Converting your extra home into a rental is an excellent way to gain an additional source of income. However, keep in mind that it is still a job. The responsibilities of a Kanawha County landlord involve property management, inspections, and dealing with all sorts of tenants. And while some tenants will be a pleasure to work with, there will always be some troublesome ones. The worst kinds are the tenants who pay late. These are the tenants who have no regard for agreements and continue to jeopardize your budget. But before you surrender and sell your Kanawha, West Virginia house fast, consider these tips from 3 Oh 4 Investments. As one of Kanawha, West Virginia’s leading cash homebuyers, we have seen this problem before and we know how to help. Here are some ways you can gently follow up on your tenant’s late rent:
Impose fees and offer incentives
Tenants with delayed payments often don’t feel the consequences of their actions. Any Kanawha, West Virginia cash homebuyer would recommend implementing fees and incentives. Just make sure that there are provisions in the lease.
West Virginia law allows landlords to impose a fee for late rent payments. But in order to remain fair and lawful, landlords are prohibited from charging higher than 5% of the rent. Moreover, there also has to be a grace period in the agreement.
Early payment incentives
Consequences don’t always have to be negative. Early payments can be rewarded with an incentive. Not only will this remind tenants to pay on time, it can also motivate them to pay earlier. Incentives can come in the form of discounts. Landlords just need to balance it out in order to still make a profit.
Open a conversation
More often than not, these late payments have a story behind them. A responsible landlord would consider this and create a dialogue with their tenants. So before these offenses escalate and lead to a lawsuit, have a one-on-one conversation with your tenant.
Set up better systems
Some tenants just have a tendency to forget. Kanawha County landlords can solve this by establishing systems for payment reminders. There are apps and online payment methods that can help with that. This can also be a great way to build rapport with your tenants. Tenants that feel heard will most likely renew contracts and avoid late payments.
On the other hand, some tenants might be undergoing some financial troubles. So instead of adding to their burden with a late fee, you can introduce them to West Virginia’s assistance programs.
Use the paperwork
At the end of the day, the landlord-tenant relationship is a legal agreement. Landlords can use these legal documents to protect themselves from troublesome tenants.
Tenants are legally bound to their landlords through the lease. As a result, landlords need to ensure that this legal document enumerates all of the necessary provisions. This should also include a strong emphasis on paying rent on time. It is also the job of the landlord to ensure that tenants read the lease thoroughly.
When all interventions and reminders fail, the next step would be to escalate the situation to court. In order for this to go smoothly, landlords need to have proper documentation of the reminders and communication threads. This will serve as proof that you have done your job.
Late tenants can disrupt plans and compromise your mortgage. Avoid all of that stress by reaching out to Kanawha, West Virginia’s premiere cash homebuyer! 3 Oh 4 Investments is a real estate solutions company that understands your struggle. We buy Kanawha County, WV houses for the best price and close in less than two weeks! No late payments here. Get started on that fair cash offer by calling us at (304) 314-4341.
Company Name: 3 Oh 4 Investments, LLC
Contact Person: Morgan L
Email: Send Email
Phone: (304) 314-4341
Address:PO Box 497
State: West Virginia
Country: United States