Property management companies can make a commercial property owner’s life easier, and one headache property managers handle is the issue of late rent payments. Good management makes a difference in many ways, and ensuring that rent payments are deposited in a timely way is a major benefit. Collecting on-time rent payments is a common struggle, but dealing with late payments doesn’t have to be an ongoing problem. The following are some tips for avoiding an epidemic of late rent payments.

Communication

In the majority of cases, rent payments are late for reasons other than a tenant with lack of funds. Instead, rent is more likely late for one of the following reasons:

  • Can’t find the checkbook
  • Forgot to go to the bank on time
  • Forgot to write the rent check
  • Forgot to mail the check
  • Forgot to schedule a time to deliver the rent check

The surest way to resolve this kind of issue is with strong communication. An excellent strategy among property managers is to be proactive about preventing late rent payments by sending friendly reminders. Establishing friendly communications helps to avoid a situation in which a tenant practices avoidance strategies when there’s an issue with the rent. Keep up an ongoing flow of communication with tenants struggling to pay the rent on time, as well. It’s always best to work things out, as opposed to seeking legal recourse.

Establish a Late Fee

Many renters are highly motivated by a desire to avoid paying a late fee on their rent. There should be some flexibility, such as with a tenant who has consistently paid on time, has a rare issue with being late, and communicates with the property manager about it. Other than that, consistency in following through with this and all other stated policies helps to avoid a myriad of repeat problems, including late rental payments.

Offer Online Payment

Providing tenants with an online option for sending reminders about upcoming rent due and for paying rent can be a huge help in cutting down on late rent payments. Along with other online platforms, apps are available to remind tenants about payments due.

Flexibility

If you have a tenant who needs a due date other than the standard, there is nothing wrong with changing it, to ensure on-time payments. When you use unbending, threatening tactics such as late fees, it can create tension in the tenant-landlord relationship. Since the strict policy has its unmistakable benefits, it helps to have a coinciding policy that allows tenants to have a small amount of wiggle room. Making occasional exceptions can help to keep everyone happy for the long haul.

Professional Property Management is a Cure for Headaches

Late payments that affect the owners’ ability to make their own payments is just one area that demonstrates the value of an experienced professional property management company. Weaver Realty Group is a firm with well-qualified management staff and a proven record for operating properties in an exceptional way. By going with the Weaver group instead of a large real estate chain, you will have personalized service from experts familiar with the particular ins and outs of property management unique to the Florida peninsula. Contact Weaver Realty Group today at (904) 733-0039 as a cure for all kinds of property management headaches, including late rent.