Property Management - Getting Your Rent on Time

In an ideal world, landlords would like to receive the rent from the tenant when it is due at all times, however all experienced landlords would agree that things don’t always go to plan.

When realising the rent is late, landlords may experience both anger and fear. The landlord is often angry because it affects his or her ability to meet mortgage repayments, and afraid because one late payment may be the beginning of a string of late payments.

Like any business, remember that for each day of unpaid rent that goes by, your financial security is threatened. Late rent must be appropriately dealt with quickly. By taking the correct action immediately, you will redeem your rent and will show your tenant that they will not get away with it in future.

There are a number of legal matters you must consider in order to ensure you collect your rent on time and a good Property Manager will be on top of the process and make sure that tenants are followed up as soon as the rent is late.