Being a landlord can be very rewarding but there is one problem that seems to crop up for every landlord at least once in their career, tenants who are late with rent repeatedly. It?s important that you don?t let this activity persist but handle it with diplomacy from the outset and treat every tenant in the same manner when they?re late with rent.
The first step is letting them know immediately that the rent is late and how much the late fees are in a late notice.
Follow up the late notice with a phone if you haven?t received some sort of response within a couple of days after the late fee notice.
Eviction Notice or Legal Notice?
Some people are loathe to jump into the eviction process and prefer to send a legal notice from their attorney and many tenants are threatened enough by that step that they respond. Other tenants need the threat of eviction and some landlords prefer moving right into eviction mode.
A landlord can simply not let tenants slide on the rent or they?ll never get paid which means they in turn will never be able to pay their bills. So eviction is the eventual outcome if your tenant is still delinquent with the rent then you have to move through the eviction process.
Don?t forget to report your delinquent tenants to the credit bureau, this will prevent others (at least those who are diligent in their background checks) from falling into this tenant?s trap.