Every landlord or property manager has probably dealt with a tenant not paying their rent on time or missing payments altogether. Dealing with missed rent payments can warrant different actions depending on the terms of the lease. As a landlord, it is important to keep in mind that this is a business, after all. Late or missed payments will only hurt the business you are managing. In order to deal with this often-sticky situation with tenants, landlords can equip themselves with several tips to avoid the headache.
Don’t Get Too Personal
Landlords, especially those who live on site, can at times develop friendships with tenants. Even if this is the case, landlords need to remain firm when it comes to rent. If a tenant falls on hard times, landlords shouldn’t become too personal about the situation, letting months of late payments slide. Landlords should take a business approach when dealing with tenants and collecting their rent.
Read more...Tips for Dealing with Missed Rent Payments - Multifamily Blogs
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