Dealing With Late Rental Payment Notice As A Landlord
Investing in a rental property can be an exciting new project, especially with the current climate of profitable rental properties reaching new heights. However, being a Landlord does not come without its problem. Ensuring your property is up to date with all current legislation, screening tenants, preparing the lease agreement and ensuring all the finer details are put in place is just the beginning of the project you have embarked on as a Landlord. At this point, many people are usually looking for best rental property management in Orange County CA, as balancing their personal life, career and family with the rental property can be quite overwhelming. During your tenancy, the most problematic dealings with the property come from repairs and maintenance and unfortunately, having to issue a late rental payment notice or two.
One of the most common disputes between Landlords and Tenants is rental payments, and more specifically late rental payments. As a Landlord, the ideal tenancy would be one in which you have perfect tenants that maintain your property so it is in pristine condition at the very visit and all rental payments go through on time. However, for 99% of Landlords, this is just not the case, even the best tenant can forget to pay, or they may have an issue with their bank in which the payment has not gone through without their knowledge. In the worst case event, however, you may have a tenant who cannot pay, and will not pay, the rent to you despite posting a late rental payment notice.
It is absolutely essential that when dealing with a tenant, you follow all legalities so you cannot become liable for going down a route that veers from jurisdiction. The following stages are a must to follow regarding late payment.
Check your files
Before issuing a late payment rental notice, check your files! This is important as you need to ensure that according to all documentation, you should have received payment. Go over your Landlord Tenant Lease Agreement and check all previous payment records to confirm the date you should have received the rent. Furthermore, most agreements contain a grace period of 2-3 days, so make sure that the late payment it is outside of this. The lease will usually specify a late-payment fee, in which you can claim if in fact, the tenant is late on a payment. If your lease does not include this within the terms, you cannot breach the contract and add it in.
Late Rental Payment Notice
Serving your tenant with the late rental payment notice notifies your tenant that their rent is overdue and that, if stated within the lease, they owe a late payment fee, and anything else stipulated within the terms. You also need to include a warning, that if they do not respond within a certain number of days, you will be taking legal action. In most cases, this will just be a reminder for a one-time forgetful tenant, however in the event that this is a purposeful action, make sure to keep the notice as it can be used as evidence in court should it have to go that far. You can deliver the late rental payment notice in person, email or tape to the door of the property. If using the best rental property management in Orange County CA, they will do this for you.
Follow up call
If you still have not received payment, make a follow-up call with the tenant. To avoid potential harassment, only do this once and with the benefit of speaking to the person, you may be able to get to the bottom of why the rent has not gone through yet.
Start the eviction process
If you were unsuccessful in both the late rental payment notice and the follow up call, you will need to draw up an official document, the pay or quit notice, with your attorney lawyer that clearly states your intent to evict them, the money the tenant owes you including all late payment fees and the date that it needs to be paid by. After this, depending on your local statutes, you will have to wait around 3-5 days before you can file for eviction papers.
These are a very stressful and strenuous number of stages to take as a landlord, especially if you have other priorities you need to be concerned with. Many landlords look for the best rental property management in Orange County CA, not just because of the time required to handle this, but because they do not feel comfortable in knowing they have a full understanding of this process. Property Management Companies, like Goodman Management Team, are fully qualified with a team that stretches right across the entire spectrum, to fully manage any of these issues. This even includes delivery of the late rental payment notice in person, so that you can avoid any potential nasty disputes. Being able to handle such issues in a no-nonsense, professional manner is why many landlords feel much more comfortable using property management.
Best Rental Property Management In Orange County CA
Goodman Management Team are reputable as being the best rental property management in Orange County CA with their hands on approach to optimizing your investment, whether this be through handling repairs themselves, as many of them are fully qualified engineers and handymen, to prevent you from paying extortionate amounts to a company, to swiftly and professionally handling any tenant disputes. In the case of a required late rental payment notice and all other stages above, Goodman Management Team copies absolutely every document for you in the case of court proceedings, act quickly and consistently at every single step and follow every rule and legislature demanded from Orange County within the California state. This strong work ethic is reflected across the entire landlord journey, where they can start working with you right from the beginning if you require support from a company that truly understands the industry.
Goodman Management Team is a trustworthy property management company with loyal customers all over Orange County. They are determined to ensure your investment is as lucrative as possible throughout every stage of tenancy and with their highly rated customer service to tenants, the likelihood of you ever experiencing a tenant that refuses to pay is very low!
Get in touch with Goodman Management Team to find out how they can help you to make the most of your property.