Receiving timely payments from your tenants is key to running a successful rental property. Having responsible tenants is the first step in ensuring you can count on these payments every time they are due. This is why conducting a thorough check on your potential renters’ finances and their ability to pay is so important. However, even tenants with an excellent history can slip up when it comes to payments. Life happens: whether it is the COVID-19 pandemic or family troubles or the loss of a job, it’s always best to expect the unexpected. As a landlord, you know you can’t plan for every single scenario. What you can do is be prepared by factoring late fees into your lease agreements, and enforcing them when the need arises.
