Accurate Credit Bureau Landlord Rent Payments and Late Rent Fees

Mishandling Rent Payments and Late Rent Fees

When it comes to rent payments, the most common mistake made is not charging the right amount of rent.

Setting the rent is a delicate issue – Ask for too much, and you’re going have a hard time finding tenants… leading to high tenant turnover rates and higher vacancy losses. Ask for too little, and your rental income falls to dangerous levels.

Late rent payments are another common pitfalls for landlords. The biggest landlord mistake that you can make here is not imposing late rent fees. Late rent fees are a highly effective deterrent against shoddy tenants – Even with regular tenants, you will save a lot time from not having to remind them of rent payments every month.

And if your tenants are overdue with rent payment, take firm action as soon as possible. Once the rent has been overdue for 48 hours or more, send your tenants a late rent notice letter to ask for the rent and any late fees. To deal with repeat offenders, you can consider giving them a pay or quit notice (which orders them to pay up 3 days or leave the property).

Download free tenant rental applications and landlord tenant rental leases here

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