Boston Property Management: Unpaid Rent
If you had a penny for every time you heard about a Boston Property Management story about unpaid rent, you would be a very rich person. There have been many incidents where unpaid rent led to huge issues between the landlord and tenant. Mishandling this situation cane escalate into major issues if it is not handled properly. Fortunately this guide shares tips on how you can deal with unpaid rent.
The most important thing to remember is that you have to stay calm while dealing with tenants who haven’t paid. Dealing with them can be quite stressful and if things get heated up, it can get lead to damage to the property or endangering either of the two. Ensure a balance so you don’t seem too soft or too harsh. Calmly let them know the terms of their lease agreement so that they know what the penalties are for missed payments.
Meet your tenant in person
It helps to meet your tenant in person and ask them why they have been unable to pay the rent. Give them a temporary payment plan if there are extenuating circumstances (medical reasons, loss of employment), so that they can catch up. Tenants who are not serious about paying their rent can be served with a notice or penalties.
If the rent payments are delayed, act fast to charge a late penalty fee or serve a notice. The exception is if you have talked to the tenant and they are facing extenuating circumstances. They need to be told that their delay in rent will dealt with legally. The faster you serve a notice, the more time you save evicting the tenant.
Keep proper documentation
According to Boston property management rules, it’s important to keep all documentation in a secure place. If you want to evict a tenant, this will help you to prove your claims against the tenant. Since most agreements are on paper, it should not be a problem. Make sure you keep all your records of rental payments by the tenants in a safe location. If there is a history of the tenant paying late, it will work in your favor. In the event that you have given the tenant permission to make a late or partial payment, make sure that there is a separate written agreement.
Do not accept partial payments if you plan to evict
Once the landlord serves an eviction notice to the tenant, he can proceed with the eviction process. He should not accept partial payment from the tenant, if he still plans on going through with the eviction. A move like that will result in more delays and legal complications. In the event that the tenant pays a partial payment, the notice is null and void. However if they fail to pay the remainder of the amount, it will result in the landlord serving another notice.
We hope you liked our guide “Boston Property Management: How to deal with unpaid rent”.