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Lease Clause 4 |
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How do I Get My Tenant to Pay Rent Early?Getting the rent paid before it’s due date on a regular basis can be a tremendous help to the landlord in a number of ways. I enjoy a certain peace of mind knowing that my monthly expenses are covered when I receive the rent early. It also helps to be on schedule with the many financial obligations we have each month.If you use your imagination, you can come up with plenty of ways to encourage earlier rent payments. I have been successful using the "Early Rent Discount" clause in The LPA Lease. 
It can be used on a temporary basis for a span of 1 to 12 months or whatever you feel works for you and your property. It was originally suggested as a Holiday reward for good tenants. It can be for any reason you wish. Getting the rent paid early isn’t a bad reason either. The reward discount can be any amount you are comfortable with, but not so large that it dents your income on the property. I usually discount the rent in the lease by $10.00 if the rent is 5 days early. I make more of a discount on properties I have set the rent appropriately for. Some landlords are against giving the tenant an early payment incentive because the rent should be paid on time anyway. I can tell you from experience, the discount usually works for good tenants, but some people will never pay early. It does work for most of my tenants who enjoy great credit ratings and also like saving a few bucks each month. Over the year those discounts add up for the tenant! And that’s what I tell them. Sometimes I say, “How would you like me to give you a Christmas present of $120.00 each year?” Why not give them a good reason to pay you early? When using the Early Payment Discount Voucher as a reward for good tenants, it usually goes a long way in building a better relationship with tenants who feel more appreciated and proud to be given the discount on their own merit.
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