How to Make Sure Your Tenants Pay on Time
The most important thing for a landlord is to collect rent in time. at the same time, this is the only aspect about being a landlord that you have little control over. That why we give you 4 tips to help you how to make sure your tenants pay on time.
Because of the rise in Puerto Vallarta real estate values, investors have been flocking to park their money in rental properties. This wave brings experienced and newbie investors at the same time and becoming a landlord is not everyone’s cup of tea.
Here are 4 tips to make sure you get the best out of your rental property each month without much hassle.
1. Communicate Well
The key to getting rent on time is to create a sound communication channel between the tenant and him property manager you hire. It will be the manager’s job to collect the rent and you need to select a property management company that has a proven track record.
As a property manager, make sure you talk to the tenants and keep them aware of the fact that the rent needs to be paid at a certain date.
2. Talk to them if They Aren’t Paying on Time
Make sure you ask the tenant if they missed out on rent. Discuss with them if changing the payment date will help. There’s a chance that they might have forgotten to pay the rent—so initially go easy on them. Offer them an option of paying smaller payments throughout the month. Also ask them to allow a direct debit, which will eliminate the whole forgetting scenario.
3. Start With Penalties
If you charge the tenants with a late fee, they will make sure never to miss a deadline again. You need to clearly state it in the lease that any late payments will be charged a certain amount of fees.
4. Prompt Payments Must be Rewarded
If a late-paying tenant gets a fine, then the prompt paying ones must be rewarded with a discount. This doesn’t have to be too much but enough for the tenants to feel rewarded.
Once you have established the tenants who frequently miss out of their rent, make sure you keep an eye on them and don’t let them exceed a certain amount. If possible, stay in line with your landlord and keep them updated about the situation.
For more information about vacation rental, visit: https://mypuertovallartarentals.com
For more information about property management, visit: https://managepvproperty.com/
For more information about cleaning services, visit: http://uniquehousekeepingsolutions.com