Take Late Payments Seriously
Landlords often excuse late payments from tenants and do not enforce the late fees that are stipulated in the lease agreement. This is a big mistake. Failure to enforce your lease terms sends the wrong message to your tenants. Tenants receive the message: The landlord does not have a backbone and I can pay what and when it is convenient for me. Landlords need to protect their rights and stay consistent with enforcing the terms of the lease agreement. This means you are going to have to have tough conversations with residents when they pay late, incur HOA warnings/fines, allow unauthorized pets, or fail to fulfill the full term of the lease. Stay firm early or you will regret it.