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Landlord, Landlord Problems: Collecting Late Payments
by Gerald Mason
As a landlord you will have to become accustomed to collecting late payments.
The fact of the matter is that you are going to run into tenants who do not get their payment to you on time. This happens time and time again, and you should be ready to deal with this issue before you ever even become a landlord.
Even if you have never had a problem with a late payment, chances are that it will come up at some point in time. The good thing is that collecting a late payment is not usually as hard as you may think.
Sure, you may have to put some time into this, but all in all you should be able to reach a resolution in the end.
The moment that you come across a late payment you will want to get started with the collection process. Although this may be a pain in your neck, if you want to get paid you should really start trying to collect the late payment right away.
The first thing that you should do is send a letter to your tenant letting them know that they are overdue on their bill. In many cases a tenant simply forgets to send the payment, and in turn ends up sending it out as soon as they receive the notice. When this happens, you can simply collect your money and forget about it then and there. But unfortunately, things do not always work out quite as easily.
If your mailing notices go unanswered the next step in the process is to try and get in touch with the tenant via the telephone. Give them a call and if you can get them on the phone explain the situation to them. In many cases a phone call will scare them into sending you the money right away.
Finally, if late payments begin to mount up you may want to look into evicting your tenant. Nobody likes to do this, but it is a part of being a landlord. If you want to make your money you will need to get rid of tenants who do not pay their rent.
Overall, collecting a late payment is not always the easiest thing to do. But in most cases you should not have many problems. Remember, if you do not collect your late payment or do something about it you are losing money month in and month out.
There are other answers to the problem of collecting late payments. You could offer a slight reduction for timely payments, to encourage late payers.
A letting agent although costly is another solution to this problem.
Download free advice that can help you make great profits as a Landlord: http://www.freelandlproperty.com/landlord.htm About The Author: Did you know there are an estimated 8 million plots of unclaimed land and real estate in this country? Download a free ebook, that shows you how to claim your share here: http://www.freelandproperty.com/
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Return to the selection of landlord
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You may want to try these websites for additional information
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http://www.landlordsoftware.com/
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
As a landlord you will have to become accustomed to collecting late payments.
The fact of the matter is that you are going to run into tenants who do not get their payment to you on time. This happens time and time again, and you should be ready to deal with this issue before you ever even become a landlord.
Even if you have never had a problem with a late payment, chances are that it will come up at some point in time. The good thing is that collecting a late payment is not usually as hard as you may think.
Sure, you may have to put some time into this, but all in all you should be able to reach a resolution in the end.
The moment that you come across a late payment you will want to get started with the collection process. Although this may be a pain in your neck, if you want to get paid you should really start trying to collect the late payment right away.
The first thing that you should do is send a letter to your tenant letting them know that they are overdue on their bill. In many cases a tenant simply forgets to send the payment, and in turn ends up sending it out as soon as they receive the notice. When this happens, you can simply collect your money and forget about it then and there. But unfortunately, things do not always work out quite as easily.
If your mailing notices go unanswered the next step in the process is to try and get in touch with the tenant via the telephone. Give them a call and if you can get them on the phone explain the situation to them. In many cases a phone call will scare them into sending you the money right away.
Finally, if late payments begin to mount up you may want to look into evicting your tenant. Nobody likes to do this, but it is a part of being a landlord. If you want to make your money you will need to get rid of tenants who do not pay their rent.
Overall, collecting a late payment is not always the easiest thing to do. But in most cases you should not have many problems. Remember, if you do not collect your late payment or do something about it you are losing money month in and month out.
There are other answers to the problem of collecting late payments. You could offer a slight reduction for timely payments, to encourage late payers.
A letting agent although costly is another solution to this problem.
Download free advice that can help you make great profits as a Landlord: http://www.freelandlproperty.com/landlord.htm About The Author: Did you know there are an estimated 8 million plots of unclaimed land and real estate in this country? Download a free ebook, that shows you how to claim your share here: http://www.freelandproperty.com/
These articles on lifestyle and more
Reprint this article free of charge as long as you keep the author's resource box or bio intact and the links active. A copy of the ezine or URL of the page where the article was reprinted emailed to the author would be very much appreciated. landlord
Return to the selection of landlord
You may want to try these articles on landlord
Landlord, Legalese Explained: Obligations Of A Lease Assignment And “covenants Running With The Land" by Bob Miles Approximately 587 Words
Landlord, Yes, You Really Can Invest In Real Estate Without by Kevin Kiene Approximately 640 Words
Landlord, Great Tips For Getting Started With Rental Properties by Kevin Kiene Approximately 688 Words
Landlord, Should I Be A Landlord? 4 Questions To Consider by Gerald Mason Approximately 397 Words
Landlord, 5 Tips To Help You Become A Successful Landlord by Gerald Mason Approximately 494 Words
Landlord, How Much Do You Charge As A Landlord? by Gerald Mason Approximately 405 Words
Landlord, Tips For First Time Home Buyers by Gerald Mason Approximately 505 Words
You may want to try these websites for additional information
http://www.landlord411.com/
http://realestate.findlaw.com/landlord/
http://www.landlordsoftware.com/
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
