Communication is key. You’ll need each other’s contact details, including phone numbers and email addresses. Let them know exactly when rent is due (the final date), and how early you will accept the payment ahead of time. Pro Tip: Make it easy for tenants to pay you! If paying you is a hassle, then it will be a hassle for you, as well. Give them options for payment — let them pay you online, mail you a check, or use other mutually agreeable options with which you’re both comfortable. Some landlords prefer checks, some direct deposit, some PayPal. Don’t forget to remind your tenants what will happen if they don’t pay their monthly rent in full and on time according to the terms of your lease and your minimum qualification standards. For example, do you allow a “grace period” for rent payments? I know many landlords who give their tenants three-, four-, or even five-day grace periods, but in return, the tenants will receive reminders and notices on their front doors, as well as late fees (for example, a $50 late fee). This is not unreasonable. Just as you should make it easy for tenants to pay you on time, you should also make it difficult and challenging for tenants who pay late. Don’t “reward” them for not paying you on time. If you’re going to charge a late fee (which you should), don’t charge too much, but charge enough to the point where they feel it’s a pain. This should incentivize them to pay you on time next time, and then every time. If they still haven’t paid beyond your grace period, let them know that the penalty will become steeper, including possible eviction. And let them know that if you file for eviction, it’s going to become much more challenging for them to do business with you. Remind them that eviction involves legal fees and more, for which they are going to be responsible, and that eviction goes on
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