Make your Tenants Pay Monthly Bills On Time
Collecting tenant fees could be daunting, much like a game of hide and seek, where you're always the one who has to seek. There are cases where your tenants tell you to be at their property at a particular time but then, they're not there when you get there. And then they give out a handful of excuses and promises to pay their rent another day.
This can be such a hassle and could ruin a beautiful day. But don't worry, there are ways on how to get your tenants to pay their rent on time.
One is to offer payment discount for early payment. Instead of putting late fees on late payments, you might as well do it the other way and put discounts on early payments. If you charge $500 per month for the rent and an additional $50 for late payments, charge them $550 instead and give the $50 discount if the payment is made on time.
You can also send them invoice to remind the tenants of their dues. You can add a payment coupon at the bottom, much like the mails you get that from service companies-- stating the amount due, the date due and the additional fees for late payments. This strategy can work properly for your property. Tenants will also feel less ambushed of their monthly bills, and they can’t say they forgot.
If despite all the efforts you made by following the tips above and you still get no payment, feel free to send them a demand letter. This letter will hint them that you are serious about collecting the rent and that failure to comply with this notice means they will have to get out of the property. Normally, tenants pay their overdues once they receive this letter. It's downright ugly to be evicted.