Getting your tenants to pay you on time
Managing a property is like running a business and like any business; all landlords would like to receive their payments 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 will agree that things don’t always go to plan.
When realising the rent is late, it is common for most landlords to experience 2 emotions – anger and fear. The landlord is often angry because it effects his/her ability to meet mortgage repayments and afraid because this one late payment may be the beginning of a string of late payments.
Like a 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 ensure your tenant does not get into the habit of breaching the terms of their lease agreement 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.