Today we are discussing what to do about tenants who don’t pay their rent. At MSB Property Management, we have a specific action plan that we follow any time this happens.
Rent is due on the first of the month, and then we have a five day grace period after that due date. So if rent is not paid on the fifth, we charge the tenants a late fee. On the sixth, we send out an invoice that includes the late fee. We explain why the tenants are receiving the notice, and we give them instructions on what to do to pay it. Our next step is to get in contact by phone or email. It’s important to find out if the tenant is planning to get caught up. If you get in touch with the tenant, make sure you put a payment plan into place so you’ll know when you can expect the rent to be paid.
3 Day Notice to Pay or Quit
If several days go by and we don’t hear from the tenants, we serve a 3 Day Notice to Pay or Quit. This notice requires the tenants to pay rent within three days or vacate the property. If those three days come and go and we still don’t have a payment and we haven’t heard from the tenants, we submit everything to our lawyers and an Unlawful Detainer is filed against the tenant.
This is the process we follow, and it works well in getting rent paid on time. If you have any questions about these tips, please contact us at MSB Property Management.