When your tenants fall short on paying their rent, know that it isn’t yours or the property manager’s fault. It is a challenge that’s present in every rental property. As a landlord, you have to deal out the necessary consequences. Golden Assets & Property Management (GAPM) has rounded up some useful tips to help you know what to do when tenants fail to pay rent.
Know the reason why
Sometimes a tenant could simply have just forgotten to pay the rent for many different reasons like a hectic schedule, death of a family member, or out-of-town engagements. Knowing why the tenant has not paid his or her rent can save time and money for both you and your tenant.
Keep your cool
Talking to your tenant in a calm, cool, and collected demeanor can achieve either of the two things: resolve the problem, or reach an agreement on the next course of action, like eviction. Keeping this professional demeanor can also help prevent legal fights. Adapting this approach in handling tenants who don’t or forget to pay rent is beneficial for both the landlord and the tenant. Make sure to inform your tenants about the late rental notice, but avoid repeating calls. It’s best to avoid accusations of harassment.
Review your lease
Lease agreements often include a grace period for late payments. This could be one possible reason why a tenant is late in paying his rent. So it is important that before rushing into things, you take another look at your lease agreement and take note of things like late charges, etc. Carefully keep these because if things lead to court charges, having a copy of your agreements can serve as hard evidence.
Proceed to the next step
If you’ve exhausted the measures in reminding tenants to pay the rent and the tenants still fail to pay, as a landlord, your next option is eviction. And after, if all else fails, proceed to legal actions to pursue your rental pay. Here’s what you need to do:
- Draft a preliminary eviction notice
Or have your attorney write one.
- Deliver this notice to the tenant in person
- Consult your lawyer to legally pursue the case
This is the tricky part in managing a rental property. But hiring a property manager like Golden can help save you from these unpleasant situations. Our team of professional property managers in Las Vegas will make sure that your rights and the tenants’ as well will be ensured. Taking necessary precautions from the very beginning is an invaluable method of taking care of your investment.
To know more about rental property management and Golden Assets & Property Management LLC (GAPM), read more on this page or call a member of our company now at 702-651-8886.