It’s easy to think of renting out your Cleveland, OH property as easy money. Just find someone who needs a place to stay and you have yourself a steady and passive source of income. However, being a successful landlord needs more than just that. It also involves communication, management, and a whole lot of patience.
In some cases, you might even find yourself with tenants that don’t pay on time. But when you have a mortgage that needs to be paid, how can you ensure that your tenants pay without delay?
It’s about finding the balance between assertion and compassion. Want to learn more? We’ve compiled some FAQs on how to deal with late rent payments and how to demand them from the tenants of your Cleveland, OH property.
What is the best way to follow up on rent for my Cleveland, OH property?
An eviction lawsuit can be costly and exhausting for both parties. So how can you avoid having to evict the tenant of your Cleveland, OH property? It all boils down to communication. You can invite your tenant for a serious one-on-one where you can discuss the following:
Learn about their situation
These discussions don’t always need to end with a lawsuit. Try to listen to their story first and ask about the reason behind the delay. Honest and trustworthy tenants will take this to heart and do better. A little bit of sympathy and patience can save you both the trouble of having to bring this to court.
Agree on new terms
In writing, come up with agreements on how you can move forward. Discuss your needs with each other and identify a new payment date that can be followed. This could be your way of getting assurance from them. You can also provide them with the option of paying only a portion of their rent in the meantime.
What can I do to make sure that my tenant pays on time?
Some tenants might just have a difficult time with schedules and punctuality. Maybe tweaking your agreements and systems might do the trick! Here are some modifications that you can do to ensure timely payments:
Offer online or alternative payment methods
In this day and age, people are becoming more and more reliant on cashless digital payments. Your methods for collecting rent can adapt as well. You can use digital wallets like PayPal or Venmo, or online platforms like Avail. Keeping track of payments can become easier for you too now that you have all of the data at the palm of your hand.
Set up a reminder system
You can avoid the awkward and tedious task of demanding for late payments when you give reminders for upcoming payments instead.
How can I motivate my tenants to pay on time?
A little bit of psychology can help here as well. Motivation can be developed through rewards and consequences. Here are some ways that you can get a learned response from the tenants of your Cleveland, OH property:
Include a fee for late payments
Problematic tenants can learn to avoid late payments through additional fees. However, make sure that your late fees are fair and don’t place a heavy financial burden on your tenants. Some states impose limits as well, so don’t forget to do your research. Finally, the late fee and a short grace period must be included in your lease agreement.
Offer rent concessions for timely payments
Positive reinforcement can also do the job. Rather than punishing your tenants, you can offer them an incentive of a discount. You can also boost their credit score by reporting your transactions to the major credit bureaus.
Sell to a professional home buyer!
If all of this sounds like a hassle for you, you can sell your Cleveland, OH house fast with RC Home Buyers! With our help, you won’t have to deal with troublesome tenants and their late payments.
RC Home Buyers is your go-to cash home buyer in Cleveland, Ohio. Unlike problematic tenants, we can give you your payment in full and on time. No hidden fees or commissions here! Just efficient and trustworthy service.
Say goodbye to your landlord blues with RC Home Buyers! Answer the form on our site or give us a call so we can get you started on that fair cash offer!