I give my tenants a $50 break on the rent if they pay before the first.Anything after the 5th is an automatic $50 late fee.On the 13th they recieve their 24hr pay or quit notice.The eviction prosses will begin on the 16th,no exceptions.I had a tenent buy a van instead of pay me.I explained the lease to them again and they had my money on the night of the 14th.It is the only time I have had to be tough but it paid off. It is like OHLandlord said give them insentive to pay on time.People with fixed income can do alot with $50 extra dollars! ;D
One excuse whether the dog ate the checkbook or something real emergency could be the sign of a habitual late payment pattern. That’s getting everything written down in the rental contract cuts everything out of guesswork.
You have to be firm when you deal with late payment situations. Renters could be great actors and actresses who could melt your heart out and you feeling real sorry for them. I don’t know how many heart melting excuses and stories you could take though.
Make sure you have a good paper trail when you send notices when their payment is late.