How to Get Your Tenants to Pay Rent on Time

How to Get Your Tenants to Pay Rent on Time

Renting out a property is one of the best ways to enjoy a steady income stream. However, one of the largest challenges that landlords face is getting tenants to pay their rent on time. Fortunately, there are several methods to ensure you don’t have to go to great lengths to receive the payment or evict your tenants.

Here are a few simple ways to help ensure that landlords receive rent on time each month:

Enforce Late Fees

Enforcing late fees is one of the easiest ways to receive a payment that is on-time each month, but the fees must comply with the state’s law. Fees can usually be charged by the fifth of each month, which will be a large motivator for tenants who may already be tight on money.

Send Reminders

Sometimes the first day of the month simply comes and goes unexpectedly for those who become engulfed with school, work or family life. Just as the utility companies send reminders, it’s acceptable to send a monthly reminder when the first...
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