erratic rent payment behavior

[Hanish Sampath kumar]

Currently my LTR has been managed by a PM. I just found out from the year end financial transactions , my tenant has been frequently late with rent payments, but some how pays the whole rent with late fee in fragments by the end of each month. He has been with us for 9 months never missed a month's payment so far. The lease renewal is up in a few months should I keep him or not renew the lease. I never suspected this late payments as my PM would consistently deposit the rent 15th of month in my account. I am also upset that I was not told about this by my PM until I read the financial transactions for the year. Need suggestions from the hive , thank you for your time. 

[Michael Smythe]

@Hanish Sampath kumar your PMC isn't sending you monthly statements?

Late payments, while a concern to carefully monitor, are not necessarily a bad thing. A late fee is basically an increase in rent:) 

Regarding renewing the lease, would carefully go over the payment history to determine the risk. Sounds like the tenant is paying by the 15th of each month. We would label that low-risk, but monitor to make sure they don't pay later than that.

You should also check how tenant paid late fees are being split between your PMC and you.