Renting out a property is one of the best ways to enjoy a steady income stream. However, one of the largest challenges that landlords face is getting tenants to pay their rent on time. Fortunately, there are several methods to ensure you don’t have to go to great lengths to receive the payment or evict your tenants.
Here are a few simple ways to help ensure that landlords receive rent on time each month:
Enforce Late Fees
Enforcing late fees is one of the easiest ways to receive a payment that is on-time each month, but the fees must comply with the state’s law. Fees can usually be charged by the fifth of each month, which will be a large motivator for tenants who may already be tight on money.
Sometimes the first day of the month simply comes and goes unexpectedly for those who become engulfed with school, work or family life. Just as the utility companies send reminders, it’s acceptable to send a monthly reminder when the first is quickly approaching. Creating mailers or postcards is a great option for landlords who manage multiple units or apartments. Are you a landlord that finds yourself overwhelmed by your apartment management responsibilities. Click here to learn more about professional multi-unit and apartment management services in San Diego.
Keep Up on Repairs
In many cases, tenants are simply refusing to pay their rent on time because there are too many repairs that still need to be fixed on the property. This is often their way of communicating their feelings to the landlord, making it important to earn the respect of the tenant so that their own responsibility is reciprocated.
Work with a Property Management Company
If you constantly find yourself with bad tenants who refuse to pay rent on time, it may be time to look for help from a professional San Diego property management company. With the help of a company like Harland Property Management, you won’t have to worry about tenant screening or rental payments as they will take care of everything for you. This ensures you are paid on time and that your unit is always properly maintained.