve a Three Day Notice on the second or third of the month. If the rent is late, there should be a clause in your lease that says the tenants must pay with a cashier’s check or money order. Hold firm on this requirement because you’ll send a message that this is a serious issue.
We feel that the best communication is action rather than words. Don’t contact tenants to remind them the rent is late. They know this. Either they have chosen not to pay you or they don’t have the money. Just go about your business of enforcing the lease.
Finally, eviction is a strategy. We recommend that if the rent is two weeks late, you begin the process of filing an eviction. This doesn’t mean you have to complete the eviction. If the tenants can come up with the money and catch up with rent and pay your legal expenses, you can call off the legal process. But if they don’t, then you can get the property turned around quickly while you still have money to work with from the security deposit.
If you’re a landlord in Sarasota, Bradenton or Lakewood Ranch area and you have a problem collecting rent, contact us at Sarasota Management & Leasing, and we’ll discuss your options and recommend the best course of action.