Having your property is not enough. At the same time, you will also need to ensure you can manage the property and take care of the rent collection. Property management in Glasgow, as well as nearby areas, requires careful consideration. However, to ease the process out, there are some basics that you can take care of.
These can help you deal with late rent collection without incurring massive damages. While hiring professionals is always your best bet, some simple things can help you.
Simple Strategies to Help You With Late Rent Payments
Late rent payments can be a major challenge as they hinder your overall property maintenance and set a wrong precedent. While one off an instance might be forgiven, that is not the case with others. Some of the simple strategies that you can follow to help you with late rent payment collection are:
Set Clear Legal Lease Terms
The first and most important thing that you need to do is set up very clear legal terms. This will help you to protect both your as well as the tenant’s rights and ensure there are no unlawful infringements. If there is any kind of rent payment failure, you will be able to hold the tenant accountable and ensure that they abide by the same.
Clearly outline when the last date of payment is, how much grace period you will be allowed, and what the repercussions will be in case they do not end up paying the same. Always make sure that the tenant has enough understanding about what they are doing and the exact terms and conditions of the agreement. This will help you to avoid any unlawful last-minute discrepancies or fallouts.
Set Up Automated Reminders
It is possible that rent failure is not due to any habit but due to the sheer busy lifestyle that each of us has. Given how caught up each of us is in our daily lifestyle, a tenant might end up forgetting how they need to pay the rent. In such cases, reminders could be a good option.
Today, by the grace of technology, there are tons of ways that can help you set up automated reminders and ensure that the tenant does not forget the payment. To prevent this, set up a complete system with the help of SMS or a property management system. Sending a reminder a few days before the due date increases the likelihood of on-time payment of the rent.
Offer More Than One Payment Option
Irrespective of whether it is a commercial or personal property, often the rent collection for most properties is a considerable sum of money. To make sure that this does not become a deterrent, you can offer more than one model of payment, and to add to that, this system has to be ethically and legally sound.
Provide various options like online transfers, direct deposits, or even credit card payments. This can help you to get the money in your bank account fast, and at the same time, it can be easily traceable as well. Make sure that you have a good idea about which are the mediums of payment that are suitable for you, and then choose the perfect one. Multiple property management applications can work in your favour in this case.
Enforce Late Payment Consistently
If you notice that it has become a behavioural habit for your tenant to not pay your rent consistently, then it is important that you negatively reinforce the same. This will reduce the likelihood of a late payment and make sure that you can get your payment at the right time as well.
Develop a system where the rate of late payment tends to increase with the number of days the lapse has been for. For example, if the lapse has been for 20 days, levy a late payment rate of 5% on the entire rent. This will ensure that you can positively enforce those who pay your rent on time. However, be mindful of state laws regarding late fees and ensure compliance.
Implement a Partial Payment Procedure
It is possible that in some situations, your tenants might have a serious financial problem that is making it difficult for them to pay you on time. To make sure that this is not an issue, the best thing that you can do is implement a partial payment procedure. This is a very common procedure for those who deal with commercial property.
What is the idea? The major idea here is that you accept a partial payment on the entire agreement amount, and the tenant pays your partial percentage for an agreed period. However, this should only be considered on special occasions and not as an alternative.
Take Legal Action
If you notice that it is slowly becoming very difficult for you to take care of your property rent management, and the tenant is causing a lot of issues, then you have to take legal action. In this case, intervention is crucial, and it has to be done with the right sources.
There are letting services in Glasgow that take this very seriously and help you with complete legal assistance as and when needed. The first thing that you can do is start by serving a formal notice as required by state laws. If the issue persists, proceed with an eviction process. This has to be done while ensuring compliance with local regulations. Always document all communications and payment attempts to strengthen your case.
Conclusion
If you have a property and are having a hard time dealing with rent management, then all you need to do is get in touch with professional help at the earliest. For utmost proficiency, the best thing that you can do is get in touch with Chalmers Properties. With affordable property management costs in Glasgow and years of experience, you get complete help with your property requirements. Contact us today, and you will be able to get your best help with complete rent management.
