Typically for landlords, between the 1st and 3rd of the month, tenants drop off their rental payment in the mail slot or simply mail it in. Then from the 4th of the month all the way to the sending of a “Five-Day Pay or Quit” notice, a line of people forms at the front door. Each person’s conversation starts with “Here’s my situation…” and then continues. Uh oh, here it comes: they can’t pay the rent for various reasons. Then you begin to chase the rent check.
 
Remember that the buyer (aka the tenant) is the customer. Now take a look at the lease and all of the remedies included to evict. But wait a minute! Then you’d have a bunch of empty units and a lousy vacancy rate. There must be a better way to get tenants to pay.
 
Now picture this: accountability. What you need to do is create a system that holds tenants accountable. Keep your approach simple: meet with the clients who consistently fall in this trap of late payments and ask each of them two simple questions: What’s going on? How can I help you pay your rent on time?
 
You may be surprised as to how simple the answers are. From our research with other property managers and landlords, many find that the most common excuses from their tenants include “I didn’t realize being late was a big deal” or “Other things came first” or “I just can’t manage money.”
 
You still have to help them become a reliable and accountable tenant. So, give your tenants the tools and help they need to pay their rent on time consistently. Make it clear that you’ll hold them accountable if they don’t. That is called tough love.
 
Try this piece of advice next month. You might be surprised by what you hear — and the results you get.

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