If you own rental properties you know that one of the most annoying problems is when a tenant doesn’t pay their rent on time.
This problem happens to just about every landlord at one point or another in their lives. Thankfully, stopping this problem from happening is easy especially if you follow these simple tips.
Tip #1 – Choose Renters Who WILL Pay On Time
When you have a single family home, condo or town home for rent one of the most important things you should do first is search for tenants who will pay you on time by following this criteria:
- Choose tenants who earn at least 2 x the rent or more you are asking for your Rental Property. This must be verified of course by their pay stub or income tax return.
- Make sure a prospective tenant has verifiable rental history.
- Verify that a prospective tenant has NO EVICTIONS.
- Always seek tenants who have a credit score of 650 or better since seasoned credit is a good sign that a tenant can be considered to be financially responsible.
Tip #2 – Make Sure All Tenants Know When Rent Is Due
Every time you have a new property For Rent you must make sure that your tenants are aware of what your policy is for rent is due and what penalties will occur like late fees and eviction notices if they don’t pay their rent on time.
Tip #3 – Offer Your Tenants Many Options for Paying Their Rent
Last of all, but most important, you should offer your tenants many options for paying their rent, including online options, because, it’s not always easy for some tenants to drop a check in the mail but it may be easier for them to pay their rent online.
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