Steps To Deal With Late Rent Or No Rent

Steps To Deal With Late Rent Or No RentNo landlord wants to deal with a non-compliant and unresponsive tenant. All those fruitless visits and knocks on the tenant’s door, demanding the rent to be paid, makes one sympathize with you as a landlord. Here are some steps to deal with late rent or no rent.

Create A Foolproof Rental Agreement

When transferring your property to a tenant, make sure that you sign a contract with them. It will act as proof in the future in case of a legal conflict. Also ensure that the rental agreement is iron-clad, clearly stating all rent-related details like the exact rent payable, the date of paying the rent each month, legal action in case of non-payment of rent, and the interest charged for non-payment. That way you’ll be secure if the tenant doesn’t pay the rent.

Sometimes, Give The Tenant Some Time

Sometimes the tenant might have genuine reasons for not paying the rent on time, like loss in business, termination of employment, and personal crisis. In such cases, you can be a little sensitive, and give the tenant some time off. After all, displaying humanity doesn’t hurt anybody, right?

Straight Talk Is Hard To Beat

Before things go out of hand, speak with your tenant openly about the reasons for the delay in payment of rent. If the tenant is unresponsive, simply prod them until they tell you the truth behind the non-payment of rent. If you are satisfied with the tenant’s response, you should grant them some additional time. Otherwise, you can first ask around for advice on how to deal with the situation. A light warning can be given, reminding the tenant about the due date.

Only after exploring these means should you consider making the hard decisions.

The Last Straw, After Which You Can Go To Court

Your tenant still refuses to budge and not pay you rent despite your mighty warnings? Now things get more serious as you can take these matters to court. But give your tenant the benefit of the doubt one last time and wait for a week. If they don’t make the payment by this stipulated period, you should, by all means, solve these matters legally.

The increasing number of cases in which tenants are failing to pay up is causing panic among some property owners. The rental market plays a key role in a developing area and its worth shouldn’t be undermined.