Are you an entrepreneur that leases property? Have your tenants been getting late on their rent payments? Challenging tenants are a common problem experienced by landlords of all categories and can be a headache. Late payers, partial payers, non-payers and check bouncers are the specific types of customers referred to as bad payers. There are simple ways with which you can utilize to ensure that your tenants pay their rent on time.
First, before you admit a new tenant you need to be clear on all the terms of your business. This prompts for a lease agreement between you and the client. A lease agreement when signed by both parties is legally binding and is a powerful tool to work out your tenant challenges with. Openly state the guidelines and commitments anticipated for by both the tenant and landlord in the lease agreement. Make sure you don’t miss to mention the date when you expect rent to be paid.
Develop the tendency to issue invoices to your clients consistently. This is a good way to remind them that you’re expecting their cooperation on payments. Some people are negligent of various issues even when they are sufficiently capable of handling these matters, and rent payment is no exception. Businesses experience customers who don’t take respective actions as required unless followed around while others honestly fail to remember stuff. An entrepreneur has to be patient and persistent when dealing with this kind of individuals so as not to lose business. One can only be patient and persistent with difficult for long, these kind of individuals are a challenge to a corporation and can be dismissed at any point.
Rewarding good clients and penalizing the bad ones can be useful. An initiative of this nature can encourage individuals to comply with rules and regulations. The good tenants can be offered discounts for their consistent efforts, and a penalty fee can be added for those who fail to comply with the set guidelines. Ensure to act respectively and in consistency to show that you mean it. Confidently give eviction notices or expel a bad tenant if it’s necessary, it’s good for business.
Lastly, make sure that your service is beneficial to them. There are times when individuals find fault to hold on to rent. Make sure you fulfill the expectations of your tenants as provided for in the lease agreement. Nobody wants to spend money where they feel it is not deserved, including your tenants. To strike a win win outcome for your clients, manage your property in the best way possible. Deliver any relevant messages promptly and in a professional manner.