4 Tips Landlords Should Know About Collecting Late Rent

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4 Tips Landlords Should Know About Collecting Late Rent
Even the best tenants go through struggles or simply forget to pay their rent at times. As the landlord, it’s your job to contact them and see that the rent gets paid. It’s not always pleasant to confront this type of situation, but using our four tips landlords should know about collecting late rent will help to make the process more bearable.

Send a Reminder

When rent is first missed, send a kind reminder through email or mail, letting tenants know the rent wasn’t received. Review the property’s policies so there is no confusion.

Make a Phone Call

If mailing a reminder doesn’t work, it’s time to make a call to the renters. Be polite and professional and ask if everything is okay. You never know what’s going on in someone’s life, and they’ll appreciate your concern. Hopefully, the call goes well, and an agreement to get the rent paid is established. If not, it’s time for the next step.

Go To the Unit

If all else fails, you’ll have to go to the rental and face the renters. One of the most important tips for landlords when collecting late rent is not going in anger—that won’t solve anything. Kindness goes a long way, so ask if there’s anything you can do to help, such as setting up a new schedule of when to pay or giving them a break on the late fee if they pay immediately. See what’s going on. Sadly, if they simply refuse, the next step is a collection agency and possibly eviction.

Collection Agency

This is a last resort option, but, unfortunately, it’s sometimes necessary. When a renter won’t cooperate and owes months in rent, a collection agency takes care of trying to retrieve it. Once it’s in the collection agency’s hands, you no longer have to worry about chasing down the missed rent yourself.

As a landlord, you certainly hope you don’t have to deal with late rent. For most renters, missing rent is an accidental oversight, or they are going through a tough time. Those issues are often easily resolved when all parties involved cooperate.

If you’re a property owner, the last thing you want to deal with is rent issues. Using a full-service property manager solves that problem so you can focus on other areas of life, such as building your property investment portfolio. Excalibur Homes can fulfill your property management needs. We offer full-service Alpharetta property management services, along with property management services for all surrounding areas. Contact Excalibur Homes to learn more!

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