Never recieving rent on the 1st. : ezLandlordForms

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Amanda H

started a topic over 15 years ago

I am a very small landlord. I have just 1 property. My tenant never pays rent on the first. They usually pay rent before the 5th to avoid the late charge. This just drives me nuts. They never pay on time! I remember when I rented I felt like I was pushing it when I dropped my rent off at 10pm on the 31st of the month! I know there are much bigger issues to be upset with, I am sure there are others of you that deal with this too.... does it just annoy you too??

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Donna

said over 15 years ago

It is very frustrating but unfortunately - that is what a grace period is for. I too have a tenant that pays sometimes right on the 5th, so I have now come to expect that payment will be made on the 5th of every month. To avoid this in the future, unless your state law prevents it, create a shorter grace period.

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Barbara H

said over 15 years ago

I think you need to relax a bit and realize that they are not late if they pay before the 5th every single month. Stop expecting it on the 1st and realize that they are not late if they utilize the grace period.

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Juan O

said over 15 years ago

What is a good grace period to give to the tenant? 5 days or 10 days

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Denise S

said over 15 years ago

I use 5 Days. I ahve used 3 days in the past as well.

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Tina /

said over 15 years ago

How Do we collect the rents on time the grace period is the 5th however most are paying htis after the 5th with fee then we have some that pay real late. How do we stop this? ant throughts or ideas would help so much . We have over 1000 units this is a big problem

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Amanda H

said over 15 years ago

Juan, I personally wouldn't ever give 1o days. I would say 3-5. My next tenant will only have the joy of a 3 day grace period. I am not going to mess with 5.

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Denise S

said over 15 years ago

I agree with Amanda H. Use a smaller grace period. and create a plan and stick to it. Unfortunately, late payers are a part of the business. But if you do not receive payment on the due date, you can send a reminder and as soon as the grace period passes, send a late notice. NEVER forgive a late charge!! Another method I have seen is a reward system of a small discount if tenant pays on time. And it is important to really scrutinize through thorogh background testing, the tenants you choose.

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JoAnne T

said almost 7 years ago

I've found out first hand the longer grace period you give them the longer it will take them to pay. I only give them 2 days and after this the late fee is charged. In the state of Virginia, it is not required to give them a grace period. This is a courtesy not a law! Just a thought...