Sorry for all the rental questions lately. A friend and I have been having some similar experiences and I just wanted to get others input. Said friend has been having any issues with a tenant paying late as well as avoiding late fees. As per the rental agreement any payments made after the 5th of the month incurs a late fee of $30. The tenant has recently (last 3 months or so)been paying late and not including the late fee. They have always been good tenants and not had issues paying late until the last few months. A notice reminding the tenants of the fees in the agreement was sent out and the fees have still not been paid. What would be the best way to go about handling this situation? Speak with the tenant in person? Waive the fee if they start paying in time? Eviction?
These are some great questions, and a topic that easily separates the beginners from the pros.
You have to start at the top on this item.
Is it worth keeping the current tenants? Do they pay market rent? Do they take care of the place? Are they trending in a bad direction, or is it really just a temporary situation?
If the answers to these questions are not favorable, you might want to think about inviting them to leave.
If the answers are favorable, then set a deadline for them to start paying on time again. If they meet that date, waive the late fees. If they miss it, make all late fees and rent due immediately.
If you can easily replace the tenant, be a little tough. If you can’t, be a little tough, but work with them while they get things back on track.
Awesome advice! Thanks.
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