There are a few specific things you can do to ensure your tenant pays rent, and today we’re sharing four ways to avoid having them not pay.
Find a Great Tenant
The most important thing, and I can’t emphasize this enough, is that you find the best tenant for your property to begin with. If you have a dog and you want it to act like a cat, it probably won’t. When you have a tenant who hasn’t paid rent in the past, you should avoid renting to them. When someone has a history of behaving a certain way, or they don’t pay their bills, you cannot expect them to be different just because they’re occupying your property. You have to find a good tenant.
Price your property correctly. If you overprice your property, it will be vacant for longer and you’ll get tenants who aren’t quite as qualified. When you ask too much for your property, good tenants will rent elsewhere and only tenants who cannot get accepted at other properties will be willing to pay your price. So, you’ll have an unqualified tenant in place, and it’s possible that tenant will not pay rent, possibly need to be evicted, and leave your property damaged. In the long run, it costs you more to have your property overpriced than to have your property priced correctly. So, price it right and talk to a company providing professional property management in Phoenix if you’re not sure what the market will bear.
Be clear when you’re entering into the lease what your expectations are. When we start a lease, we generally meet at the office and go through in detail what we expect. We don’t waiver from those expectations. When we say late fees are due on a certain day, we charge those late fees on that specific day when rent is overdue.
Focus on Tenant Retention
Finally, when you have a good tenant, take care of repairs and other things that will make your tenant happy to be living in your property. If the tenant feels insecure about whether or not the owner will take care of the property, when the time comes for renewal, they might leave.
Find a good tenant, be clear about expectations, be consistent, and treat your great tenants well. These things will ensure you get your rent paid on time. If you have any questions about tenants not paying rent or Phoenix property management, please contact us at McMath Realty Property Management.