Landlords- Get Paid On Time!

Getting tenants to pay rent on time can be a full time job. Set yourself up for success and avoid the hassles of late rent payment with the following creative ideas:
1. Make It Automatic. Perhaps a renter is simply forgetful or very busy. If they always have an excuse as to why their rent is late, maybe they would benefit from a fool proof automatic rent payment program!
2.Highlight It In The Lease. Do your tenants tell you they are unaware of the penalties for late rent payment? Part of your job as a landlord is to clearly outline this important aspect to your tenant upon move-in. The lease should be clear on what is an acceptable payment, what is the exact rent amount due, the exact date due and the consequences of late rent payment or bounced checks.
3.Early Payment Discount. Consider raising the rent then offering a discount for paying on time. For example, if your property is valued at $1200 a month, consider charging $1270 and offering a $70 discount for paying on or before the due date.
4. Send Out A Reminder. Send out an email approximately one week before rent is due reminding the tenant of the due date along with the fee for late rent payment.
5.Reward Prompt Payment. If tenants pay early, offer them a credit of $10/month that they can receive at the end of the year. Other ideas include offering a $5 Starbucks gift card or a discount on rent when they extend their lease if they have made all their payments on time.
6.Ask Why They Are Late. If a tenant is continually late on rent payment, the appropriate questions need to be asked to stop this from continuing. Ask when they expect to be able to pay. Find out if there are other reasons for their refusal to pay on time, if they seem evasive or continue to fail to pay, an eviction may have to be delivered.

Other Tips
To get qualified tenants with established history of paying on time check with previous landlords. Get credit reports to make sure there is no history of owning landlords.

Information is deemed reliable but not guaranteed.