Should I allow my tenant to pay 15th to 15th

[James Myers]

Has anyone ever had their tenant pay from the 15th to 15th based on their pay check cycle? 

I have a tenant that said the realtor I use to find tenants for me told him that he could pay on the 15th on each month.  I just found this out and thought they were paying late because they have had some banking issues that I have worked with them on.  But recently I have sent them notification that since the banking issue was fixed they would need to start paying before the fifth or be penalized. 

Even with the banking issue they have always paid between the 15 and 20th.  Should I allow them to have a due date of that or be a jerk and tell them the 5th and if after a late fee is added?

If I go with the 15th should I have a new contract signed adjusting the due date?

[Catherine A.]

Hi James,

We generally prorate and collect on the 1st. It's just less hassle administratively.

As far as the date, depending on your situation, if it's not costing you anything (time or money) then change the date to the 15th. I would most definitely have him/her sign a new contract with an adjusted due date.

If it IS costing you something, tell him you can adjust the date but that the rent will also be adjusted to whatever that cost to you is plus the agreed upon rent. That way they have the option to have the date they want, and you will get compensated appropriately.

If you haven't already, have a convo with the realtor and make sure you are on the same page for future tenants.

Hope this helps you and good luck!

Catherine