Tough Love for Handling Tenant Late FeesPosted by Judy Orr on
With money tight right now, as a landlord, you may be tempted to accept a late rent without charging a penalty to the tenant. After all, you are getting your rent money, and doing someone a favor, right? Actually, you may be starting a trend that could end in frustration, anger, and a long expensive legal battle. Here’s how to avoid all of that.
First, before the tenant signs on the dotted line, make it abundantly clear that you will not tolerate late rent payments, and that late rent is a very serious matter that will result in a certain financial penalty. Think of your 4th-grade teacher that seemed too strict during the first week, but you learned to love later. That teacher was setting the bar, laying down the rules, and putting fear in your heart –…
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