In an ideal world, all of your tenants will pay rent on the day that it’s due, maybe even before it’s due. However, this is not a perfect world and you may have tenants who are consistently late or always providing excuses when the due date comes and goes and you still don’t have the money. On today’s blog, we’re offering four tips to collecting rent on time.
In your rental agreement, you need to state the day that rent is due every month. You must also let the tenant know if there is a grace period. Your rental agreement should also include any late fees that will be charged and penalties that will be incurred when rent is late. Make sure you also include information on how to pay rent. Go over this with your tenant before move in so you can be sure the instructions have been communicated and the tenant understands.