Updating post from Reddit.
Talk to them and see how you can help.
IE understand the challenges they are facing before concluding best action.
This. I never wait unless I’ve forgotten and even then the first question is everything ok. Then when it happens again it’s the same question but asking them to explain so I can help where possible. Sometimes a big problem to them is a small problem to me and solvable or understandable. I tend to take a supportive approach and the darker side yields more problems for the landlord which is me. If it’s regular then all you can do is follow a process. Good tenants can have bad luck.
I had a brother and sister from NZ and one day rent was either late or half paid. Turned out the brother went back to NZ and went from paying late to not paying at all. Sister paid hers on time but had the burden of bills and a rent twice what she could afford. We setup a payment plan, and even found her a more suitable flat as her bro decided he’s good in NZ. By the end there were no arrears
I’m pretty patient to be honest. Sometimes even up to 3-4 weeks before starting to getting pushy. If your getting put out by a months rent you shouldn’t be in the landlord game.
I message the day it is late but in a friendly but professional manner that follows the tone of relationship we hope to establish with our tenants. If there are reasons they can’t pay on that day each month then I simply agree in writing that we will alter the contract and payment date. This is something I ask up front given many tenants are living paycheck to paycheck it is the best the rent is due on or after payday. When they are late ask for a reason and look at options if they are struggling for instance a job loss. You are running a business but it doesn’t hurt to treat people with respect - they are your customers after all. We also emphasise clear communication in everything we do including repeating this in our tenant handbook we provide at check in.
Similarly, I moved by foreign rent due to the day my rent is incoming+1 to send it over.
Sounds smart. So are you living somewhere nice?
Best quality of life. Within about 1.5 sq miles I got my gym (with pool), bank, utilities, multi-cuisine restaurants, draft beer and 24/7 grocery store with everything you can ask got. I can spend my life in those 1.5 ;)
Although after lockdown (which we barely had for under 4+2 weeks and no jab), I do [grudgingly] get back on the road now, but get homesick.
Couple of days late.
Hi … just a polite reminder the rent is due, please let me know if you are having any issues. Thank you
Best to leave communication open
Are they paying by direct debit or is it a bank transfer, and how does it align with their payday? Eg you could ask them if this would be easier - If payday is on the 30th then set up a DD for the rent to come to you on the 1st - this helps handle money much better and not possibly overspend by accident. If it’s on the 15th, then have a DD set up for the 16th.
Absolutely this.
My teen has moved into a HMO and it's terrifying seeing things from the other side (he really is a slumlord but its 5 doors from home). Teen gets their UC (long story) on 3rd of tge month but rent due on the first and they were getting in a bit of a muddle. So i explained to the landlord and he easily agreed to the 3rd for rent to be paid.
I see you’ve been downvoted for showing some compassion there, Reddit never ceases to amaze
I don't mention it at first and give them the benefit of the doubt for first two weeks of it being late. I then contact them and be understanding of their problems let them express their situation and give them a chance to rectify in the first instance. Then after two months I get like wtf is going on. Unfortunately I've gone past that stage right now with a tenant and whapped them with a section 8 after several broken promises and changing of their story and failure to meet basic milestones that went along with their story. The court date is due in a few weeks.
Do you opt for guarantors?
I do depending on the tenant profile.
Don't forget they are escalating tensions by breaking the contract paying late. Always be courteous, patient, but don't let them take you for a ride. Be clear with deadlines and follow through with threats to serve notice.
Best way? Simple phone call, and 1 sentence email asking if they are having banking issues to start. They escalate further by not paying or explaining properly.
Fortunately i've never been on that situation (one paid 6 months in advance). As I'm also a tenant (overseas), I pay in advance too. Right now I am paid up to march and, as i'm travelling, i i might be a week ro so late back but I have a very good relationship wth my landlord (saved the place from a leak upstairs) and, as he wants cash, he is willing to wait. Probably because I paid months in advance.
I don't even notice. Management company will at some point let me know if it's moved over 1 month and then contact the tenants to figure out the story.
Evict them
Didn't realise Elon was in the LL game!
I’m so curious why people in this sub can’t spell “tenants”
I usually take them a box of chocolates and some flowers for giving me the gift of a late payment.
For the long term tenants ive given them a free month before. Works really well for me.