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Late Rent Payment Excuses and How to Handle it

Late rent payment

What are some of the most common excuses for late rent that you have heard? And how you can handle it,

I can not go to the bank today because it is raining. Here we go again, due dates are on and payments are late AGAIN. These kinds of scenarios are not new to us, especially to property managers or landlords.

Here are some of the most common excuses for late payment rent that we have heard:

  1. My (XXXX) died and I need to go out of town to attend the funeral.
  2. Sorry, the banks are closed by the time I get out of work.
  3. I tried submitting payment online but my computer was not working.
  4. The due is today?! Wow, I lost track of time
  5. I had no power, and I couldn’t pay online

Which of these excuses are pretty common for you and your rental property business?

As tough as it gets we need to make sure that we know how to handle these kinds of late rent excuses. Here are our top 4 tips on how you can handle it properly and professionally:

1. Stay calm and respectful

While managing these cases can be very unpleasant, approach the circumstance as professionally and calm as you should. Typically, landlords who respond exclusively dependent on feelings take advantage of their business away. A heated response or reaction might cause harm to you and your property while taking it lightly might make your tenant complacent and do it again and again. Treat your tenant respectfully, however, don’t be hesitant to communicate and enforce the rules as laid out by your lease agreement.

2. Talk to your tenant and know the reason why

Now and again a tenant could basically have recently overlooked paying the rent for, various reasons like the payment due dates are not clear to them, death of a relative, or they are travelling. Knowing the reason why the tenant has not paid their rent can save time and money for both you and your tenants. Remember that having good and open communication with your tenants is critical.

3. Set clear guidelines or remind them about it

It is reasonable and understandable that a few tenants might encounter issues in their lives yet that should never affect when and in case of rent is paid. Based on our experience, once they go down that way it is incredibly hard to get back to a regular payment schedule. 

4. Use technology, automate it to remind your tenants (create a reminder 1 week and 1 day before the due date) and start accepting payment online.

Using technology is one of the best ways to include how you handle these kinds of scenarios. In our system, they have their dashboard and all tenants are notified of their rent amount, due dates, late charges, and potential consequences for late payments.

 

About Author

Julie Camacho, a product specialist of Mi Property Portal, an 𝐀𝐥𝐥-𝐢𝐧-𝐎𝐧𝐞 software that will streamline your entire residential property management business. This software is built for small to mid-sized Canadian property management companies, individual landlords, and investors.
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