3 Tips To Ensure Your Tenants Pay Their Rent On Time

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If you rent out residential properties, one thing that you might worry about is not getting your rent money on time. Although you might understand that some of your tenants will run into hard financial times every now and then, this probably isn't something that you'll want to deal with on a regular basis. Luckily, there are a few things that you can do to ensure that your tenants pay their rent on time.

1. Make it Clear That Late Rent is Unacceptable

It is never a good idea to tell your tenants that you don't mind working with them on the rent. Although you might mean it in the best way possible, many people will try to take advantage of you because of it. While following your state's laws, put it in clear writing in your lease that tenants will face eviction if they do not pay their rent on time or within the grace period that is required in your state. Along with letting tenants know that you are serious, this will also protect you in case you do need to evict someone who hasn't paid.

2. Offer Multiple Ways of Paying Rent

If you make it easy for your tenants to pay their rent, they'll be more likely to pay like they are supposed to. Offer multiple methods of paying rent; for example, you can allow them to mail in a check or money order, you can agree to meet with them somewhere to accept a cash payment, you can allow them to deposit the money directly into your bank account and you can allow them to drop the money off at your office.

3. Use a Property Management Company

If you haven't yet thought about hiring a property management company to help you with your properties, it is something to consider. A good residential property management company will do a good job of screening tenants, so you can reduce the chances of ending up with deadbeat tenants in the first place. They will also handle things like tracking down the rent, warning tenants who are paying late and taking steps toward eviction if needed. This can help ensure that you get your rent money and can take a lot of pressure off of you.

As you can see, there are things that you can do to encourage your tenants to pay their rent on time. Implement these three things, and you're sure to notice a big difference.