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Updated over 12 years ago,

User Stats

1,493
Posts
450
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James H.
  • Investor
  • Fort Worth, TX
450
Votes |
1,493
Posts

Rental payment conversion success

James H.
  • Investor
  • Fort Worth, TX
Posted

Well, we just checked the bank account online a couple minutes ago and low and belold, there was a deosit in the amount of rent owed for October sitting there!

This is great news because my last interaction with these tenants was not as smooth as I would have liked. I had to charge them a late fee and they tried to start trouble about mowing the yard. I got mad and showed it. But, later I wrote a letter explaining the new rent payment procedures. I also addressed their issue about mowing the yard, made a copy of the lease agreement with the initialed lawn mowing provision highlighted and complimented them on their overall good tenancy and what the criteria will be for lease renewal consideration (prompt payment, mowing the yard and ease of doing business) They can still pay rent with cash or money order, but I will not be coming by to pick it up.

Now, some you may not agree with this, but I extended the grace period so that I will not charge a late fee if they have paid on or before the 5th. Rent is still due on the first. I did this because I know the tenants are not comfortable with using the bank and are used to dealing with cash-person transactions. So the extended grace period is long enough that there should be no excuses for weedends, bank holidays, etc., for them to think that I am being unfair or claim they "didn't know" about any of these things. I am not so interested in them liking me, but more interested in getting what I want - money every month without a conflict. They also know that with the new grace period, there is absolutely NO exception for late rents. Besides, my late fees are a gift compared to most ($27.50 and no daily extra charge).

They were pretty sore about the late fee they got last month, but I am glad I charged it anyways. Based on the bank deposit for rent, it appears that I have maintained the autoritative position in this business relationship.

Thanks to everyone who has provided good landlording advice on this forum. It has made a difference.

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