Managing your rental is a demanding job, and when your tenant is missing a payment, things can get even more complicated. You can easily fall behind on your own bills which can lead to late fees. Whether it’s a little delay or your tenant has a history of paying late, you don’t want your business to operate at a loss so you should act quickly.
If you don’t feel like dealing with it on your own, there are always great property management companies in Mission Valley, CA. To find out how to handle this situation by yourself, keep reading!
How do I write a late payment notice?
There are different ways to approach delays in payment, but writing a late payment notice is among the better ones. It is a notice written and signed by a landlord. This way you can formally remind the tenant that the rent is overdue. It should include a grace period, a late fee for past-due rent, and legal actions that will be taken if the rent is not paid. This guide can be especially helpful for first-time landlords.
What to include
There are certain parts and information that every good late rent notice should include:
- Date of the late payment notice
- Name(s) of the occupants
- Name of the landlord or a manager if you have one
- Address of your rental
- The total amount of a rent that’s overdue
- Grace period
- A late payment fee if the rent is not paid by the end of the grace period
- The total amount owed (rent amount and late fees included)
- Date rent is to be paid before you take legal action (eviction proceedings)
- Form of payment you accept
- Consequences of late payment (legal actions you’ll have to take)
- Landlord name
- Signature of landlord or manager if you have one
- Date signed
It is the number of days between the date rent is due to be paid and the date the late fee is activated. This is the period that can be written in the rental agreement. It can be written by a landlord even if the state does not require a legal one.
Many landlords opt for this because mistakes and delays happen whether tenants pay online or in an old-fashioned way. But you should be careful since some tenants will see this as a chance to pay later than expected.
If it’s stated in your rental agreement, it should be written in the payment notice, too.
Late payment fee
Another important term is the late payment fee. It is a fee charged by the homeowner when the occupant does not pay rent on time. It is used to make sure that tenants pay on time since they are aware there will be certain consequences if not. For legal purposes, the fee should be written in the rental agreement. This allows you to mention it while writing the late notice.
How to find quality property management in Mission Valley, CA?
Many landlords stress about the unexpected situations rental ownership brings, and it’s perfectly normal. You might not be sure how to win over a picky tenant or how to increase the rent in a polite way. All these concerns can be solved in a prompt and professional way if you hire Lofty Property Management pros. This company makes sure both landlords and tenants are satisfied with the services.
You can visit Balboa Park while seasoned professionals screen your new tenants or do a free rental analysis. Contact us today and enjoy our 24/7 emergency assistance.