Incentives to Encourage Tenants to Pay On Time?

[Eric Barnett]

I have that typical one property (fourplex) that gives me a monthly headache when it comes time to collect.  I'll receive all kinds of stories on why they don't have the full rent, can I pay you rest in two weeks, etc..  I'm new to being a landlord to a C+/B- property so definitely learning as I go.

I've just been dealing with it and taking late fees but I'm curious to hear of any stories from others on what they've done besides the basic ideas to get tenants to pay on time.  I've thought of having some sort of 6 month challenge where a reward would be given if no payments are missed but that may become a pain to deal with and I have a hard time justifying why I have to lose money in order to collect the agreed to rent.

[Russ M.]

Here's an incentive.  If they pay the rent on the first they wont get served with eviction papers.  Unfortunately you need to pay off your bills on their due date.  I am pretty sure your bank wont give you a discount just because you honor your commitment.  If you start giving pay or quit notices they will realize that they need to keep you at the top of their priority list instead of you nnow telling them its ok to do other things with their money instead of pay rent.