Best Ways for Landlords to Handle Late Payments

When a tenant leaves prior to the end of their lease period, it can be some tricky navigation for the landlord. It’s such a relief to have a management company like Fred Leeds Property Management to handle these kinds of headaches for you. Our experienced staff has achieved very positive results for both tenants and landlords at Fred Leeds properties.

Depending on the length and terms of the lease, the process for handling these situations can vary. You never want to allow sympathy to cloud your judgment—the impact non-payment has on your business can be financially detrimental to you. It’s ideal to have a realistic plan for collection and dealing with delinquent accounts—in accordance with the law, of course. Set regular dates for when rent bills go out, a reminder or notice of late fees is sent, dates to call the tenant and when eviction procedures should commence. When you meet with Fred Leeds Property Management, we let you know exactly when those dates are and our plan of action for dealing with late payments or early lease termination.

If the tenant wants to make payments and catch up over time, set realistic payment dates and subsequent plans of action to ensure the plan’s success. Think of when you want the entire balance caught up and weigh the benefits of perhaps getting a new tenant versus letting the current tenant make payments.

Visit the Fred Leeds properties website at www.FredLeedsProperties.com to get more information and browse our listings.