Late rents are one of the most common problems faced by property owners. No matter how careful your screening process might be, there is still a chance you might pick a ‘late rent payer’. Importantly, don’t hang around waiting for your tenant to pay his rent. Make sure you carry out the following, and your problem should be taken care of:
Late payment rules: the contract you sign with your tenant should include details on penalizations when rent is paid late. Make sure it includes when the payment must be made every month.
Keep track: be organized. Keep records of late rents, and send out late payment notices indicating the amount due and other charges relating to late payments. This comes in handy especially when you have many properties on rent.
If you are intent on receiving the payment right away, then give your tenant a 5 day notice to vacate your premises. If your tenant is unavailable, then talk to another member of the household and make it clear that if the payment is not made, you would be forced to file the notice in court, which would then lead to very unfortunate circumstances. In situations like this, always make sure you have a lawyer at hand for advice and counsel.
It is imperative you take steps in order to avoid having to face the same problems in the future. Inaction on your part would only make tenants believe that late payments are acceptable.