Issues with Rent

Paying rent on time is important. Paying rent when it is due establishes a good payment and credit history. In addition, paying your rent on time maintains goodwill with your landlord. Meeting financial obligations in a timely manner could prove beneficial should you need to lease again. Find out about the various ways of collecting rent arrears.

Read more about collecting rent arrears

Avoid late fees and accrued interest

Avoiding late fees, legal costs and accrued interest is another reason to pay your rent when it is due. Often a late fee is added to a rental payment when rent is past due. Also, if eviction becomes a reality, tenant files are given to an attorney. This could result in an additional charge.

Avoid an eviction

Avoiding an eviction is another reason to pay your rent on time. Just one month of not paying your rent could result in an eviction. Keep in mind; having an eviction or judgment on your public record could make it difficult finding a new place to live or getting utility services up and running.

Tips to help landlords

For landlords who are having a problem collecting rent from their tenants, there are several tips that may help such as being upfront and clear with your tenants about when the rent is due. In addition, be clear about any fees that would occur if the rent is late.

Find out the reasons

Most importantly, talk to your tenant about why they are not paying on time. Perhaps they don't have enough money or maybe they have forgotten their rental due date. Perhaps you could talk with them on changing the payment date or making smaller payments on a certain time frame.

In addition, to help motivate tenants to pay their rent, you could charge a late fee. However, ensure that late fees are clearly stated in the lease. Another step you could take is reporting the status of their rental payment to a credit check bureau.

Reward payments with discounts

For tenants who pay on time, reward them with a discount. Discounts provide motivation to pay on time and it reduces the time you spend on getting payments.

To conclude, paying the rent on time is important. Besides doing the right thing, paying your rent when it is due establishes a good payment and credit history. Follow the above tips, make your landlord happy and pay your rent in a timely manner!