If they still haven’t paid beyond your grace period, let them know that the penalty will become steeper—eviction, for example. 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! Remind them that eviction goes on their record and will make future tenancy difficult for them; they will be automatically red-flagged. Consider this possible, but unpleasant, situation: If someone doesn’t pay you for an entire month, and now they’re 30 days late, not only do they owe you rent for last month, but they also owe you rent for this month. If someone couldn’t pay you last month, how are they going to be able to come up with two months’ worth of rent? What if you start the eviction process? Then, they’ll owe you for three months, plus late fees, plus attorney fees, plus all the other expenses you’re going to charge. In the end, they’ll end up saying they can’t afford all that, break the lease, and move out, and you’re left with all those unpaid fees. Not a situation you want to find yourself in, is it? In the end, it never pays for you to let them pay their rent late, so just don’t let it happen. The bottom line is that you are the owner, you are in charge, you make the rules, you are the authority, this is your business, and they need to respect you and your policies. You’re not here to give your tenants a “get-out-of-jail-free” card. Enforce the lease! Lay down the law! Don’t be aggressive for the sake of aggression, but rather be authoritative and firm in order to protect yourself and your investment.
DEAL WITH ISSUES ASAP
If you have any issues with your current tenant or rental situation, the key is to deal with it right away—immediately! Don’t wait.
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