Rent Overdue? Here’s How to Give Notice

In a perfect world, every tenant would pay their rent on time, every single month. But in reality, even the best tenants get caught up and forget what day it is, resulting in a late rent payment. But what do you do if this happens in one of your units?

Should I Give Good Tenants Extra Time to Pay Late Rent?

No — if you have a tenant whose rent has slipped their mind, don’t delay! Even if the tenant’s in good standing, you still need to send a prompt and firmly worded notice in writing.

While you want to assume positive intent, you still need to send them a prompt and firmly worded notice in writing. Each day the rent is late is money lost — and this month’s late rent could lead to another, ultimately leading to eviction. It’s not something you want to think about, but you’ll need that documentation if you need to evict a tenant. Below are a few tips to make the process easier on your end.

Concrete Tips for Collecting Late Rent Payments from Good Tenant

Send the notice immediately once the due date has passed, and before your grace period is over. Include the balance due, plus any late fees or pending late fees they’ll incur for failing to pay before the grace period ends.
You are entitled to a late payment but make sure you follow the newest laws.
Make sure your template clearly states the consequences of not paying.
Have a template on hand to fill in and send quickly when needed. This will help simplify an otherwise-dreaded task. You can simply print and mail the letter or complete your portion electronically and email it.

All in all, this is an important task, even if it’s not the most fun. Follow the steps above to ensure that late rent is sent to you promptly, and to make sure you’re not spending too much time chasing after it yourself. And as always, let us know if you have any questions! We’re your go-to group for real estate and rental needs.

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