don’t pay their monthly rent in full 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 you 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, and hopefully this will incentivize them to pay you on time next time, and then every time.
MAKE SURE THEY'RE TAKING CARE OF THE PROPERTY
You also want to ensure your tenant is taking care of your house and property, as per your lease agreement. This is an essential component of enforcing the lease. So how do you make sure they’re following through on their end of the bargain? Again, communication is key with property issues, just as it is with payment issues. Communicate with your tenant regularly. Ask for updates on any maintenance issues with your property and whether things are running smoothly and being taken care of properly. You’ll also want to periodically drive by the property to check out things for yourself. This will give you a general overview of the situation. Next, do a full-on walkthrough inspection of the entire home, including every room, about every six months. This will give you a clearer picture of the condition of your home as well as help you assess any issues or property damage.
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