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I am the Landlord. I have a tenant I've reminded a couple of times now and wondering if I should continue this practice. This would be the 3rd time if I do it again. Starting to think it might be unprofessional to send warnings.
You've reminded your tenant 3 times to pay his rent? Do you offer to write the check as well?
I think you need to stop babying your tenant and let them pay their rent on their own....you're the landlord, not the parent.
I wish all my tenants would just sign up for automatic deposit. My mortgages are set up for automatic deposit. My business Visa card is set up for automatic payment. My HOA dues are set up for automatic payment. If everybody puts everything on automatic then the problem is solved.
Except for stupid people who can't manage their finances and always spend their checking account down to 2-3 dollars before each payday. I like to think of these people as future ex-tenants.
I think I would tend to warn a tenant the first time they are late on rent, and tell them that as a courtesy I will waive the first late payment fee. After that they are on their own. My Realtor picked $15/day and I'd sure hate to pay that for 4-5 days.
Not practical. That eviction notice is also a future vacancy notice, as in no rent until the unit is cleaned, reconditioned, shown and rented. Do not shoot self in foot.
I wish all my tenants would just sign up for automatic deposit. My mortgages are set up for automatic deposit. My business Visa card is set up for automatic payment. My HOA dues are set up for automatic payment. If everybody puts everything on automatic then the problem is solved.
Except for stupid people who can't manage their finances and always spend their checking account down to 2-3 dollars before each payday. I like to think of these people as future ex-tenants.
I think I would tend to warn a tenant the first time they are late on rent, and tell them that as a courtesy I will waive the first late payment fee. After that they are on their own. My Realtor picked $15/day and I'd sure hate to pay that for 4-5 days.
This tenant received such a warning sometime in the first year (they are now in their 4th year), and then I reminded them again the month they had their new baby just earlier this year. Just wondering if there's another time should I just let them roll into late fees. I am not a hard-A and all my tenants are consistent, on-time payers - they pay direct deposit at the bank so I know immediately when a deposit is made. I do provide preprinted deposit slips, so I guess Kim is kind of correct about my mothering tendancies!
I wish all my tenants would just sign up for automatic deposit. My mortgages are set up for automatic deposit. My business Visa card is set up for automatic payment. My HOA dues are set up for automatic payment. If everybody puts everything on automatic then the problem is solved.
Except for stupid people who can't manage their finances and always spend their checking account down to 2-3 dollars before each payday. I like to think of these people as future ex-tenants.
I think I would tend to warn a tenant the first time they are late on rent, and tell them that as a courtesy I will waive the first late payment fee. After that they are on their own. My Realtor picked $15/day and I'd sure hate to pay that for 4-5 days.
I have 160 properties and a grace period through the 5th. I usually have about 20 people who do not pay by the 5th each month (about 15 repeat offenders and usually about 5 random people). We've been gradually whittling away at this, a year ago, it was 25 repeat offenders every month, but some of them, we've got trained, some didn't like paying the late fees, and some just moved out.
I usually call the random late ones, the ones who always pay on time, because sometimes someone is in the hospital or something. I call them the morning after the grace period ends and tell them if they get it in before the end of the day, I'll waive the late fee. They almost always do, because they aren't problem tenants. However, for the repeat offenders, I don't call them every month, I just charge them the late fee. Some of them pay a late fee every month.
I too provide my tenants with deposit slips with the amount pre-printed. My very major bank has 4-5 branches within 3 miles of all my rental houses, it would be almost impossible to go anywhere without my tenants passing more branches. Actually I sometimes wonder why so many branches, but it works for me! Easy on my tenants too, and no postage or lost in the mail or excuses thereof.
And I can easily see payments including image of whatever monies were used, except cash I guess.
I don't see any reason to give each tenant one "oops!" After that I like the phone call and "get it deposited by close of business and I'll skip the late charge." After a few of those my warnings may switch to certified mail delivery, and no more freebies. However all my tenants seem like responsible persons and I doubt I'll ever see a late payment from my current tenants. I'm a small operation with 4 houses so I don't expect to encounter the problem often.
I don't like the notice approach. Too much shock factor for my taste, and not worth a 14 hour round trip drive to deliver. Just kidding, my cousin lives a few miles away from my properties and could do it if I asked.
Not practical. That eviction notice is also a future vacancy notice, as in no rent until the unit is cleaned, reconditioned, shown and rented. Do not shoot self in foot.
I don't follow. I've been in apartment building where it appeared it was management policy to post eviction notices on doors if the tenant is a day late with rent. If they pay then the eviction process isn't continued.
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