How to handle late rent payments: A thorn in everyone’s side
Late rent payments can significantly affect a property’s cash flow. If a portion of your tenants are habitually late at paying their monthly rent, you may have trouble paying your bills and covering expenses. It makes sense to some landlords to ensure tenants pay on time by charging late rent fees. But this shouldn’t be your go-to answer. Many people felt that a 'carrot' approach was much more effective in encouraging on-time payments. But late rent payments was more effective. How do you encourage good behavior from your tenants without losing out. It seems that late fees are not the only solution. The general population (and other landlords) propose you take a more ethical approach. If there is, seeing if it’�s one you can fix. If you are having trouble, be reassured that, if you're having trouble again, you can always feel comfortable telling me.