Toronto Rental Services
Circl | Verified Rental Properties Service provider | Offers top listings of verified lanlords & tenants. Find your house or apartments for rent from thousands of houses and apartments listed on Circl".
Renting is the best source of income from rental property, but sometimes because of tenants, landlords may suffer from financial issues by late rent paying. As a landlord they also make mistakes to choose perfect tenant after screening process, because of not checking of credit score and this will cause several issues related to rent. But sometime tenants are really suffering from some personal or financial issues, in that case landlords should help renters and understand their problems, but if this happen again and again, then defiantly tenants are not interested to pay rent. As a landlord, when you visit for rent collection tenants will refused to pay rent on time and use several excuses to get rid off from you on that time So there are some tips which can be helpful to avoid the late payment issues:
About Late Fees
Late fees is one of the best ides to avoid the late rent excuses, because each and every renter want to save their money. By implementing late fee charges, renters will avoid to to get stuck in the circle of late fee charges, and become regular to pay rent on time. As a landlord, this is the best move to show seriousness about rent collection on time toward renters. Because tenants will not make their own loss, but there are some renters who really suffer from some issues due to which they not able pay rent on time and this will happen once in a while, so as landlords you should understand their situation give some extra time them. If this happens on regular basis then you should take some steps against renters.
Strict From Start
Late payment is the one of big issues, for landlords and most of landlords are suffering from these issues. While you get in new tenants or renters, you should be strict about the rent and mention your conditions on the rental agreement about late payment charges or any other penalties related to late payments. There too many renters who are very well trained to handle these conditions and easily find the weakness of landlords which is used the renters while landlords visit for rent collection. So it is better to make distance from renters, and treat them like professionals and also be strict for rent collection on specific time.
According to renters, landlord is a person who is visit to their homes for rent collection only, or sends money to them. Landlords should encourage the communication to renters so that they should be easily communicate to landlords without any hesitation. A perfect renters will never hesitate or afraid from landlord whether they visit for inspection of rent collection. A renter should be able enough to meet landlord and make face to face on regular basis. So as a landlord, you should decrease the communication between landlord or tenants, which will help to avoid the late payment and excuses and enhance the relationship between landlord and renters.
It is very frustrating task of rent collection, and it becomes more frustrating when your tenant will refuse to rent on time and make several excuse. When a landlord will provide perfect home rental then its renter responsibility to pay rent on time. As a landlord, you should be treat your renter like professional without losing your anger. And after providing multiple chances to pay rent and your renter still not paying rent then you should go with legal procedure to get rid from untreatable renters.
Eviction Is Must
At last when you are fed from your renters and they left no way handle them, then you should go for eviction process. But before eviction you should give multiple chances to renters for paying their pending rent with late payments.